Title
Third Amendment to the Master Depository and Banking Services City Agreement
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FileID
File ID: 2025-01415
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Location
Location: Citywide
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Recommendation
Recommendation: Pass a Motion: 1) authorizing the City Treasurer to execute the Third Amendment (Amendment) to the Master Depository and Banking Services City Agreement (Agreement) (2015-2232), and 2) any related documents with J.P. Morgan Chase Bank, N.A, (JPMC) by adding the J.P. Morgan Digital Bill Payment Service to the services being provided to the City.
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Contact
Contact: John Colville, City Treasurer, (916) 808-8297, jcolville@cityofsacramento.org, Kimberlie Gladden, Banking Operations Manager, (916) 808-2675, kgladden@cityofsacramento.org, Office of the City Treasurer
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Presenter
Presenter: None
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Attachments
Attachments:
1-Description/Analysis
2-Third Amendment to the Master Depository and Banking Services Agreement
3-Attachment A - J.P. Morgan Digital Bill Payment Service Terms
4-Attachment B - Digital Bill Payment Fees
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IssueDetail
Description/Analysis
Issue Detail: In 2015, the City entered into the Master Depository and Banking Services Agreement (No. 2015-2232) with J.P. Morgan Chase, N.A; then in 2017 the City entered into the First Amendment to that Agreement (2015-2232-1) adding Custody Services; in 2020, the City entered into a Supplemental Agreement, exercising a two year extension; and then in 2022, the City then entered in to the Second Amendment to the Master Depository and Banking Services Agreement, extending the contract terms for an additional five years through December 22, 2027, with the option for two one-year extensions. This Agreement was originally approved after an extensive Request for Proposal (RFP) process.
The recommended Third Amendment to the Agreement includes adding the J.P. Morgan Digital Bill Payment Service to the services being provided to the City. This service uses the application, Paymentus for the passing...
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