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Home My WebLink AboutContract 28056 (2)ItFP 02-0176 , �; r� , , , :,i ci�� BANKING SERVICES AGREEMEN"l��Ni{�,q�T � _ � � This Agreement is made under the auspices of Chapter 105, D�positories for Municigal Funds, and entered into this the 1 st day of Oetober, 2002, by and between the City of Fort Worth, Texas, hereinafter referred to as CTTY, whose address is City of Fort Worth, 1000 Throckmorton, Fort Worth, Texas 76102, azxd Barak One, NA, hereinafter referred to as BANK, whose principal affice for the purpose of fi.his Agreement is �ocated at 420 Throckmorton, Fort Worth, T��as 76113. PURPOSE OF AGREEMENT The purpose of #his Agreernent is to �tate the te�ns and conditions utzder which the BANK will serve as a depository and provide banl�ing services for the CIT�. I. SERVICES TO BE PROVIDED The BANK wi�Il perform ihe following services required of t�e CITY's depository as described in the following attached schedules: A.CITY's Request far Proposal for Banking Services, RFP 02-0176 B. BANK's Banktng Services Bid Package duted July I1, 2002 The BANK shail further prnvide such banking services related to fihe scape nf this Agreement but not speci�ically listed herein a�nd at such reasvnable prices as may be mutualiy agreed upon in writing bet,ween the BANK and CITY through the City Manager. II. COMPENSATION In consideration of the ser�ices to be performed bq the BANK, CITY shall pay for the banking se�rvices provided in the rnanner specified in BANK's Banking Services Bid Package. Payments shall be based on actual monthly volume tirnes the single unit cost as specifi�d in BANK's Banking Services Bid Package. Payments wi�11 be �ade monthly. III. TERM OF AGREEMENT This Agreement shall become effective October 1, 20p2, and shal.l continue nntil Sepiember 30, 2005, with two aptions, upon mutual agreement, to renew #'ox additional one-year periods, unl�ss ierminated sooner by a 30-day written notice by either party. CITY and BANK furthex agree that in the aveni a diff�rent banlc is selected to provide banking services for the year following the expiration o� this Agxeeznent, BANI� will assist in the transi�ion and pravide such banking services as CITY may request an the same manner and at t.�e sam� cost as pxovided in the Agreement, for a period of up to 90 days after �he expiration of the Agreement. Should either C�TY or BANK breach the terms of this Agreement ar default on any of its obligations hereunder, afier due not�ce this Agreement may be fierminated for cause upon 30 days wx°itten natice by th� oth�r party. .' T - - -� - � � „ , �*3f �Y �' � ' 4 � . �� I' . �. li_ .. RFP Q2-D176 � IV. NOTICES Any notices to be given hereunder by wither party ta the othex may be effected, in writing, eiiher by persanal delivery or by mail, r�gistered or certified, postage prepaid with return receipfi requested. Mailed no�ices shall be addxessed to the addr�ss of the parties as they appear in the intraducto�ry pa�ragaraph of the Agreemeni, but each party may change this address by writtez� notice in accordance with this paragraph, V. COMPLIANCE WITH APPLICABLE STATUTES, ORDYNANCES AND REGULATIONS In perfarming the services required under t�is Agreemenfi, the BANK shall comply with all applicable Federal, Sta.te and Iocal laws, ordina.�ces and regulations. VI. ' ASS�GNMENTS The BANK shall not assign this Agreement or ariy it�terest or obligation hereunder without prior written cansent of the CITY through its Cit� Manager. CITY will not unreasonably refuse ta allow the BANK to assign this agreement ar any in�erest ar obligation hereunder to an affiliate or subsidiary of B�I�TK ONE CORPORATION or successor thereto. VTT. NIISCELLANEOUS 1. This instrument contains the entire Agreement between tlae parties relating to the rights her�in gra�ted and obligations herein assigned. Any aral representations or modifications concerning this ir�strument shall be of no force ar effect excepting a subsequent modification in writi.x�g aand signed by the parties. 