HomeMy WebLinkAbout20243055.tiffRESOLUTION
RE: APPROVE AMENDMENT #2 TO MASTER AGREEMENT FOR TREASURY
MANAGEMENT SERVICES AND AUTHORIZE CHAIR TO SIGN - WELLS FARGO
BANK, N.A.
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with Amendment #2 to the Master Agreement
for Treasury Management Services between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, on behalf of the Treasurer's Office,
and Wells Fargo Bank, N.A., commencing November 1, 2024, and ending October 31, 2026, with
further terms and conditions being as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, a
copy of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Amendment #2 to the Master Agreement for Treasury Management
Services between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Treasurer's Office, and Wells Fargo Bank, N.A.,
be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 18th day of November, A.D., 2024, nunc pro tunc November 1, 2024.
BOARD OF COUNTY COMMISSIONERS
ATTEST: (.A px4;j
Weld County Clerk to the Board
BY:
Deputy Clerk to the Board
APRR -' AS
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Date of signature: l ✓I w
WELD COUNT - = GRAD
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Mike Fr-eman
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01/0-7/25
2024-3055
TR0031
BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE:
Wells Fargo Expired Contract - Options for consideration
DEPARTMENT: TREASURER
PERSON REQUESTING: BRIGITTE GRIMM
DATE: 08/01/2024
Brief description of the problem/issue:
Weld County's three year "Bank Services" contract with Wells Fargo covering 11/1/2020-10/31/2023 has expired. This contract contains two, one-year
extension options. We have three options for consideration outlined in the next section.
What options exist for the Board?
Option 1. Exercise a one-year extension option.
Option 2. Do nothing and continue relationship as -is
Option 3. Document a brand new (i.e. 3-5 year) contract.
Consequences:
Option 1. All terms and conditions of our expired contract would remain unchanged.
Option 2. Pricing for certain treasury management services would no longer be fixed and subject to change at the bank's discretion.
Option 3. Need to prepare an RFP.
Impacts:
If no decision is made, we will default to option 2.
Cost (Current Fiscal Year/Ongoing or Subsequent Fiscal Years:
Option 1. No fiscal impact
Option 2. Fiscal impact varies depending on variable and increased bank fees
Option 3. Fiscal impact varies depending new pricing model from proposals
Recommendation:
Our recommendation is Optionl - to exercise the one-year extension. This provides us with additional time to prepare for the next expiration date.
Perry L. Buck, Pro -Tern
Mike Freeman, Chair
Scott K. James
Kevin D. Ross
Lori Samna
Support Recommendation Schedule
PI ac o BOCC Agenda Work Session Other/Comments:
D
2024-3055
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WELLS
FARG O
Reference is made to the Master Agreement for Treasury Management Services for Weld County as
amended by that certain Amendment executed on or about October 19, 2020 (together, the
"Agreement"). Pursuant to Section 4 of the Agreement and subject to the termination provisions therein,
the parties hereby mutually consent to extension of the Agreement for an additional two (2) year
extension term commencing on November 1, 2024 and expiring on October 31, 2026.
WELLS FARGO BANK, N.A. WELD COUNTY
By:
Name: Ryan Bass
Title: Relationship Manager
Date: 10/21/2024
By:
Name: Kevin D. Ross
Title: Chair, Board of Weld County Commissioners
Date: NOV 1 8 2024
o 2021 Wells Fargo Bank, N.A. All rights reserved.
Approved for Use in Local Government Banking Only
ZoZ4-3055
AMENDMENT #2 TO MASTER AGREEMENT FOR TREASURY MANAGEMENT SERVICES -
WELLS FARGO BANK, N.A.
APPROVED AS TO SUBSTANCE:
Brigitte C Grimm
Department Head
APPROVED AS TO FUNDING:
tittak
Chief Financial Officer
APPROVED AS TO FORM:
County Attorney
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