City Council

Item 55: Extension of Securities Clearance and Safekeeping Services Contract (US Bank).\nTotal Estimated Cost of Proposed Action and Funding Source:\nThis action is to extend the agreement on a month-to-month basis for up to one year, not\nto extend beyond July 9, 2024, and increase the not-to-exceed (NTE) amount by\n$63,000. This amount is available and budgeted in the City Treasurer’s General Fund\nFY2024 budget.\nCouncil District(s) Affected: Citywide.\nProposed Actions:\nAdopt the following Ordinance which was introduced on 6/13/2023, Item 600 (Council\nvoted 9-0):\n(O-2023-135)\nOrdinance approving Amendment No. 1 to Contract with U.S. Bank for Securities\nClearance and Safekeeping Banking Services to Extend Contract by Up to One Year.\n6 votes required pursuant to Charter Section 99.\nCommittee Actions Taken:\nThis item was heard at the Budget & Government Efficiency Committee meeting on May\n24, 2023.\nACTION: Motion by Vice-Chair Moreno, second by Committee member LaCava, to\nrecommend Council approval of staff’s proposed actions.\nVOTE: 4-0; Montgomery Steppe-yea, Moreno-yea, LaCava-yea, Lee-yea.\nOffice of the City Treasurer: Emmanuel Labrinos, (619) 533-6256\nCity Attorney Contact: Bret A. Bartolotta