| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
August 27, 2019 |
| | | | | | | | SUBJECT:
Consideration and possible action to approve a one year renewal to the Bank Depository Services Agreement between the City of Georgetown and J.P.Morgan Chase Bank, N.A. -- Leigh Wallace, Finance Director |
| | | | | | | | ITEM SUMMARY:
J.P. Morgan Chase was selected through a competitive proposal process in 2015 in accordance with Local Government Code 105. The Bank Depository Services Agreement was for an initial period of two (2) years with options of three (3) one year renewals. This is the third and final renewal of the agreement which extends the same pricing, terms and conditions for another year.
Staff recommends renewing this agreement with J.P. Morgan Chase Bank, N.A.
The City’s current contract with Valley View Consulting for investment advisory services also includes scope to rebid the depository agreement in spring of 2020. Valley View will provide independent third party bid and evaluation services on behalf of the City to secure the next depository contract. |
| | | | | | | | FINANCIAL IMPACT:
The annual cost for the one year period is estimated at $10,000. |
| | | | | | | | SUBMITTED BY:
Leigh Wallace, Finance Director |
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