pages: SpecialFinanceAndManagementCommittee/2018-05-22.pdf, 7
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SpecialFinanceAndManagementCommittee | 2018-05-22 | *Special Finance & Management Meeting Minutes - FINAL May 22, 2018 Committee 9 Subject: Contracts For Primary Depository and Custodial Banking Services From: Finance Department Recommendation: Adopt The Following Pieces Of Legislation; 1) A Resolution Authorizing The City Administrator To: (1) Negotiate And Execute An Agreement With MUFG Union, Bank N.A. To Provide Primary Depository Services For The City At An Estimated Annual Cost Amount Of $275,000 For A Five-Year Period With Two One-Year Options To Renew Commencing January 1,2019; And (2) Negotiate With MUFG Union Bank, N.A. For Such Additional Banking Services As She May From Time To Time Deem Appropriate, At Costs She Deems Reasonable; And (3) Negotiate And Execute An Extension Through December 31,2018 Of The Current Agreement With J.P. Morgan Chase, N. A. To Provide Primary Depository Services At An Estimated Annual Cost Amount Of $275,000; And (4) Waiving The Requirements Of The Living Wage Ordinance And Of The Linked Banking Services Program Ordinance; And 18-0512 Attachments: View Report 87228 CMS The Committee approved amendments to the 4th Whereas and 5th Further Resolved on page 2 read the following: "Whereas, In Reviewing and comparing non-Eligible Depositories for relative compliance with the Fair Share Goals and Section 2.1) of the Linked Banking Ordinance, Housing and Community Development staff has been unable to determine and recommend to the City Council that any non-Eligible Depository(ics) best meets these criteria:' "Further resolved that the City Council finds and determines that in order to secure these services it is in the best interest of the city to partially waive the requirements of the living wage Ordinance for the reasons set forth in the City Administers report accompanying this resolution. For period of one year for the employees who are involved in the back-office processes and other employees who do not spend most of their time providing banking services for The City of Oakland" The Committee directed staff to return at the half way point of the contract with an analysis showing debundling opportunities available and include what was previously approved and how it compares to what other cities are doing This City Resolution be Approved the Recommendation of Staff, and Forward.to go before the * Concurrent Meeting of the Oakland Redevelopment Successor Agency and the City Council to be heard 6/5/2018 City of Oakland Page 7 Printed on 7/2/2018 | 7 | SpecialFinanceAndManagementCommittee/2018-05-22.pdf |