Title
AN ORDINANCE related to contracting with commercial banking institutions to provide financial services to the county; amending Ordinance 12076, Section 39, as amended, and K.C.C. 4.14.010, Ordinance 12076, Section 40, as amended, and K.C.C. 4.14.020, Ordinance 12076, Section 42, as amended, and K.C.C. 4.14.040, Ordinance 17756, Section 5, and K.C.C. 4.14.048, Ordinance 12076, Section 43, as amended, and K.C.C. 4.14.050, Ordinance 17756, Section 7, as amended, and K.C.C. 4.14.070, and Ordinance 17756, Section 8, and K.C.C. 4.14.080 and repealing Ordinance 17756, Section 4, and K.C.C. 4.14.045 and Ordinance 12076, Section 44, and K.C.C. 4.14.060.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. K.C.C. 4.14.020 requires that at least every seven years, the county competitively solicit the financial services required by the county from qualifying commercial banking institutions except during a state of emergency when a banking services agreement can be extended for an additional two years.
B. The current county banking services agreement with U.S. Bank N.A. began on January 1, 2015, and is set to expire on December 31, 2023. That duration includes an extension of two additional years due to the COVID-19 pandemic state of emergency.
C. The executive is planning to seek bids for financial services to the county for the next seven years starting January 1, 2024, through December 31, 2031.
D. K.C.C. 4.14.045 sets the scoring criteria for evaluating proposals from commercial banking institutions as follows: twenty-five percent for the community reinvestment plan; forty percent for pricing; twenty-five percent for qualifications and responses to the request for proposals; and ten percent for small contractor and supplier certification. The current scoring criteria does not account for the financial health of commercial banking institutions. Moreover, having the scoring criteria included in King County Code does not provide t...
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