HomeMy Public PortalAbout2024.015 (02-20-24)RESOLUTION NO. 2024.015
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORIZING THE MAYOR TO ENTER INTO AN AGREEMENT WITH JPMORGAN
CHASE TO PROVIDE BANKING SERVICES TO THE CITY
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; and
WHEREAS, the deadline to respond to the RFP was July 5, 2023; and
WHEREAS, on November 21, 2023, the City Council authorized the City Manager
or his designee to negotiate banking terms with city staffs top (two) ranked banking
institutions, JPMorgan Chase and BMO (formerly Bank of the West); and
WHEREAS, over the course of several weeks, City staff (Finance Director, Senior
Management Analyst, Deputy City Treasurer, Accountant, and Billing & Collections
Supervisor) diligently re-evaluated the "best and final" terms presented by JPMorgan
Chase and BMO; and
WHEREAS, staff is proposing that the City into an agreement with JPMorgan
Chase based on their overall banking services. JP Morgan Chase's best and final offer
pricing is slightly less than BMO, but they have two (2) local branches within city limit,
with one of them within a walking distance from City Hall (versus the closest branches of
BMO are located in South Gate and Compton) and their online banking platform is user
friendly. In addition, JPMorgan Chase is ranked #1 in bank assets in the US with good
banking stability.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
Section 1. The City Council of the City of Lynwood hereby finds and declares that
the foregoing recitals are true and correct, and incorporates them herein as findings and
as a substantive part of this Resolution.
Section 2. That the City Council authorizes the Mayor to enter into an
agreement with JPMorgan Chase to provide banking services to the City, approved as
to form by the City Attorney.
Section 3. Authorize the Mayor to execute the Resolution for and on behalf of
the City of Lynwood.
Section 4. This Resolution shall take full force and effect immediately upon
adoption by the City Council.
Section 5. The City Clerk shall certify as to the adoption of this City Council
Resolution.
PASSED, APPROVED AND ADOPTED this 20th day of
February, 2024.
f
Jos uis Solache
M•. or
ATTEST:
aria Quinonez
City Clerk
APPROVED AS TO FORM:
/Ns./o-c-P its
Noel Tapia
City Attorney
APPROVED AS TO CONTENT:
Harry Wong
Director of Finance & Administration
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 20th day of February 2024.
AYES: COUNCIL MEMBERS CAMACHO, FLORES, MUNOZ-GUEVARA AND
MAYOR SOLACHE
NOES: NONE
ABSENT: MAYOR PRO TEM SOTO
ABSTAIN: NONE
Date:
Maria Quinonez;
City Clerk
STATE OF CALIFORNIA
)§
COUNTY OF LOS ANGELES )
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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. 2024.015 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this 20th day
of February 2024.
aria Quinonez,
City Clerk
Date: c724 -
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