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Title: Recommendation: I recommend approval of renewal of RFP 02C-007SN for Banking Services and authorize the Superintendent and Board Chairman to sign all necessary documents. Description: Approve the renewal of RFP 02C-007SN for Banking Services · Request for Proposal No. 02C-007S was awarded by Board action on August 21, 2002 to Bank of America & Wachovia for three years from August 22, 2002 through August 21, 2005 with the option to renew for three additional one-year periods. · The first option to renew is now being exercised for the period August 22, 2005 through August 21, 2006. · Bank of America and Wachovia have agreed to honor terms, conditions and pricing of existing contract for the forthcoming contract period. · Services to be provided are general banking services on a stand-alone basis. · The Banking Services contract was bid with two major components in FY 2002. Bank of America was selected to provide general banking services. First Union/Wachovia was selected to provide custody services (holding all the District investments). Both contracts were issued for three years with 2 optional one-year renewals. Staff will recommend a one-year renewal of both contracts at the June School Board meeting. Both firms have performed well and the pricing included in the contracts is excellent. Further, the requirements of the general banking portion of the contract will change significantly once the ERP has been implemented. Bank of America has agreed to waive the fees for any new service implemented as a result of the ERP. This will allow staff to gather the necessary data to prepare a new RFP in one or two years. · The Finance Committee approved this recommendation Financial Impact: For Additional Information, contact: Joseph M. Moore moorej@palmbeach.k12.fl.us Leanne Evans Attachments (list):
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