CITY OF BONITA SPRINGS, FLORIDA REQUEST FOR LETTERS OF INTEREST FOR BANKING SERVICES RFP DUE: DECEMBER 20, 2010, 2:00 P.M.

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1 CITY OF BONITA SPRINGS, FLORIDA REQUEST FOR LETTERS OF INTEREST FOR BANKING SERVICES RFP DUE: DECEMBER 20, 2010, 2:00 P.M. The City of Bonita Springs, Florida is soliciting letters of interest (LOI) from qualified financial institutions to provide a full range of banking services for five (5) years with the City having the option of extending the contract for two (2) additional years. The initial bid award shall cover a five (5) year period, February 1, 2011 through January 31, 2016, extendable upon mutual agreement through January 31, Letters of interest shall be sealed, submitted and plainly marked on the outside of the envelope: LETTER OF INTEREST FOR BANKING SERVICES. Proposers should submit five (5) copies of the LOI on or before 2:00 P.M., Monday, December 20, 2010 to Lisa Griggs Roberson, Finance Director, 9101 Bonita Beach Road, Bonita Springs, Florida Any LOI received after the specified time will not be considered. Faxed LOIs will not be accepted. Proposers are expected to fully inform themselves as to the requirements of the LOI. Failure to do so will be at their own risk. A proposer shall not expect to secure relief on the plea of error. Any LOI not containing all material information requested herein may be rejected at the City s sole discretion. However, the City reserves the right to request any omitted information from any proposer or to request that any proposer clarify any information submitted. The proposer agrees that the submission of the LOI represents the proposer s acceptance of the terms and conditions as set forth in this Letter of Interest. The City is not responsible for any expenses incurred in preparing and submitting a letter of interest or taking any action in the selection process, or for the cost of any services performed by any financial institution prior to the execution of a contract with the City.

2 The City reserves the right to reject any and all LOIs, in whole or in part, with or without cause, to waive any informalities and technicalities, and to award the contract on such terms it deems to be in the best interest of the City. UNDER NO CIRCUMSTANCES SHOULD ANY PROSPECTIVE PROPOSER, OR ANYONE ACTING FOR OR ON BEHALF OF A PROSPECTIVE PROPOSER, SEEK TO INFLUENCE OR GAIN THE SUPPORT OF ANY MEMBER OF THE CITY COUNCIL OR THE CITY STAFF FAVORABLE TO THE INTEREST OF ANY PROSPECTIVE PROPOSER. LIKEWISE, CONTACT WITH CITY COUNCIL OR CITY STAFF AGAINST THE INTERESTS OF OTHER PROSPECTIVE PROPOSERS IS PROHIBITED. ANY SUCH ACTIVITIES MAY RESULT IN THE EXCLUSION OF THE PROSPECTIVE PROPOSER FROM CONSIDERATION BY THE CITY. A. GENERAL INFORMATION: The City of Bonita Springs is located in southwestern Florida in Lee County and has an area of approximately 36 square miles and a population of approximately 45,000 yearround residents. The City of Bonita Springs is a contract service City. The City is operated legislatively by a six-member Council elected by District, for four years on staggered terms, and a Mayor who is elected at-large for a four-year term. The City Manager, as Chief Administrative Officer, manages the operations of the City and reports directly to City Council. The Finance Director is the Chief Fiscal Officer for the City and reports directly to the City Manager. The City operates from four accounts: General Checking (Pooled Cash), Imprest Checking, an Affordable Housing Fund and a Non-interest Bearing Account. 2

3 The estimated monthly account volumes on these accounts for the month of July, 2010, were as follows: Operating Account: Checks paid 185 Miscellaneous items paid 1 Deposits credited 70 Deposited items 250 Deposited items returned 0 ACH debits 13 ACH credits 16 Deposit corrections 0 Stop Payments 0 Wire transfers incoming 0 Wire transfers outgoing 10 Sort checks numerically Yes Safe deposit box No Total deposits and other credits $1,040,894 Total checks and other debits $1,124,720 It is the intent of the City that a single primary bank provide all the banking services specified in this LOI. The City further intends to look first to the primary bank to open additional accounts as the need arises. However, nothing in the contract shall be construed to imply a restriction of the City s right and ability to open a separate, special purpose account with another financial institution when it is clearly in the best interest of the City to do so or is required to do so in order to meet the FDIC requirements for deposits according to Florida Statutes Section B. SCOPE OF SERVICES: The proposer must be a federally or Florida chartered bank or savings and loan with a principal office located within the corporate limits of the City of Bonita Springs. To be considered, a financial institution must be a Qualified Public Depository pursuant to Florida Statute 280 and must be included on the most recent authorized depository list published by the Office of the State Treasury. 3

