Title
Consider recommendation from the Finance/Administrative Committee to approve a contract with PNC Bank, for central depository services, for an initial period of March 1, 2025 - February 28, 2027, with an option to renew for three additional one-year periods.
Body
RECOMMENDED MOTION:
Move the board adopt Resolution and Order No. ___ of the Edwards Aquifer Authority Board of Directors approving a contract between the EAA and PNC Bank, for central depository services for the period March 1, 2025 through February 28, 2027, with an option to renew for up to three additional one-year periods, and authorizing the General Manager to execute all necessary documents to effectuate the contract.
SUMMARY:
The purpose of this agenda item is for the board to consider a Finance/Administrative Committee recommendation to approve a depository services contract with PNC Bank. The current depository services contract with PNC Bank expires on February 28, 2025.
In preparation of issuing a Request for Proposal (RFP) for depository services, staff worked with Valley View Consulting throughout the development of the RFP and reviewing of proposals received. Valley View Consulting has many years of experience providing objective review services of central depository proposals submitted to public entities and has assisted the EAA in the previous four RFP processes.
Valley View Consulting worked closely with staff throughout the RFP process to:
· Analyze the EAA’s historical bank service usage and balance records from bank statements.
· Review and discuss with staff the minimum banking services to be considered and the potential of additional banking services.
· Develop a list of potential banks.
· Contact the banks to confirm distribution information, describe process, and identify the designated recipient.
· Draft the RFP for review and approval by the EAA.
· Post the notice and advertise in the San Antonio Express-News, San Marcos Daily Record, New Braunfels Herald-Zeitu...
Click here for full text