HomeMy WebLinkAboutRESO7273•
RESOLUTION NO. 7273
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
APPROVING THE EXTENSION OF THE MASTER AGREEMENT
FOR BANKING SERVICES WITH BANK OF AMERICA AND
i<JTHORIZING THE CITY MANAGER AND HER DESIGNATED
REPRESENTATIVES TO EXECUTE ANY ADDITIONAL
AGREEMENTS AND/OR DOCUMENTS IN FURTHERANCE OF THE
PERFORMANCE OF SUCH SERVICES BY BANK OF AMERICA
WHEREAS, the City of Palo Alto ("City") receives various
banking services from Bank of America ("Bank") , the successor in
interest to Security Pacific National Bank by merger, under a
contract which expires on December 31, 1993; and
WHEREAS, the City wishes to extend the contract for such
services until December 31, 1994, until such time as staff is able
to conduct a competitive selection process for the provision of
such banking services in the future, whichever first occurs; and
WHEREAS, the Bank wishes to provide to the City a variety
of banking services, including, without limitation, funds transfer
(including transfers under oral instructions) and electronic
payments services;
NOW, THEREFORE, the Council of the City of Palo Alto does
RESOLVE as follows:
SECTION 1. The City Council hereby approves and authorizes
the execution of the extension of the master agreement with Bank of
America for miscellaneous banking services, including, without
limitation, services under funds transfer (including under oral
instructions) and electronic payments services, and such other
necessary agreements and documents in furtherance of the
performance of banking services by Bank of America.
SECTION 2. The City Manager and any of her designated
representatives, including the Director of Finance, the Assistant
Director of Finance, and the Treasury Manager, are hereby
authorized to take any necessary action and to execute and deliver
to Bank of Anferica any documents as may be necessary to effect the
transfers or payments, or both, from or to the City of Palo Alto's
accounts with Bank of America, including, without limitation, the
giving of instructions orally, the making of funds transfers by
wire or other similar means to any person for credit to or debit.
from the City of Palo Alto's accounts with Bank of America, and the
confirmation and verification of the authenticity of instructions
to Bank of America for funds transfers and electronic payments.
SECTION 3. Such authorization shall be effective for such
period time as is deemed reasonably necessary to procure the
execution of the extension of the master agreement for banking
services between the City of Palo Alto and Bank df America.
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SECTION 4. The City Council finds that the action hereby
approved does not constitute a project under the California
Environmental Quality Act.
INTRODUCED AND. PASSED: December 13, 1993
AYES: ANDERSEN, COBB, FAZZINO, HUBER, KNISS, MCCOWN, EOSENBAUM, SIMITIAN, WHEELER
NOES :
ABSENT:
ABSTENTIONS:
ATTEST:
y Clerk
APPROVED AS TO FORM:
4...
Senio- Asst. C. Attorney
2
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APPROVED:
ty
Direc or of Finance