2. This Agreement shall ba construed under and in accordancc with th� laws of the State of Texas, and all obligations of the parties created hereunder are p�rformable in Tarraa�t Caunty, Texas. 3. This Agreement shall be binding upon and inure to the bene�t of the parties hereto and th�ir respective legal representatives and successors. 4. In case any one or more af ihe provisions contairzed in this Agreement shall fQr any reasan be held to be invalid, illegal or. uner�orceable in any respect, such invalidit�, illega�ity ox unenforceability shall not eff�ct any other provisions thereof, and this Agreement sha.11 be construed as if such i�valid, illeg�.l ar unenforceable provisions had never been cantained. 5. This Agreement constitutes the sole and on�y agreement of the parties hereto and s�pexsedes any prior understanding or written or axal agreernent between the parties respecting the within subject rnatter. Executed on the day and year first above written, Tarrant Caunty, Texas. FOR THE CITY �F FORT W�RTH: FOR �AN� ONE. NA: BY: y '' ac ity Manager BY: J. First Vice President APPRO D FOR FORM AND LEGALITY: �/ BY: �.� , � _ -. . :.�.��... David Yett, City A�:;�r ''�.� �,��,: F _ ;�lf�,,�;�, . ,,��.,'�i' � �i u `; � ��;� � .. . ., A BY:�� Gloria Pearsan, ��C �� , � i � � .� �� City o, f Fo�t T�o�ih, T'exas �ayor ar�d Counci[ �or��c��ior� DATE 812�102 suB��cT REFER�NC� NUMBER ILOG NAME P�96�3 DEPOSITORY BANKING SERVICES_AGREEMENT WITH BANK ONE oao2-a�7� PAGE 1 of 2 RECOMMENDATION: 1t is recommended that the Ci#y Council: 1. Authorize a Depository Banking Services Agreement with Bank One, thereby establishing Bank One as th� City's depository bank; and 2. Authorize this agreement to begin Octaber 1, 2Qa2, and expire S�pt�mber 30, 200�, with �piions ta renew'For twa succes�ive one-year periods. D�SCUS514N: The recommended contract will replace the curr�nt contracfi with Bank One which expires Septemher 30, 20�2. Bank One has pro�ided these services for the fast ten years. Bank 4ne submitted the only proposal. JP Morgan Ghase Bank and Bank o� America both sent fetter� declining to submit praposals because neither banCc awns and operates a retail lockbax pracessing center fo callect Water D�partment payments. Staft reviewed Bank One's propasal and found it to he accepiab[e. Bar�k �ne's proposed fee sch�dule covers services p�ovided to the Water Departmen# and all other City departments. Annuaf service fees charged to the Water Department for depository services are appraximately $274,236, and fe�s fflr ather Ci#y departmen#s are approximately $300,872. The camfoined annual fee will be $575,108. ' � BID ADVERTlSEMENT - This bid was advertis�d in the Commercial Recorder on June 26 and July 3, 2aoz. MfVVBE - Bank One is in compliance with the City's MIWBE Ordinance by committing to 5% MIWBE participation on the o�erall consul#ant contract amaunt. The City's goal on this project is 5%. RENEWAL �PTIONS - This agreement may be renewed for up to two successive one-year terms at the C�fy's optior�. This act�on does no# reauire specific City Councii approval, provided tF�at the City Council has appropr�ated sufficient funds to sa#isfy the City's obligations during the renewal term. � C`ity of �ori Worth9 T'exas �1�yor ��d �ou�ncil Co��u�ic��tio�. I DATE REFER�NC� NUMB�R LOG NAME PAG� sC2a�o2 ��9653 0002�a� 7s I SUBJEC7 DEP�SITORY BANKING 5 RVICES AGREEMENT WITH 3ANK ONE FISCAL INFORMATIONlCERTIFICATION: 2of2 The Finance Director certifies that funds are available in the current aperating budgets, as appropr�ated, af the partici�ating City departments. CB:n BQN102-01761MR Su�mitted for City Manager's Office by: Charles Boswell Originating Department l�ead: 7im Keyes Additional infarmation Contact: Rohert Combs � FIIND I ACCOUI�iT I CENTER � (to) � G183 AM�UNT CTTY SECRETARY � � 8517 I{from) I APPADVED 08/201Q2 � GG01 539120 49Q550Q $3D0,$72.�4 � � PE45 539120 060�4003 $937,118.00 � PE45 539120 07�4Q03 $137,118.00 _ � 8357 