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Fayette County Board of Education - Fayette County Public Schools

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APPROVAL FOR BID CONTRACT EXTENSIONS<br />

1. RFP 27-08 Primary Depository<br />

BACKGROUND AND RATIONALE:<br />

State law requires the <strong>Board</strong> to appoint up to three depositories for District Funds. In 2008 the board<br />

named Fifth Third Bank the primary depository for all accounts except school activity funds.<br />

PROPOSAL:<br />

The RFP provides for noncompetitive renewal <strong>of</strong> the depository when mutually agreed. Fifth Third<br />

bank has agreed to an extension with the same terms. Based upon the sound working relationship<br />

with the bank, the disruptive nature <strong>of</strong> changing banks, the sound financial advice being provided, and<br />

the waivers <strong>of</strong> all fees, staff is recommending an extension <strong>of</strong> this contract.<br />

STAFF CONTACT:<br />

Rodney Jackson, Director <strong>of</strong> Financial Services<br />

POLICY REFERENCE: KRS 160.570<br />

RECOMMENDATION: A motion is in order to:<br />

―extend the depository with Fifth Third Bank for one year.‖<br />

57 April 25, 2011

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