R-1403 - 10/14/2014 - FINANCE - Resolutions Supporting Documents ITEM 6.F.8)
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AGENDA ITEM
Regular Board of Trustees Meeting
of
October 14, 2014
SUBJECT: Banking Services
FROM: Sharon Dangles, Finance Director
BUDGET SOURCE/BUDGET IMPACT: Program 211-Financial Services Management,
Program 811-Sports Core General Operations,Program 831-Golf Club General Operations
RECOMMENDED MOTION: I move that the Village Board approve Resolution R-1403,
a two-year extension of the banking services agreement with JP Morgan Chase Bank
through February 28,2017.
Background/History:
In 2012, as a result of a competitive request for proposal process, the Village Board entered into
a contract with JP Morgan Chase Bank for banking services,credit card processing , lockbox
processing, and custodial services. The initial contract was for three years,with the Village
electing two subsequent option years as a result of satisfactory performance by the bank.
Staff has been very satisfied with the level of service provided by JP Morgan Chase Bank during
the three years of the relationship. JP Morgan Chase has agreed to hold the pricing at the 2012
rate for the next two years and therefore staff is recommending approval of the two-year
extension.
At the expiration of this agreement it will have been five years and would be our intent to issue
an RFP (Request for Proposal)for banking services at the expiration of this agreement.
RECOMMENDATION: I recommend that the Village Board approve a two-year extension of
the banking services agreement with JP Morgan Chase Bank through February 28,2017.
RESOLUTION 2014-AG-FI-R-1403
A RESOLUTION APPROVING AN AMENDMENT EXTENDING THE AGREEMENT BY AND BETWEEN
THE VILLAGE OF OAK BROOK AND JPMORGAN CHASE BANK, N.A.
FOR BANKING AND OTHER FINANCIAL SERVICES
WHEREAS, pursuant to a Request for Proposals, JPMorgan Chase Bank, N.A. ("Chase") and
the Village entered into a 2012 Banking Services Agreement ("Agreement"), pursuant to which Chase
agreed to provide to the Village banking and other financial services; and
WHEREAS, the term of the Agreement ends February, 2015; however, pursuant to Section 8 of
the Agreement, the Village may extend the Agreement for two additional years;
WHEREAS, the parties desire to amend the Agreement pursuant to the amendment attached
hereto as Exhibit A ("Amendment") to extend the term of the Agreement through February of 2017;
and
WHEREAS, the President and Board of Trustees have determined that it is in the best interests of
the Village to enter into the Amendment;
NOW THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: Recitals. The foregoing recitals are hereby incorporated into, and made a part
of, this Resolution as the findings of the President and Board of Trustees of the Village of Oak Brook.
Section 2: Approval of the Amendment. The President and Board of Trustees hereby
approve the Amendment by and between the Village and Chase in substantially the same form at
attached hereto as Exhibit A.
Section 3: Execution of the Amendment. The Village President and Village Clerk shall be,
and hereby are, authorized to execute the Amendment after receipt of the final Amendment fully executed
by Chase.
Section 4: Effective Date. This Resolution shall be in full force and effect upon passage and
approval in the manner provided by law.
[SIGNATURE PAGE FOLLOWS]
Resolution 2014-AG-FI-R-1403
Banking Services Amendment
Page 2 of 3
APPROVED THIS 14th day of October, 2014
Gopal G. Lalmalani
Village President
PASSED THIS 14th day of October, 2014
Ayes:
Nays:
Absent:
ATTEST:
Charlotte K. Pruss
Village Clerk
Resolution 2014-AG-FI-R-1403
Banking Services Amendment
Page 3 of 3
EXHIBIT A
AMENDMENT
AMENDMENT TO THE 2012 BANKING SERVICES AGREEMENT
THIS AMENDMENT TO THE 2012 BANKING SERVICES AGREEMENT
("Amendment") executed by the parties November 2011 is made as of , 2014 by and
between JPMORGAN CHASE BANK, N.A. ("Chase"), and the VILLAGE OF OAK
BROOK, ILLINOIS ("Village").
RECITALS
WHEREAS, Chase and the Village entered into a 2012 Banking Services Agreement
("Agreement"), pursuant to which Chase agreed to provide to the Village banking services, as
more fully described in the Agreement.
WHEREAS, the term of the Agreement ends February, 2015; however, pursuant to
Section 8 of the Agreement, the Village may extend the Agreement for two additional years.
WHEREAS, the parties desire to amend the Agreement pursuant to this Amendment to
extend the term of the Agreement.
NOW THEREFORE, for and in consideration of the recitals set forth above and other
good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the Parties hereto agree as follows:
A. Amendment to the Term of the Agreement. The Agreement is hereby amended to
extend the term of the Agreement until February 28, 2017.
B. Pricing. Chase's pricing shall not increase, and the Village shall not be liable for any
increase in fees or pricing during the term of the Agreement, as extended by this
Amendment.
C. Effect of Amendment. The Parties acknowledge and agree that this Amendment
modifies and amends the Agreement and the terms and provisions hereof shall supersede
and control over any contrary or conflicting terms and provisions set forth in the
Agreement. The Agreement, as amended by this Amendment, is hereby ratified and
remains in full force and effect.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the Chase and the Village have respectively executed this
Amendment to be effective as of the date first above written.
ATTEST: JPMORGAN CHASE BANK,N.A.:
By: By:
Printed Name:
Title:
Date:
ATTEST: VILLAGE OF OAK BROOK
By: By:
Village Clerk Village President
Date:
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