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Regular Agenda Item 3. A.
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| Regular BOS Meeting |
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| Information |
| Request/Subject |
| Resolution No. 19-01-02 Regarding Revolving Line of Credit Agreements with JPMorgan Chase Bank, N.A. |
| Background Information |
On April 3, 2012, the Board of Supervisors authorized the advertisement of Request for Proposals (RFP) No. 011312-1 - Primary Servicing Bank. Per statutory requirement, the Board of Deposit of Gila County must issue a call for bids from qualified banks which agree to perform the duties of the Gila County Servicing Bank. This RFP was for the period July 1, 2012, through June 30, 2015, with an option to extend the contract until June 30, 2017.
On June 5, 2012, the Board of Supervisors awarded a contract to JPMorgan Chase Bank, N.A. to provide banking services to Gila County for the period July 1, 2012, through June 30, 2015, with an option to extend the contract until June 30, 2017.
In May of 2017, a new contract was provided to the Treasurer and to legal counsel. The County Attorney's Office reviewed the preliminary documents, which resulted in the documents being returned to JPMorgan Chase Bank to be rewritten per the County's legal counsel. Since the contract expired on June 30, 2017, the Treasurer's Office, representing the County, has had to provide lines of credit to the County's special taxing districts. This has placed a burden on the County and the Treasurer's Office. |
| Evaluation |
| Due to the RFP being issued later than normal in the process to seek proposals for a servicing bank contract, and the contract award followed at an even later date, the documents being presented to the Board of Supervisors for approval at this meeting are from JPMorgan Chase Bank and must be signed as soon as possible to relieve the lapse in the revolving lines of credit for Gila County and each of its special taxing districts. |
| Conclusion |
| It is imperative that the documents be approved by the Board of Supervisors for signature by its Chairman to ensure that a continuing revolving line of credit is provided for each political subdivision of the state for which the Gila County Treasurer acts as treasurer for the contract for the period July 1, 2018, to June 30, 2022. |
| Recommendation |
| The Gila County Treasurer recommends the Board's approval for the Chairman of the Board of Supervisors to sign various documents related to the revolving line of credit for each political subdivision of the state for which the Gila County Treasurer acts as treasurer. |
| Suggested Motion |
| Information/Discussion/Action to adopt Resolution No. 19-01-02 which authorizes the Chairman's signature on the following documents between Gila County and JPMorgan Chase Bank, N.A. to provide for revolving lines of credit for Gila County special taxing districts, as follows: Business Loan Agreement-Gila County Revolving Line of Credit; Gila County Revolving Line of Credit - Promissory Note; Business Loan Agreement-Gila County Districts Revolving Line of Credit; and Gila County Districts Revolving Line of Credit - Promissory Note. (Debora Savage/Jeff Sundheimer) |
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