Title
Ordinance Granting an Exception to Phoenix City Code 42-18 for Municipal Banking Service Agreements - City Contract 135573 (Ordinance S-52122) - Citywide
Description
Request the City Council grant an exception to authorize inclusion of indemnification and assumption of liability provisions that otherwise would be prohibited by Phoenix City Code 42-18, for banking service agreements permitted under City Contract 135573.
Report
Summary
City Contract 135573 for Municipal Banking Services (Agreement) with J.P. Morgan Chase Bank, provides for the addition and deletion of services under Paragraph 5.33 which allows the City to improve operational efficiencies; provide enhanced security; and/or stay current with technology. The Agreement, dated March 1, 2013, was extended from July 1, 2020, through June 30, 2025, plus a three-year option period through June 30, 2028, authorized by Ordinance S-46448.
An exception to Phoenix City Code 42-18 is required to execute certain banking service agreements as provided for in the Agreement, with indemnification and assumption of liability provisions, including agreements to enhance security, prevent fraud, and improve operational efficiencies.
Financial Impact
No additional funding is required.
Concurrence/Previous Council Action
The City Council approved:
* Ordinance S-39056, adopted on July 3, 2012.
* Ordinance S-46448, adopted on March 18, 2020.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance Department.