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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
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0,012.6
TO :
FROM :
The Honorable Mayor and
Members of the City Commission
Joe iola
Chi Administrator / City Manager
DATE:
SUBJECT
REFERENCES;
ENCLOSURES:
August 27, 2004
Banking Services
FILE
RECOMMENDATION
It is respectfully recommended the City Commission adopt the attached resolution authorizing
the City to execute an amendment to the professional services agreement ("Agreement") for
banking services with First Union Bank of Florida by assigning said Agreement to the Wachovia
Corporation; authorizing said Agreement to be extended for its initial optional extension year
through November 29, 2005, and further delegating to the City Manager the approval of any
remaining optional extension terms, should it be in the City's best interest, without seeking City
Commission approval.
BACKGROUND
The City issued RFP 00-01-162 to secure a qualified and experienced banking firm to provide
banking services to the City. Following the evaluation of Proposals, First Union National Bank
of Florida was awarded a professional services agreement, per Resolution 01-1140, for three (3)
years, with the option to extend said Agreement for three (1) additional one (1) year periods, at
the City's discretion. The executed Agreement stipulated that should the City seek an extension
of the Agreement, the terms and conditions of such renewal were subject to approval by the City
Commission.
Following the execution of the Agreement with First Union National Bank, it merged with the
Wachovia Corporation, thereby resulting in a change to its name. Based on the above, and as the
banking firm has provided satisfactory services to the City, I respectfully recommend that the
City Commission adopt the attached resolution authorizing the City to amend the Agreement and
assign same to the Wachovia Corporation; authorizing the first year extension of said Agreement
through November 29, 2005; and further delegating to the City Manager the approval of any
remaining optional extension terms, should it be in the City's best interest, without seeking City
Commission approval.
FISCA MPACT: None
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