3386662v1/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 AGREEM ENT WITH U.S. BANK TO
PROVIDE PRIMARY DEPOSITORY SE RVICES FOR THE CITY AT AN
ESTIMATED ANNUAL COST OF THREE HUNDRED FIFTY THOUSAND
DOLLARS ($350,000) FOR A FIVE-YEAR PERIOD WITH THREE ONE- YEAR OPTIONS TO RENEW CO MMENCING JANUARY 1, 2025, AND
NEGOTIATE WITH U.S. BANK FO R 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 Ci ty of Oakland. In May 2023, th e 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, two banking institutions – JP Morgan Chase and U.S. Bank responded to this RFP; and
WHEREAS, a City selection committee, after considering these banks’ respective capabilities and quality, City’s resources and cost of service, has determined that U.S. Bank is the institution best fitting the criteria for primary depository services; and
WHEREAS, U.S. Bank has indicated that it can provi de the currently required services for an estimated annual amount of $350,000; and
WHEREAS, the City’s Local and Small Local Business Enterprise Program has been waived for this project; and
2 WHEREAS, no banks fully meet the specific requirements of the City’s Linked Banking Services Program; and
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 be authorized to negotiate with U.S. Bank for such additional banking services as she may from time to time deem appropriate, at costs which she shall deem reasonable, provided that such services, combined with existing services, shall not exceed an annual cost of $350,000; and be it
FURTHER RESOLVED: That the City Administrator be 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 dete rmines that in order to secure these services it is in the best interest of th e City to waive the requi rements of the Living Wage Ordinance; and be it
FURTHER RESOLVED: That the City Council finds and de termines 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