Title
Consider a resolution authorizing the Mayor to execute an Addendum and Amendment to the Depository and Banking Services Contract with JPMorgan Chase Bank, N.A.
Body
In April 2012, the City of Round Rock entered into an agreement with JPMorgan Chase Bank for Depository and Banking Services. Included in the contract was a list of line item service charges for various services the City utilizes. In the past year, additional services and fees have been negotiated. The first part of this addendum is to add the new service line item charges to the approved contract list. The additional $2,500 in costs will be the effect of using the new services that we have added (identified by the new line item service charges).
Part of the Depository and Banking Services Contract also included the Pledgee Agreement with the Federal Reserve Bank of Boston, the third party holder of collateral for the City's bank deposits in JPMorgan Chase Bank. The Pledgee Agreement outlines the roles and responsibilities of the three parties - Custodian (FRB Boston), Pledgor Bank (JPMorgan Chase) and the Pledgee (the City) for the collateral pledged by JPMorgan Chase for the City of Round Rock and held by the Federal Reserve Bank of Boston. The second part of this addendum is to update the City's authorized personnel who can make collateral changes with the Federal Reserve Bank of Boston. This addendum reflects the deletion of Stacie Carter and replacing her with Lorie Lankford as the new Assistant Finance Director.
Cost: $2,500.00
Source of funds: General and Utility Funds
Recommended Action
Staff recommends approval.