5832627 Resolution 21-356, Contract No. CFOPD-11-C-024 Extension Approval and Payment Authorization Emergency Declaration Resolution of 2016

A RESOLUTION

                                                        

21-356

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

January 5, 2016        

 

                                                                                                                                             

To declare the existence of an emergency with respect to the need to extend Contract No. CFOPD-11-C-024 with Wells Fargo Bank, N.A. to continue to provide a wide variety of general banking services to the District of Columbia and to authorize payment for the services received and to be received under the contract.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Contract No. CFOPD-11-C-024 Extension Approval and Payment Authorization Emergency Declaration Resolution of 2016”.

 

Sec. 2. (a) There exists an immediate need to approve the extension of Contract No. CFOPD-11-C-024 with Wells Fargo Bank, N.A. to continue to provide a wide variety of general banking services to the District of Columbia and to authorize payment for the services received and to be received under the contract.

(b) On December 10, 2015, the Office of the Chief Financial Officer executed Modification No. 8, partially exercising a 5-year option period under Contract No. CFOPD-11-C-024 for the period of December 15, 2015, through January 31, 2016, in the amount of $400,000. 

(c) Proposed Modification No. 9 will exercise the remainder of the 5-year option period of Contract No. CFOPD-11-C-024 from February 1, 2016, through December 15, 2020, in the amount of $12,008,397. 

(d) Council approval is necessary because this modification increases the contract to one of more than $1 million during a 12-month period and the total term of the option is more than one year.  Council approval is further necessary to allow the continuation of these vital services and to allow Wells Fargo Bank, N.A. to continue performance under the contract.

 

Sec. 3. The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Contract No. CFOPD-11-C-024 Extension Approval and Payment Authorization Emergency Act of 2016 be adopted after a single reading.

 

Sec. 4. This resolution shall take effect immediately.