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Home My WebLink AboutC-2373 - Agreement for City Banking ServicesCITY OF NEWPORT BEACH P.O. BOX 1768, NEWPORT BEACH. CA 92663 -3884 January 24, 1983 OFFICE OF THE CITY CLERK (714)_640-2251 J pwt 4:v. S.CL�kr., t� J r Qt b � hti� c� Wells Fargo Bank .IJ,..v vw t�; „� ? - �✓ 2727 Newport Blvd. i n' s Newport Beach, CA 92663 jrr >: « r IL, w.;.,`f Ew c Subject: Agreement for Banking Services b On January 10, 1983, the City Council of Newport Beach adopted Resolution L�..- No. 83 -5 which approved the Agreement for Banking Services between the City of Newport Beach and Wells Fargo Bank in connection with the City's banking services. j Enclosed are the original and 2 copies of the Agreement which need to be executed by the Vice President and Assistant Vice President of Wells Fargo Bank. Please have all documents executed, retain your copy, and return the original and the extra copy to us at your earliest convenience. Also enclosed is a certified copy of Resolution No. 83 -5 for your records. Sincerely, Wanda E. Andersen City Clerk WEA:1r encs. cc: George Pappas, Finance Director qt o,,Ace_. ►Dap+ JQC'L Q& to %111� CAr�nB c Cx� Lbtoo Cou ,ems W��JAUs Carn U&4& 3300 Newport Boulevard, Newport Beach F4AY 1-a 3131 `83 E RESOLUTION N0. H 3 - 5' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH AND WELLS FARGO BANK IN CONNECTION WITH THE CITY'S BANKING SERVICES WHEREAS, on February 11, 1980, the City Council adopted Resolution No. 9731 providing for banking services for the City with Security Pacific National Bank; and WHEREAS, said agreement with Security Pacific National Bank shall expire March 31, 1983; and WHEREAS, there has been presented to the City Council of the City of Newport Beach a certain agreement between the City of Newport Beach and Wells Fargo Bank in connection with the City's banking services; nad WHEREAS, the City Council has reviewed the terms and conditions of said agreement and finds them to be satisfactory and that it would be in the best interest of the City to authorize the Mayor and City Clerk to execute said agreement; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the said agreement above described is approved and directed to execute the same on bahalf of the City of Newport Beach. BE IT FURTHER RESOLVED that resolution No. 9731 be and hereby is rescinded effective March 31, 1983. ADOPTED this 10 day of JAN ` , 1983. Mayor ATTEST: Q /R/TJF 9 AATTTRRUE AND CORRECT COPY 1 /� 'CITY CLERK Of THE CITY Of NrWPORT 6"CM City Clerk -•a% 9!�) DAM RSP /Bank CITY OF NEWPORT BEACH • 38� COUNCIL AGENDA NO.—F-2-(c) FINANCE DEPARTMENT January 10, 1983 70: Mayor and City Council FROM: George Pappas, Finance Director SUBJECT: AWARD BID FOR BANKING SERVICES Recommendation: By the Qji JCOU�VCIL C;-!Y C' i .. T1RT O ACH 1. That the City Council award the bid for banking services to Wells Fargo Bank. 2. Adopt a resolution authorizing the Mayor and City Clerk to execute the agreement with the Wells Fargo Bank. Discussinn- The City Council on November 9, 1970, authorized a "One Bank -One Account" policy for future City banking services with awards being made for three year periods. The present agreement with Security Pacific National Bank expires on March 31, 1983. Requests for bids were solicited to provide banking services through March 31, 1986. Bids were received Tuesday, November 30, 1982, from four of the seven banks contacted. The results of the bids are as follows: Bidder Base Bid Wells Fargo Bank $325,000 Minimum Average Collected Balance City National Bank 383,000 Minimum Average Demand Balance Bank of America 442,409 Minimum Average Collected Balance Security Pacific 550,000 Minimum Average Collected Balance Based on the above, Wells Fargo Bank should be awarded the bid on the basis of low bid which is to provide banking services for the least amount of available average collected balance. GP:dp _, • • RESOLUTION NO. 8 3 - 5 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH AND WELLS FARGO BANK IN CONNECTION WITH THE CITY'S BANKING SERVICES WHEREAS, on February 11, 1980, the City Council adopted Resolution No. 9731 providing for banking services for the City with Security Pacific National Bank; and WHEREAS, said agreement with Security Pacific National Bank shall expire March 31, 1983; and WHEREAS, there has been presented to the City Council of the City of Newport Beach a certain agreement between the