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BACKGROUND <br /> On December 2, 2014 the City Council approved a Memorandum of understanding <br /> (MOU) with the Pleasanton Sports Groups for a Bernal Community Park, Phase II <br /> Fundraising Campaign. The approved funding plan for the Bernal Community Park, <br /> Phase II anticipated up to $2 million in contributions from the Pleasanton Sports <br /> Groups, which will be primarily generated through major sponsorship name recognition <br /> and community donations. A majority of the smaller community donations are received <br /> via online payments. <br /> While the City is not directly involved in the fundraising campaign, it is involved in <br /> processing donations and assisting with program oversight. The City currently has an <br /> account established with Bank of America to deposit any online donations received <br /> related to the fundraising campaign; however, it is transitioning banking services to JP <br /> Morgan Chase. While this transition was taking place Bay Commercial Bank <br /> approached the City about opening a deposit account with them for online donations <br /> received for the fundraising campaign. <br /> DISCUSSION <br /> As addressed above the Pleasanton Sports Groups are responsible for the fundraising <br /> campaign, while the City is responsible for the processing of donations. Part of <br /> processing donations includes managing and reconciling banks accounts that donations <br /> are deposited. Maintaining a separate bank account for online donations increases <br /> transparency when reporting to the Pleasanton Sports Groups about the status of <br /> donations. <br /> Bay Commercial Bank has proposed to open a depository account Bernal Community <br /> Park, Phase II Fundraising Campaign at no cost to the City. This provides the City with <br /> an opportunity to support a local business as well as improving the transparency and <br /> reporting of donations received for the fundraising campaign. <br /> Sub fitted by: Approved y: <br /> tet 1,/ — <br /> Tina Olson Nelson Fialho <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Account Agreement, Money Market Account <br /> 2. Waiver of Security <br /> 3. Public Funds Contract for Deposit of Moneys <br /> Page 2 of 2 <br />