Title
Five-Year Term Contract with Five Years of Renewal Options for Banking Services (Service Groups 1, 2, and 4) for the Financial Services Department (Citywide)
The City of Mesa makes extensive use of banking services to collect, disburse and manage its cash and investments. General banking services includes cash services, deposit services, disbursement services, electronic transfer of funds, and general reporting. Merchant card services represent the City’s ability to process credit card transactions. Institutional custody services represent the safekeeping of the assets/securities in the City’s investment portfolio. Paying agent services includes a qualified paying agent, registrar, transfer agent, filing agent, and trustee for current and future bond issues.
An evaluation committee recommends awarding the contracts to the highest-scored proposals from the following vendors: General Banking - JP Morgan Chase, at $120,000 annually; Merchant Card Processing - U.S. Bank / Elavon, at $18,000 annually; and Paying Agent Services - UMB Bank, N.A., at $18,000 annually; with an annual increase allowance of up to 5%, or the adjusted Consumer Price Index.