Authorize contract extension with Citi National Bank for banking services

RESOLUTION NO. 2023- A RESOLUTION OF THE VILLAGE OF PINECREST, FLORIDA, AUTHORIZING THE VILLAGE MANAGER TO ENTER INTO AN EXTENSION TO CONTRACT WITH CITI NATIONAL BANK FOR BANK OPERATION SERVICES; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Village issued a Request for Proposals for Bank Operation Services; and WHEREAS, the Village Council authorized execution of a contract with the 1st ranked respondent, Citi National Bank; and WHEREAS, the Citi National Bank contract was executed on February 28, 2018;

NOW, THEREFORE,

BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF PINECREST, FLORIDA, AS FOLLOWS: Section 1. That the Village Manager is hereby authorized to enter into an extension to the contract with Citi National Bank for bank operation services. Section 2. This resolution shall be effective immediately upon adoption. PASSED AND ADOPTED this 14th day of March, 2023. Joseph M. Corradino, Mayor Attest: ____________________________ Priscilla Torres, CMC Village Clerk Approved as to Form and Legal Sufficiency: ____________________________ Mitchell Bierman Village Attorney Consent Agenda DATE: March 7, 2023 TO: The Honorable Mayor and Members of the Village Council FROM: Yocelyn Galiano, ICMA-CM, Village Manager RE: Resolution Authorizing an Extension to Contract for Banking Services ______________________________________________________________________________ Following a competitive bid process that yielded five proposals, the Village Council authorized execution of a contract with the 1st ranked respondent, City National Bank for bank operation services on February 6, 2018. Said contract was executed on February 28, 2018. As you know, the Village’s banking relationship is critical to operations and the process of switching service providers is arduous and costly. At this juncture, based on the bank’s reliable performance over the past five years, I join Finance Director Arteaga in respectfully recommending an extended agreement for banking services by City National Bank for an additional five years. /yg