Title
Request for Purchase Authorization - TREASURY: Banking Services Contract, three (3) year contract at $60,000.00 per year with a three (3) year total not-to-exceed $180,000.00; Standard Federal Bank, Troy, MI
Body
Whereas, a contract has been negotiated and evaluated by the Rochester Hills Financial Services Committee, and
Whereas, the existing fees were found to be competitive with other major local banks,
Now, Therefore Be It Resolved, that the Rochester Hills City Council authorize a contract extension for banking services with Standard Federal Bank for three years at $60,000 per year for a not-to-exceed amount of $180,000 and the right to exercise a two year extension at $65,000 a year for a not-to-exceed amount of $130,000.