4 The banking institution shall make available adequate, qualified staff to provide the services specified in the Letter of Interest for Banking Services. The financial institution shall have the capability for performing all of the required duties specified in this LOI. It is permissible for the Bank to contract services that are not provided by the Bank. This contract will be the responsibility of the Bank awarded the Banking Services Proposal. 1. Volume of Work: No warranty or guarantee is given, either express or implied, as to the types and quantities of services that the City may actually require. The quantities and amounts stated in this request are based upon historical data and are provided for size and cost comparisons only. 2. Account Structure: It is the intent of the City to minimize banking fees, maximize cash availability and investment earnings on deposits. The account structure will consist of, at a minimum, an operating checking account, two other low activity checking accounts and a non-interest bearing account. 3. Availability of Funds: The proposer shall furnish the City with its availability schedule for deposited items which shall contain the latest time of the day for the deposits to incur the least number of days for clearing each item listed: a. Cash b. Checks drawn on local banks c. Checks drawn on out-of-state banks d. Checks issued by State and County agencies 4

5 4. Wire Transfers: The proposer shall provide same day wire services for outgoing transfers from City accounts and accept incoming transfers into the City account for immediate credit. Telephone wire transfers may only be accepted with the observance of all security measures specified in the wire transfer agreement. The financial institution shall accept instructions to transfer funds from one account to another within the bank up until 4:00 P.M. on the day the instructions are given, unless a different date is indicated. Instructions may be given in writing or through computerized transmissions. 5. Banking Supplies: The financial institution shall propose its per unit charges to provide money bags, lockable zipper bags, deposit slips, endorsement stamps and all other banking supplies it may furnish to the City. The City reserves the right to purchase these supplies from another vendor. 6. Overdrafts: It is not the intent of the City to overdraw on any account. In the unlikely event of an overdraft, all checks presented for payment shall be honored. The proposer shall indicate if it will or will not charge for overdrafts in their proposal. 7. Returned Item Processing(NSFs): The City should be notified of checks that are not paid with an image of returned item available on-line. The proposer shall follow up with a mailed notification. Proposer shall indicate the per item charge for all returned items. 8. Advices and Notices: Advices and/or notices for all other debit/credit activity including overnight deposits shall be faxed and available on-line to the City as the activity occurs; they will not be held and mailed with the month end bank statement(s). 5

6 9. Bank Statements: For statement purposes, the cutoff date for all City accounts shall be the last day of each calendar month. Statements shall be available on-line next business day and mailed to the City no later than five (5) banking days after the cutoff date. Statements shall contain paid checks (or another arrangement agreeable to the City such as microfilmed images) sorted in check number order, a list of paid checks in check number order, a list of all other credits in date order, a list of all deposits and other debits in date order, and a daily balance summary. An example Bank Statement should be included in the response. 10. Stop Payments: Stop payment orders shall be issued to the bank by the City via on-line banking and confirmed in writing. 11. ACH Transactions: ACH services shall include, but not be limited to, automatic debit for City payments and automatic credit for City deposits. 12. On-line Daily Transactions: The financial institution shall be capable of providing detailed daily transactions on-line. 13. Credit Card Services: The proposer shall state whether it is capable of providing a credit card(s) issued to the City, and the charges or terms applicable to this service. The City reserves the right to purchase these services from another vendor. 14. Other Services: The proposer must be capable of providing on-line banking services, including, but not limited to, on-line statements and reports (i.e. previous & current day information reporting), account inquiry, transaction search and investigations, check reconciliation, and electronic fund transfers (EFT). If required by the City, the proposer shall be able to provide safe deposit box services sufficient to meet the City s needs. The proposer shall furnish the City with monthly itemized fees for the above services. 6

7 15. Signature Requirements: The financial institution shall allow one set of authorized signature cards for all accounts required by the City (with the exception of the imprest checking account which will have a separate set of signature cards). The institution shall honor a two-signature requirement for checks drawn on City accounts, or other special signing instructions based on the amount of the check. 16. Designated Contact Personnel: The proposer shall designate an account executive who shall serve as the overall representative to the City for all banking services. 17. Designation of City Representative: The City shall identify to the successful proposer the names (and signatures, where required) of all persons authorized to make inquiries on City accounts, and all persons authorized to provide instructions for wire transfers, intra-bank transfers, and other services. C. PAYMENT FOR SERVICES: The financial institution s method of compensation for services performed must be clearly stated on the bid proposal. Financial institutions that utilize minimum balance requirements, interest bearing accounts, compensation accounts, and/or fee schedules must clearly state the basis for their compensation. This information must include, but is not limited to, the schedule for bank fees and minimum balance requirements, if any. Interest provided on City accounts must be stated in relating to the federal funds rate. 7

