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File #:
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17-0535
Version:
1
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Name:
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WFB AMEND FOR DEPOSITORY & BANKING SERVICES
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Type:
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CC- Report
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Status:
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Agenda Ready
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On agenda:
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6/20/2017
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Final action:
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Title:
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REPORT - RESOLUTION APPROVING AN AMENDMENT TO PROFESSIONAL SERVICES AGREEMENT WITH WELLS FARGO BANK FOR DEPOSITORY AND BANKING SERVICES
BACKGROUND: The City has an agreement with Wells Fargo Bank to provide a wide range of banking services necessary to operate the organization. The current agreement expires on June 30, 2017 and Finance Department staff would like to extend the agreement for one additional year to allow for a competitive process to select and implement a transition to a new agreement. The current agreement has been in place since 2002. The original agreement did not have a not to exceed funding amount and provided for automatic renewal of term subject to notice of cancellation by either party. Due to lack of paperwork documenting the history of this agreement, it is unclear how it was managed prior to 2011. In 2011 and 2014, the agreement was extended for set terms of three years by letter and new and updated fee schedules were added to maintain the banking relati...
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