HomeMy WebLinkAboutContract 0916-2 C - 9 ((o - 2--
AGREEMENT FOR BANKING SERVICES
THIS Agreement for Banking Services("Agreement")is made and entered into this 18th day of
June,2018, by and between the City of Cathedral City("Cathedral City"),and Wells Fargo Bank,
N.A., a bank organized under the laws of the United States of America("Wells Fargo").
WHEREAS, Wells Fargo is engaged in the provision of professional banking services throughout
the State of California and desires to provide banking services to Cathedral City;
WHEREAS,Cathedral City requires the services of a bank with a wide variety of banking
services to facilitate its operations,and Cathedral City finds that the retention of a professional,
high quality experienced bank serves the public interest; and
WHEREAS,Cathedral City desires to maintain a banking relationship with Wells Fargo.
NOW,THEREFORE, in consideration of the mutual covenants and promises by and between the
parties as hereinafter set forth, it is agreed as follows:
1. Wells Fargo shall provide services as a depository of funds for Cathedral City in
accordance with all State,Federal and local requirements applicable to the provision of
banking services to a public entity, including the requirement to collateral ize deposits.
2. Wells Fargo shall furnish banking services to Cathedral City, including but not limited to:
a. Checking Accounts
b. ACH Services
c. Credit Card Services
d. On-line Image Retrieval
e. On-line Stop-pays
f. Purchasing Cards
g. On-line Wire Transfer Services
h. Positive Pay on Checking
i. Wells Tax Payment Solutions
j. Desktop Deposit with reporting
k. Positive Pay w/Payee Validation
1. Wells Image CD ROM
m. ACH Fraud Filter
n. CEO Previous Day Treasury Information Reporting
o. Returned Items
p. Account Reconcilement
q. Sweep Services to Investment Options
3. Additional banking services may be added during the term of this Agreement if Cathedral
City determines a need for such additional services. These services will be provided at
negotiated prices as approved by both parties to this Agreement.
4. The term of this Agreement will be for the period of one(1)year commencing from the
date of the award through June 30,2019,with one(1)one-year extensions,exercisable at
the discretion of the City Council of Cathedral City upon sixty(60)days prior written
notice to Wells Fargo before the expiration of the term or extended term.
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5. Notwithstanding any provision to the contrary in any of Wells Fargo's ancillary
agreements covering the banking services discussed in sections 2 and 3 above,this entire
Agreement between the parties shall be governed by and construed according to the laws
of the State of California; provided,however,that the underlying banking services may,
where applicable,be governed by federal law, rules or regulations.
6. Attached is the Pricing Proforma referenced in the RFP and is considered Exhibit A.
IN WITNESS WHEREOF,the parties have executed this Agreement on the date set forth
above.
THE CITY OF CATHEDRAL CITY
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Signature: �� / " / ��
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Name: VhAx.kr / C°ii..,.y1o„)
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Title: C1 Tei /14 t,“
Date: kVA/
WELLS FARGO BANK,N.A.
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Signaure:
Name: ie Varner
Title: VP, Relationship Manager
Date: 06-18-2018
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