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Home My WebLink AboutContract 28056 RFP 02-0176 10-09-02 A09 : 08 11\1 01TY SECRPTARY BANKING SERVICES AGREEMENTCONTRACT No. aba This Agreement is made under the auspices of Chapter 105, Depositories for Municipal Funds, and entered into this the 1st day of October, 2002, by and between the City of Fort Worth, Texas, hereinafter referred to as CITY, whose address is City of Fort Worth, 1000 Throckmorton, Fort Worth, Texas 76102, and Bank One, NA, hereinafter referred to as BANK, whose principal office for the purpose of this Agreement is located at 420 Throckmorton, Fort Worth, Texas 76113. PURPOSE OF AGREEMENT The purpose of this Agreement is to state the terms and conditions under which the BANK will serve as a depository and provide banking services for the CITY. I. SERVICES TO BE PROVIDED The BANK will perform the following services required of the CITY's depository as described in the following attached schedules: A.CITY's Request for Proposal for Banking Services, RFP 02-0176 B.BANK's Banking Services Bid Package dated July 11, 2002 The BANK shall further provide such banking services related to the scope of this Agreement but not specifically listed herein and at such reasonable prices as may be mutually agreed upon in writing between the BANK and CITY through the City Manager. 11. COMPENSATION In consideration of the services to be performed by the BANK, CITY shall pay for the banking services provided in the manner specified in BANK's Banking Services Bid Package. Payments shall be based on actual monthly volume times the single unit cost as specified in BANK's Banking Services Bid Package. Payments will be made monthly. III. TERM OF AGREEMENT This Agreement shall become effective October 1, 2002, and shall continue until September 30, 2005, with two options, upon mutual agreement, to renew for additional one-year periods, unless terminated sooner by a 90-day written notice by either party. CITY and BANK further agree that in the event a different bank is selected to provide banking services for the year following the expiration of this Agreement, BANK will assist in the transition and provide such banking services as CITY may request in the same manner and at the same cost as provided in the Agreement, for a period of up to 90 days after the expiration of the Agreement. Should either CITY or BANK breach the terms of this Agreement or default on any of its obligations hereunder, after due notice this Agreement may be terminated for cause upon 30 days written notice by the other party. �I RFP 02-0176 IV. NOTICES Any notices to be given hereunder by wither party to the other may be effected, in writing, either by personal delivery or by mail, registered or certified, postage prepaid with return receipt requested. Mailed notices shall be addressed to the address of the parties as they appear in the introductory paragraph of the Agreement, but each party may change this address by written notice in accordance with this paragraph. V. COMPLIANCE WITH APPLICABLE STATUTES, ORDINANCES AND REGULATIONS In performing the services required under this Agreement, the BANK shall comply with all applicable Federal, State and local laws, ordinances and regulations. VI. ASSIGNMENTS The BANK shall not assign this Agreement or any interest or obligation hereunder without prior written consent of the CITY through its City Manager. CITY will not unreasonably refuse to allow the BANK to assign this agreement or any interest or obligation hereunder to an affiliate or subsidiary of BANK ONE CORPORATION or successor thereto. VII. MISCELLANEOUS 1. This instrument contains the entire Agreement between the parties relating to the rights herein granted and obligations herein assigned. Any oral representations or modifications concerning this instrument shall be of no force or effect excepting a subsequent modification in writing and signed by the parties. 2. This Agreement shall be construed under and in accordance with the laws of the State of Texas, and all obligations of the parties created hereunder are performable in Tarrant County, Texas. 3. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives and successors. 4. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or.unenforceable in any respect, such invalidity, illegality or unenforceability shall not effect any other provisions thereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been contained. 5. This Agreement constitutes the sole and only agreement of the parties hereto and supersedes any prior understanding or written or oral agreement between the parties respecting the within subject matter. Executed on the day and year first above written, Tarrant County, Texas. FOR THE CITY OF FORT WORTH: FOR AN ?NE,NA: B Y .. _ _ BY: ac ity Manager J. Michael r Ison,First Vice President APPRO D FOR FORM AND LEGALITY: ATTE : BY:_ _- David Yett, City A _ ra Secretary, it i4 Q W-- n I _ City of Fort Worth, Texas Mayor and Council Communication DATE REFERENCE NUMBER LOG NAME PAGE 8/20/02 P-9653 0002-0176 1 of 2 SUBJECT DEPOSITORY BANKING SERVICES AGREEMENT WITH BANK ONE RECOMMENDATION: It is recommended that the City Council: 1. Authorize a Depository Banking Services Agreement with Bank One, thereby establishing Bank One as the City's depository bank; and 2. Authorize this agreement to begin October 1, 2002, and expire September 30, 2005, with options to renew for two successive one-year periods. DISCUSSION: The recommended contract will replace the current contract with Bank One which expires September 30, 2002. Bank One has provided these services for the last ten years. Bank One submitted the only proposal. JP Morgan Chase Bank and Bank of America both sent letters declining to submit proposals because neither bank owns and operates a retail lockbox processing center to collect Water Department payments. Staff reviewed Bank One's proposal and found it to be acceptable. Bank One's proposed fee schedule covers services provided to the Water Department and all other City departments. Annual service fees charged to the Water Department for depository services are approximately $274,236, and fees for other City departments are approximately $300,872. The combined annual fee will be $575,108. BID ADVERTISEMENT - This bid was advertised in the Commercial Recorder on June 26 and July 3, 2002. M/WBE - Bank One is in compliance with the City's M/WBE Ordinance by committing to 5% M/WBE participation on the overall consultant contract amount. The City's goal on this project is 5%. RENEWAL OPTIONS - This agreement may be renewed for up to two successive one-year terms at the City's option. This action does not require specific City Council approval, provided that the City Council has appropriated sufficient funds to satisfy the City's obligations during the renewal term. City of'.Fort North, Texas Mayor and Council Communication , DATE REFERENCE NUMBER LOG NAME PAGE 8/20/02 P-9653 0002-0176 2 of 2 SUBJECT DEPOSITORY BANKING SERVICES AGREEMENT WITH BANK ONE FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that funds are available in the current operating budgets, as appropriated, of the participating City departments. CB:n BQN/02-0176/MR Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) Charles Boswell 6183 Originating Department Head: Jim Keyes 8517 (from) APPROVED 08/20/02 GG01 539120 0905500 $300,872.00 PE45 539120 0604003 $137,118.00 PE45 539120 0704003 $137,118.00 Additional Information Contact: Robert Combs 8357