City of Newport Beach and Wells Fargo Bank in connection with the City's banking services; nad WHEREAS, the City Council has reviewed the terms and conditions of said agreement and finds them to be satisfactory and that it would be in the best interest of the City to authorize the Mayor and City Clerk to execute said agreement; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the said agreement above described is approved and directed to execute the same on bahalf of the City of Newport Beach. BE IT FURTHER RESOLVED that resolution No. 9731 be and hereby is rescinded effective March 31, 1983. ATTEST: City Cle RSP /Bank ADOPTED this iO day of JAN 1983. Mayor 0 0 AGREEMENT FOR BANKING SERVICES THIS AGREEMENT dated the day of _, 1983, is between the CITY OF NEWPORT BEACH, hereinafter referred to as "City," whose address 3300 Newport Boulevard, Newport Beach, California, and WELLS FARGO BANK, hereinafter referrred to as "Bank,: whose address is 2727 Newport Boulevard, Newport Beach, California. RECITALS: A. Bank, pursuant to a request therefor by City, has submitted a proposal to provide certain banking services. B. City wishes to accept Bank's proposal to provide services for an average collected daily balance of Three Hundred Twenty -Five Thousand Dollars ($325,000.00). AGREEMENTS I. TERM. This Agreement shall be for a term of three (3) years, commencing on the 1st day of April, 1983, and ending on the 31st day of March, 1986, provided, however, that either party to this Agreement may terminate said Agreement upon giving the other party ninety (90) days' prior written notice of its inten- tion to terminate. City: II. SERVICES TO BE FURNISHED BY BANK. Bank agrees to provide the following services to A. Bank and City agree that Bank shall act as the sole demand depository of City (City reserves the right to place term deposits with other institutions or to invest in securities of the United States Government and federal agencies, as may be determined by City to be in its best interest, as follows: (1) General Account. Bank shall accept_ deposits of City, endorse and photograph all checks deposited, and return -1- to City all paid checks in numerical order with an automated account reconciliation. (2) Payroll Account. Bank shall accept deposits of City or honor other authorized transfer of funds to the account. Each payroll check drawn will be paid by the Bank and returned with an automated account reconciliation, on a regular schedule to be determined by City. (3) Checks and Supplies. Bank shall furnish to City, pre - preinted to City specifications, all checks, deposit slips, and other instruments pertaining to transactions for the different accounts. (4) Depository for Funds. Deposits to the credit of City will be provided for as stated below. Every check .re- ceived will be endorsed by bank and all previous endorsements will be guaranteed. A photocopy of each deposited check will be taken and maintained by Bank for a period of two (2) years. B. Night Depository Services: Night depository will be provided by Bank for, but not limited to, the following City uses: (1) Parking Meter Receipts. These receipts, it is understood, will consist of coins to be counted by Bank. A depo- sit slip for these monies will be prepared by Bank and forwarded daily to City (2) Parking Lots Receipts. These receipts, it is understood, may or may not be accompanied by a deposit slip, depending on cirumstances and the discretion of City. A deposit slip will be prepared or the accompanying one will be verified by Bank and forwarded daily to City. In handling of night deposits, which will consist largely of currency, Bank will provide thirty (30) depository bags and secure seals to be used by personnel in making such deposits. Additional bags will be available for purchase. C. Bank will extend a Five Hundred Thousand Dollar -2- ($500,000) line of credit to the City of Newport Beach for a three year period. Interest on borrowings will be at Wells Fargo Prime Rate as charged from time to time. Conditions of the line will require the City to be in a non (line) borrowing position for a minmium of thirty consective days during each (line) year. Bank will require that the City's budget is in balance for each fiscal year. ATTEST: City Clerk APPROVED AS TO FORM City Attorney AGB- BankingSvc -3- CITY OF NEWPORT BEACH A Municipal Corporation Ci° Mayor WELLS FARGO BANK By Vice President By Assistant Vice President