Item 25 Passedunofficial
In plain language — from the agenda backup
This item names JP Morgan Chase Bank as the official depository for the City's funds and sets up a five-year contract for bank depository services through Austin Financial Services. Picking a depository is the routine but essential plumbing behind how the City holds and manages its money day to day. The contract is capped at $2,500,000, with $40,000 available in the current Austin Financial Services operating budget and the rest depending on funding in future budgets.
The official agenda language
Approve an ordinance designating JP Morgan Chase Bank, N.A. as the depository for the City’s funds and authorize a contract for bank depository services for Austin Financial Services with JP Morgan Chase Bank, N.A. for a term of five years in an amount not to exceed $2,500,000. Funding: $40,000 is available in the Operating Budget of Austin Financial Services. Funding for the remaining contract term is contingent upon available funding in future budgets.
"Without objection, the consent agenda is adopted" — meeting transcript (unofficial)