☒ Consent Agenda ☐Quasi-Judicial Public Hearing
☐ Regular Business 9:00 am
☐ Public Hearing Amendment
DEPARTMENT: Administrative Services
SUBMITTED BY: Megan Deuchar
PRESENTED BY: Peter Danao
TITLE & DESCRIPTION:
title
Agreement Amendment / 2nd Renewal / Truist Bank
body
REQUESTED MOTION:
Approve Amendment #2 to the Agreement with Truist Bank for Banking Services, extending the term through October 1, 2026.
SUMMARY:
Staff is requesting approval of Amendment #2 to the Agreement with Truist Bank for Banking Services. This Amendment exercises the second and final one-year renewal option, extending the Agreement through October 1, 2026.
BACKGROUND:
On October 1, 2021, the Board awarded an Agreement to Truist Bank for County Banking Services. The original Agreement provided for an initial three-year term with the option to renew for two additional one-year periods upon mutual consent. The first one-year renewal was previously approved by the Board, extending the Agreement through October 1, 2025. Amendment #2 will exercise the second and final renewal option, extending the Agreement through October 1, 2026, with no changes in terms or pricing.
FUNDS:
Budget Amount: N/A
Actual Agenda Item: N/A
Cost: N/A
Account Number: N/A
Explanation: N/A