Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The Electronic Services Enrollment And Implementation Agreement With City National Bank And Include Additional Terms.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City uses electronic banking systems and related financial service platforms to support operational efficiency, security, and timely financial transactions. The Bank provides systems, sites, software, and services necessary to maintain secure and reliable treasury operations.
To continue these services, the City must execute the Electronic Services Agreement, which includes standard indemnification provisions. These provisions require the City, as Customer, to indemnify and hold the Bank harmless for losses arising from the City’s use of the Bank’s systems or services, failure to meet its contractual obligations, violations of law attributable to the City, or misconduct by individuals authorized to act on the City’s behalf-except where losses result from the Bank’s gross negligence or willful misconduct.
Indemnification obligations of this type are typical for financial service agreements. Adoption of the Resolution permits continued access to essential financial systems used daily by the Department of Financial Services.
Fiscal Impact:
Approval of this resolution will not fiscally impact the City as this is a proposal for electronic banking services. Fees are assessed to the customer when a service is utilized.
Recommended for inclusion on the agenda by:
Pamela Harrell, Assistant Director, Financial Services / City Treasurer
Stephanie Tinsley, Director, Financial Services
Adam Reichbach, Deputy City Manager