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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET j <br /> PROJECT TITLE: <br /> Banking Services Briefing COUNCIL BILL# <br /> Agreements with U.S. Bank Proposed Action Originating Department Finance <br /> Consent Contact Person Susy Haugen <br /> X Action Phone Number 425-257-8612 <br /> First Reading FOR AGENDA OF November 4, 2015 <br /> Second Reading <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President 6,n <br /> Location Preceding Action Attachments Department(s)Approval <br /> Budget Committee Agreement Legal, Finance <br /> 10/21/15 <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The City's contract with Bank of America expires on December 31, 2015. A Request for Proposals for <br /> Banking Services was issued on September 9. The City received responses from Bank of America, U.S. <br /> Bank, and Columbia Bank. Finance staff scored the proposals and presented the results to the Council <br /> Budget Committee on October 21. U.S. Bank was the lowest cost respondent and had the highest score <br /> overall. <br /> The recommended contract with U.S. Bank is for an initial four-year term with the option to renew for two <br /> additional, two-year terms. <br /> RECOMMENDATION: <br /> Authorize the Mayor to sign the Agreements for Banking Services with U.S. Bank for banking services. <br /> 31 <br />