3386653v1/SW
APPROVED AS TO FORM AND LEGALITY
________________________
CITY ATTORNEY’S OFFICE
OAKLAND CITY COUNCIL
RESOLUTION NO. ______________ C.M.S.
RESOLUTION: (1) AUTHORIZING THE CITY ADMINISTRATOR TO
NEGOTIATE AND EXECUTE AN AGREEMENT WITH U.S. BANK TO
PROVIDE PRIMARY CUSTODIAL SERVICES FOR THE CITY AT AN
ESTIMATED ANNUAL COST OF SEVENTY-FIVE THOUSAND
DOLLARS ($75,000) FOR A FIVE-YEAR PERIOD WITH THREE ONE- YEAR OPTIONS TO RENEW, AND NEGOTIATE WITH U.S. BANK FOR
SUCH ADDITIONAL BANKING SERVICES AS THEY MAY FROM TIME
TO TIME DEEM APPROPRIATE, AT COSTS THEY DEEM
REASONABLE; AND (2) WAIVING THE REQUIREMENTS OF THE
LIVING WAGE ORDINANCE AND OF THE LINKED BANKING
SERVICES PROGRAM ORDINANCE
WHEREAS, the City on June 15, 2018, entered into an agreement with MUFG Union Bank, N.A. to provide banking services for City of Oakland. In May 2023 the City successfully transitioned to U.S. Bank due to the acquisition of MUFG Union Bank, N.A. by U.S. Bank; and WHEREAS, the City, on April 8, 2024, issued a Request for Proposals (RFP) for depository and custodial banking services; and
WHEREAS, three banking institutions – JP Morgan Chase, U.S. Bank and Principal Financial Group responded to this RFP; and
WHEREAS, a City selection committee, after considering these banks’ respective capabilities and quality, City’s available resources and cost of service, has determined that U.S. Bank is the institution best fitting the criteria for custodial services; and
WHEREAS, U.S. Bank has indicated that it can provide the currently required services for an estimated annual amount of $75,000; and
WHEREAS, the City’s Local and Small Local Business Enterprise Program has been waived for this project; and
WHEREAS, no banks fully meet the specific requirements of the City’s Linked Banking Services Program; and
2 WHEREAS, no bank’s proposal fully meets the specific requirements of the City’s Living Wage Ordinance; now therefore be it
RESOLVED: that the City Council finds and determines that the foregoing recitals are true and correct; and be it
FURTHER RESOLVED: That the City Administrator is authorized to negotiate and execute an agreement with U.S Bank to provide custodial services for the City for a five-year period with three one-year options to renew, for an annual amount not to exceed $75,000 for current service levels; and
FURTHER RESOLVED: That the City Administrator is authorized to negotiate with U.S. Bank for such additional banking services as may from time to be time deemed appropriate, at costs which shall be deemed reasonable; and be it
FURTHER RESOLVED: That the City Council finds and determines that in order to secure these services it is in the best interest of the City to waive the requirements of the Living Wage Ordinance; and be it
FURTHER RESOLVED: that the City Council finds and determines that in order to secure these services it is in the best interest of the City to waive the requirements of the Linked Banking Services Program per section 5 of Ordinance No. 12066; and be it
FURTHER RESOLVED: That this resolution shall take effect immediately upon passage. IN COUNCIL, OAKLAND, CALIFORNIA, PASSED BY THE FOLLOWING VOTE: AYES - FIFE, GALLO, JENKINS, KALB, KAPLAN, RAMACHANDRAN, REID, AND PRESIDENT FORTUNATO BAS NOES – ABSENT – ABSTENTION –
ATTEST: ASHA REED City Clerk and Clerk of the Council of the City of Oakland, California