Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Enter Into An Agreement Between Wells Fargo Bank, N.A. And The City Of Hollywood; Providing For A Piggyback Of The Banking Services Agreement Awarded By The City Of Sunrise For An Initial Term Beginning May 1, 2015 Through July 31, 2017; Including The Option Of Renewal For Five Additional One Year Periods; At An Annual Cost Not To Exceed $125,000.00.
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City entered into an agreement on March 17, 2010 with Wells Fargo Bank, N.A. (Resolution R-2010-062) for the provision of banking services for the period May 1, 2010 through April 30, 2015 as a result of a formal competitive selection process (RFP 4226-10-JE) pursuant to the City's Purchasing Ordinance, Section 38.42 (A)(1).
The City's current contract with Wells Fargo Bank, N.A. will terminate April 30, 2015 and the City of Hollywood is looking to secure banking services that are competitive and best meet the City's needs.
Section 38.40(C)(5) of the Code of Ordinances provides, that when it is in the best interest of the city, the city may procure, without following formal contract procedure, all contractual services which are the subject of contracts with other governmental entities when the governmental entity's contract is based strictly on competitive proposals.
The City of Sunrise selected Wells Fargo Bank, N.A. as a result of a competitive RFP process and negotiated a contract effective August 1, 2012 for an initial five year term renewable for five additional one year periods.
An additional consideration is the current system conversion the City of Hollywood is undergoing affecting both the Finance and Public Utilities Departments. As a result of the utility billing software conversion, custom programming was required to integrate current banking systems with Wells Fargo Bank, N.A. wi...
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