8 The City may, at its option, accomplish payment for services through the use of a compensation account. A target balance, agreed to by the City and the financial institution, sufficient to pay all monthly bank service charges shall be maintained in the compensation account. The City will receive an interest credit allowance on the balance in the compensation account, which shall be used to pay the monthly bank service charges. The target balance shall be adjusted by mutual agreement when either the interest credit allowance is consistently higher than the service charges (lower the target balance) or the service charges are consistently higher than the interest credit allowance (raise the target balance). D. SELECTION CRITERIA: Letters of Interest shall be reviewed and evaluated by the Banking Services Selection Committee. The Committee reserves the right to inspect facilities of proposer as part of the evaluation process. The following criteria will be considered to evaluate proposals received; however, the Committee may consider any other criteria it deems relevant with respect to the award of the banking service contract. 1. The proposer s ability to provide the type and quality of services requested in this proposal. 2. Any services available from the proposer, which exceed LOI requirements. 3. Cost of services. 4. Investment earnings rate. 5. Clarity, simplicity and understandability of the Bank Statement(s). 6. Transaction closing time. 7. The best availability schedule for deposited items. 8. Location of the financial institution s main office and the physical convenience of the bank service centers. 8

9 9. Best overall advantage to the City based on the services to be provided. 10. Financial and capital position of financial institution as well as credit/debt ratings. E. CONTRACT NEGOTIATIONS AND AWARD OF CONTRACT: All submitted LOIs will be reviewed by a city staff selection committee based on the information received. Based on this review, the selection committee will identify the names of the most qualified vendors, by ranking, for City Council concurrence and review. Prior to ranking, the selection committee may request the vendors to give an oral presentation. The vendor will be notified by mail of the time and place of oral presentations. ORAL PRESENTATIONS MAY BE WAIVED BY THE SELECTION COMMITTEE. If no oral presentations are requested, the selection shall be based on the LOIs submitted. If oral presentations are conducted, the vendors may be questioned by the selection committee and City staff during the oral presentations. The City may elect to enter into contract negotiations with the selected proposer. These negotiations could include all aspects of services and fees. If a contract is not finalized within a reasonable period of time, the City may elect to terminate the negotiations and open negotiations with the next-ranked proposer. The proposer to whom a contract is awarded shall be required to enter into a written contract with the City in a form approved by the City Attorney. The LOI, or any part thereof, may be incorporated into and made a part of the final contract. The order of contract preference will be the contract, proposal document and response. The City reserves the right to negotiate the terms and conditions of the contract with the selected proposer. Any and all legal action necessary to enforce the contract shall be held in Lee County, Florida, and shall be interpreted according to the laws of the State of Florida. 9

10 During the contract period, the City reserves the right to restate and/or renegotiate with the selected proposer any deletions, additions, or changes to the contract as may be necessitated by law or changed circumstances. In the event the City and the selected proposer cannot come to a mutual agreement on any such deletion, addition or change, that portion of the contract concerning those services will be terminated. If, in the sole opinion of the City, the change is deemed substantial, the City may terminate the contract with thirty (30) days written notice. The service provider shall indemnify and save harmless the City from all suits brought against the City on account of any injuries or damages received or sustained by any party or parties by or from the service provider, its servants or agents, in the exercise of the rights and privileges granted here or on account of any act or omission of the service provider or its agents. PUBLIC RECORDS - Responses to this RFP are public records available for inspection by the public after notice of the intent to award or within 10 days after opening, whichever occurs earlier, pursuant to Florida Statutes The Banking Services Selection Committee is a staff entity, but is required to meet pursuant to the Florida Government in the Sunshine Law. The delivery of said Letters of Interest to the City of Bonita Springs Office prior to the time and date stated in the Notice is solely and strictly the responsibility of the Service Providers. The City of Bonita Springs shall not be responsible for delays caused by the United States Postal Service, overnight express mail services, or for delays caused by any other occurrence. Under no circumstances will Letters of Interests delivered after the specified deadline time be considered. Late Letters of Interests will be returned to the Proposers unopened with the notation This Letter of Qualifications was received after the specified deadline time. Bonita Springs Ordinance No requires all contractors providing services to the City, as a condition of each contract, to use E-Verify to verify the employment of: any person hired during the contract term by the contractor and assigned by the contractor to perform work 10

