HomeMy WebLinkAboutReso 46-2010RESOLUTION NO. 46-2010
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING A CONTRACT WITH
WELLS FARGO BANK FOR BANKING SERVICES
WHEREAS, prudent financial practice calls for a periodic review of banking services to
ensure that the City is obtaining up to date services in a cost; effective manner; and
WHEREAS, the last time the City solicited banking services in the marketplace was over
eleven years ago; and
WHEREAS, the City Finance Director and City Treasurer sent out a comprehensive
Request for Proposals (RFP) for banking services; and
WHEREAS, a screening panel selected the top four banks for interviews based on the
following criteria:
-financial strength of the bank,
-strength of the bank's fraud protection technology, including online fraud protection,
-availability of modern technology to allow Finance Department staff to work more
efficiently, and shift from paper systems towards more electronic systems, thereby
allowing for more staff time spent on higher value activities for departments and the
community, such as analysis, monitoring, and reporting,
-cost; and,
WHEREAS, the City Manager, City Treasurer, and City Finance Director interviewed the
four finalist banks and unanimously selected Wells Fargo Bank as the strongest bank for the
City, and the best able to meet the City's banking services needs; and
WHEREAS, Wells Fargo's pricing proposal was cost effective and will be held in place
for five years, allowing the City to realize increasing savings over time.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council hereby authorizes the City Manager to execute a banking
services contract with Wells Fargo Bank for a term of five years, with the option of renewal
thereafter, consisting of the following three main agreements:
• Acceptance of Services
• Commercial Account Agreement
• Master Agreement for Treasury Management Services; and
BE IT FURTHER ESOLVED that the Finance Director is hereby authorized to execute
subsidiary agreements to these three main agreements to the extent they are consistent with the
terms and conditions of the main agreements.
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I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a regular meeting held on the 26th day of
May, 2010 by the following vote:
AYES: Councilmembers Pedro Gonzalez, Richard A. Garbarino, and Karyl Matsumoto,
Vice Mayor Kevin Mullin and Mayor Mark Addiego
NOES:
ABSTAIN: None
ABSENT: None
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ATTEST: ~ °'~ ~ ,~°
' ~ C'ity;.Clerk