Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Ratifying The City Manager's Emergency Approval Of A Blanket Purchase Agreement Up To $270,000.00 With Bank Of America, N.A. And Approving And Authorizing The Appropriate City Officials To Execute An Agreement With Bank Of America, N.A. For Electronic Payment Services For An Initial Five-Year Term With Up To 20 One-Year Annual Renewals Based Upon Master Services Agreement With Central Florida Expressway Authority In Accordance With Section 38.41(C)(5) Of The Procurement Code. (Piggyback)
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
Since 2002, the City has utilized Bank of America, N.A. as its electronic payment service provider by participating in the State of Florida's agreements which were procured through competitive bidding on three separate occasions over the years. During this time, the City has been able to secure favorable terms.
The City's current agreement with Bank of America, N.A. as a participant with the State of Florida expired on June 11, 2023. The existing terms of the agreement have been extended to allow time for the City to obtain the necessary approvals for a new agreement with Bank of America, N.A., or to transition to another service provider. This extension expired 12/11/2024.
Bank of America, N.A. agreed to further extend the terms of the existing participation agreement for up to an additional three months or March 11, 2025. An Emergency Blanket Purchase Agreement up to $270,000.00 was approved by the City Manager per Memo PR-25-048.
Under the current agreement, Bank of America, N.A. provides electronic services (merchant services) based on pass-through pricing for transparency and lower overall costs. Pass-through pricing is made up of merchant processing fees plus credit card interchange (card issuer fees) and assessment fees (MasterCard and Visa). Interchang...
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