HomeMy WebLinkAboutRESO 137-2022 (22-660)City Council
City of South San Francisco
Resolution: RES 137-2022
P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
File Number: 22-660 Enactment Number: RES 137-2022
RESOLUTION AUTHORIZING THE CITY MANAGER
TO EXECUTE A FIRST AMENDMENT TO THE
BANKING SERVICES AGREEMENT WITH
JPMORGAN CHASE BANK N.A. FOR AN
ADDITIONAL TWO YEAR TERM ENDING ON
AUGUST 31, 2024.
WHEREAS, commercial banking services serve a critical role in the City of South San
Francisco operations; and
WHEREAS, the City has executed an agreement with the current service provider JPMorgan
Chase Bank N.A. since 2017; and
WHEREAS, best practices recommend that such current contract services be extended for two
years without disruption; and
WHEREAS, staff recommends executing a First Amendment to the current agreement with
JPMorgan Chase Bank N.A. to extend its terms for an additional two years and noting that best practices
recommend that contract services be put out for bid every five to seven years.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council hereby approves a First Amendment to the Banking Services Agreement
with JPMorgan Chase for a two year period ending on August 31, 2024, attached hereto and incorporated
herein as Exhibit A and with rates set forth as Schedule 1 attached to said exhibit.
BE IT FURTHER RESOLVED that the City Council of the City of South San Francisco
authorizes the City Manager to execute the First Amendment in substantially the same form as Exhibit A
and to make any revisions, amendments, corrections and modifications, subject to the approval of the
City Attorney, deemed necessary to carry out the intent of this Resolution and which do not materially
alter or increase the City’s obligations there under; and to take any related action reasonably necessary to
carry out the intent of this Resolution.
BE IT FURTHER RESOLVED that the City Council of the City of South San Francisco
authorizes the Finance Department to establish an ongoing project budget to include the estimated costs
consistent with the information contained in the staff report and Schedule 1 attached to Exhibit A.
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