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l <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />MARCH 21, 2011 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />Finance - Banking Services Contract Award <br />BRIEF SUMMARY: <br />The current contract for banking services with Fifth Third Bank expires <br />June 30, 2011. On February 1, 2011 a request for proposal (RFP) was <br />sent to seventeen local banks and the RFP was placed on the Cabarrus <br />County Website. RFP responses are due on March 11, 2011 with a <br />recommendation made to the Board of Commissioners on March 21, <br />2011. A bid tabulation sheet will be distributed to the Commissioners <br />on March 18, 2011. Bids are obtained several months prior to the start of <br />the fiscal year to allow adequate time, if needed, to convert all electronic <br />transfer data with the new banking entity to ensure a seamless transfer. <br />REQUESTED ACTION: <br />Approve the Banking Services Contract Award to the recommended <br />financial institution. Authorize the County Manager, Board of <br />Commissioner Chair, and Finance Staff to execute the contract and /or <br />bank documents on behalf of Cabarrus County, subject to attorney review. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />hl <br />Mi <br />G -8 Page 309 <br />