DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Depository Banking, Lockbox and Merchant Banking Services Contract Renewals
SUMMARY:
A. This Ordinance approves the first amendment and extension with Frost Bank to provide depository banking and lockbox services and related financial services to the City of San Antonio for a renewal period of two (2) years, commencing on July 1, 2015, and ending on June 30, 2017; and authorizes other matters incident and related thereto.
B. This Ordinance approves the renewal and extension with JP Morgan Chase Bank, N.A. and Paymentech, LLC to provide merchant banking services to the City of San Antonio for a renewal period of two (2) years, commencing on July 1, 2015, and ending on June 30, 2017; and authorizes other matters incident and related thereto.
BACKGROUND INFORMATION:
The City of San Antonio's ("City") banking policies are governed by State statute and the City Charter. The City's Chief Financial Officer or his designee is responsible for implementing these policies under the direction of the City Manager. Accordingly, City funds must be maintained in accounts at qualified financial institutions approved by the City Council.
On April 19, 2012, Ordinance No. 2012-04-19-0287, passed and approved the contract between the City, and Frost Bank, a Texas state banking association, for depository banking and lockbox services for a period of three (3) years, commencing on July 1, 2012 through June 30, 2015, with an option to renew for one (1) additional two (2) year period. Such renewal to be subject to review and evaluation of Frost Bank's performance, and contingent upon City Council approval to exercise the renewal option.
The primary goals of the contract pertain to the secure processing of the City's collections and disbursements, and provision of timely and reader-friendly reports. Frost Bank has provided good customer service f...
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