Title
Resolution authorizing the City Manager to execute a banking services agreement and a Select Merchant Payment Card Processing Agreement with J.P. Morgan Chase Bank N.A. for a five (5) year period ending on September 1, 2029, with an option to extend for an additional two (2) five-year extensions.
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WHEREAS, commercial banking and merchant services serve a critical role in the City of South San Francisco operations; and
WHEREAS, the current service provider has been in place since 2017; and
WHEREAS, best practices recommend that contract services be put out for bid every five to seven years; and
WHEREAS, a Request for Proposals was issued in September of 2023, with posting on City's website and direct solicitations to reputable banking institutions; and
WHEREAS, the City received three timely proposals, and conducted interviews in December of 2023; and
WHEREAS, the banking institutions were rated by an internal evaluation panel who are familiar with the City's operation needs; and
WHEREAS, J.P. Morgan Chase Bank N.A. received the highest rating, and is the preferred vendor.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that the City Council hereby approves a Banking Services Agreement and a Select Merchant Services Agreement with J.P. Morgan Chase for a five-year period ending on September 1, 2029, with an option to extend for an additional two (2) five-year extensions, attached hereto as Exhibit A and Exhibit B.
BE IT FURTHER RESOLVED that the City Council of the City of South San Francisco authorizes the Finance Department to establish an ongoing budget to include the estimated costs consistent with the information contained in the staff report and Exhibits A and B.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager to execute a Banking Services Agreemen...
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