Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Ninety (90) Day Extension Of The Agreement Between Wells Fargo Bank, N.A. And The City Of Hollywood To Provide Trust Custodial Services To The City Of Hollywood, Florida Employees Retirement Fund For An Estimated Amount Of $14,625.00.
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
The Board of Trustees of the City of Hollywood, Florida Employees Retirement Fund, hereinafter, known as the "Board", requires the services of a qualified firm to provide Trust Custodial Services.
On November 5, 2008, the City Commission passed and adopted Resolution Number R-2008-332, authorizing the appropriate City Officials to negotiate and execute an agreement with the highest ranked firm, Wachovia Bank, N.A., to provide Trust Custodial Services to the Employees' Retirement Rund, in accordance with request for proposals RFP-4163-08-JE, for a seven (7) year period.
The City entered an agreement effective January 1, 2009 with Wachovia Bank, N.A., now Wells Fargo, N.A., for the bank to provide professional Trust and Custodial Services. The bank under contract will continue to provide services until December 31, 2015.
The City has issued a new request for proposals requiring the services of a qualified firm to provide Trust Custodial Services.
On November 6, 2015, the City Manager approved a ninety (90) day extension period of the Agreement extending services through March 31, 2016.
Due to the required request for proposals processing, evaluation, award and possible custodial services transition period, the Board has requested an additional ninety (90) day extension period of the current agreement with Wells Fargo Bank, N.A.
Purchasing Ordinance 38.40 (C) (8) provides that purchases of, and contracts for, supplies or contractual services, when the City Commission declares by unanimous vote that c...
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