Agenda

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City Council Regular Meeting

Meeting Date:

03/10/2020

BACKGROUND

This agreement is for the last one-year extension with Schertz Bank and Trust for bank depository services. The term of the extension will be from January 31, 2020 to January 31, 2021. The City entered into a Bank Depository Agreement with Schertz Bank and Trust on August 1, 2016, as authorized by resolution 16-R-50. The agreement was for a three-year term with two options for one-year extensions. Staff should have run this extension in January for City Council approval.

As of January 31, 2020, the City has had depository services provided by Schertz Bank & Trust for 10 consecutive years with 2 full contract awards during that time.
Staff has no reservations about the level of service provided by Schertz Bank & Trust and recommends extending the term of the contract. Staff will submit a request for proposals in 2020 to have new contract in place for January 2021.

GOAL

To authorize a one-year extension for bank depository services agreement as per resolution 20-R-27.

COMMUNITY BENEFIT

N/A

SUMMARY OF RECOMMENDED ACTION

Approval of Resolution 20-R-27 authorizing the one year extension.

FISCAL IMPACT

None

RECOMMENDATION

Staff recommends approval of Resolution No. 20-R-27.

Attachments
Resolution 20-R-27
Bank Depository