Item Description:
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Authorization to negotiate terms and conditions for a master banking agreement with U.S. Bank N.A., to begin April 1, 2024, based on its proposal to the county's RFP issued on July 20, 2023
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Resolution:
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BE IT RESOLVED, that the Director of the Office of Budget and Finance, in conjunction with the County Attorney, be authorized to negotiate terms and conditions for a master banking agreement with U.S. Bank N.A., to begin April 1, 2024, based on its service pricing and economic incentive proposals to the county's Request for Proposals, and
BE IT FURTHER RESOLVED, that the Chair of the Board and the County Administrator be authorized to sign, and amend as needed, the master banking agreement with U.S. Bank N.A., and
BE IT FURTHER RESOLVED, that the Director of the Office of Budget and Finance be authorized to sign, and amend as needed, service operating schedules which will be attachments to the master banking agreement, and
BE IT FURTHER RESOLVED, that the Controller be authorized to accept and disburse funds as directed.
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Background:
This Board Action Request asks for renewal of a master banking agreement with U.S. Bank, N.A., headquartered in Minneapolis, with updated pricing, terms and conditions, to encompass four operating service categories:
1. General banking services for deposits, payments and reporting,
2. Commercial card services for staff purchasing cards and virtual card payments to vendors,
3. Retail payment card services for employee payroll deposits and client payments,
4. Custody and delivery services for county investment portfolio securities.
For this RFP, the Office of Budget and Finance updated and refined operational requirements for each of the four service categories, based on current banking industry standards and offerings, and county business needs. The RFP allowed proposals for one of more of the service categories. The county received proposals from five banks: US Bank, JPMorgan Chase Bank, ...
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