HomeMy Public PortalAbout2023.143 (11-21-2023)RESOLUTION NO. 2023.143
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO NEGOTIATE BANKING
TERMS WITH CITY STAFF'S TOP TWO (2) RANKED BANKING INSTITUTIONS
WHEREAS, on May 2, 2023, the Finance & Administration Department and the
City Treasurer's Office issued a Request for Proposals (RFP) for banking services from
qualified financially secure Federal or State chartered banking institutions that can offer
comprehensive banking services at the best value to the City. The deadline to respond to
the RFP was July 5, 2023; and
WHEREAS, at the close of the deadline, the Finance & Administration Department
and the City Treasurer's Office received five (5) responding proposals from the following
five banking institutions that responded to the RFP — Bank of the West, Commercial Bank
of California, JPMorgan Chase, Well Fargo and US Bancorp; and
WHEREAS, the proposals were evaluated by staff in the Finance & Administration
Department (Director, Senior Management Analyst, Billing & Collections Supervisor,
Accountant) and City Treasurer's Office (Deputy City Treasurer); and
WHEREAS, staff evaluated the written proposals of four (4) institutions based on
criteria pertaining to ability, pricing, related experience & personnel, firm stability, and
references; and
WHEREAS, one institution's closet branch is too far from the City Hall complex as
Finance & City Treasurer staff is sometime required to frequent the bank to conduct daily
water billing services and other pertinent transactions, therefore, the proposal was not
considered; and
WHEREAS, over the course of several weeks, staff conducted interviews with the
banking institutions to receive presentations and ask any additional questions, and
ultimately ranked the banks accordingly; and
WHEREAS, based on staff's thorough review, evaluation, and interview of the four
(4) banks, staff is requesting authorization to negotiate banking terms with the top two
ranked banking institutions, JPMorgan Chase and Bank of the West, for the best offer
and services most beneficial to the City; and
WHEREAS, after further negotiation with the top two ranked banking institutions,
staff will re-evaluate their "best and final" terms and bring to the Council our proposed
selection.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
STATE OF CALIFORNIA )
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, do hereby
certify that the foregoing Resolution was passed and adopted by the City Council of the
City of Lynwood at a meeting held on the 21th day of November 2023.
AYES: COUNCIL MEMBERS CAMACHO, MUNOZ-GUEVARA, SOLACHE,
MAYOR PRO TEM SOTO AND MAYOR FLORES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Date: //'14
-'
Maria Quinonez,
City Clerk
STATE OF CALIFORNIA )
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, and the
Clerk of the City Council of said City, do hereby certify that the above foregoing is a full,
true and correct copy of Resolution No. 2023.143 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this 21th day
of November 2023.
Date: /69/ 64/47---
Maria Quinon
City Clerk