11 for the City. Before any contract with the City is signed, proof of enrollment with e-verify must be provided. The Contractor acknowledges that he will comply with the Immigration Reform and Control Act of 1986 and is committed to employing only those individuals who are authorized to work in the United States, by hiring employees who properly complete, sign and date the first section of the Immigration and Naturalization Services (INS) Form I-9 and presenting to the Contractor the original necessary document(s) to prove identity and employment eligibility, as verified through e-verify. The Contractor must also be responsible for entering into an agreement with each and every vendor and subcontractor that states that vendors, and subcontractors (and their vendors) are independently responsible for its own employment decisions, including hiring, disciplinary and termination decisions, and will comply with the Immigration Reform and Control Act of 1986 and use the e-verify system for verification. The agreements shall also state that each business is responsible for its own I-9 and other employment recordkeeping requirements, and with compliance with all immigration laws. F. INSTRUCTIONS REGARDING LETTERS OF INTEREST: Letters of interest must include, and be in a format as follows: 1. TITLE PAGE, indicating Banking Services Letter of Interest and showing the name and address of the financial institution, as well as the contact person for the firm, address and telephone number. 2. SIGNED LETTER OF TRANSMITTAL, including express agreement to meet the performance specifications of this LOI and a positive commitment to provide required services as listed. 3. DOCUMENTATION addressing each of the points in the LOI, including the BANK SERVICE CHARGES SCHEDULE attached. 4. Most recent quarterly FDIC Report of Condition and Income (Call Report). 11

12 5. Most recent quarterly Earnings Report, Performance Summary or other shareholder presentation. If Credit/Debt Ratings are not included in the report, please provide. Any questions or requests for information or clarification regarding this Invitation shall be in written form only. Inquiries may be submitted electronically to Lisa Griggs Roberson Received questions and responses will be sent to all proposers who provide an address to Lisa Griggs Roberson as noted above. Five (5) copies of the LOI shall be delivered by U.S. mail, hand delivery or overnight courier to the abovementioned individual. DELIVERY MUST BE RECEIVED BY 2:00 P.M. ON DECEMBER 20, ANY LOI RECEIVED AFTER THIS DEADLINE WILL NOT BE CONSIDERED. 12

13 CITY OF BONITA SPRINGS REQUEST FOR LETTERS OF INTEREST FOR BANKING SERVICES BANK SERVICE CHARGES SCHEDULE Name of Financial Institution: Account Maintenance per month ACH Deposits per deposit ACH Debits (Fed tax deposits) per item Armored Car Courier Service per month Balance Inquiries per request Cash Deposit Processing Fee per deposit Checks Paid per 100 Deposits per correction Deposit Bags (Disposable) per 100 Deposit Corrections per correction Deposit Slips (3-part NCR) per 100 Deposited Items Returned/ Charged Back per check Direct Deposit Maintenance per month Endorsement Stamps per stamp Lockbox Services per month Mailing of Deposit Tickets (3 rd part) per item Mailing of Other Advices/Notices per item Miscellaneous Items Paid per item Redeposit Returned Items per item Safe Deposit Box (8.5 x14 min.) per year Stop Payments per item Sweep Investment Maintenance per month Wire Transfers Incoming per transfer Wire Transfers Outgoing per transfer ZBA Master Account Maintenance per month Please attach a complete listing of bank fees and service charges in addition to those specifically requested above. 13

14 NON-PROPOSER S RESPONSE For purposes of maintaining an accurate mailing list and facilitating your firm s response to our invitation for LOI for Banking Services, we are interested in ascertaining reasons for prospective proposer s failure to respond to this invitation. If your firm is not responding to this Invitation, please indicate the reason(s) by checking any appropriate item(s) listed below and return this form to: Lisa Griggs Roberson, Finance Director City of Bonita Springs 9101 Bonita Beach Road Bonita Springs, FL Telephone: Failure to respond to two successive invitations or return of this form will result in removal of your firm s name from our bidder s list. We are not responding to this Invitation for the following reason(s): Services requested not available through our company Our firm could not meet specifications Specifications not clearly understood or applicable (too vague, rigid, etc.) Insufficient time allowed for preparation of response Incorrect address used. Please correct mailing address: Other Reason(s): 14

15 RFP# Name of Firm: Mailing Address: City, State, ZIP: By: (Signature of Representative) Thank you for your cooperation. 15