HomeMy WebLinkAboutRES.943.06-20-1994 � �
BILL NO. 94-139 RESOLUTION NO. ����_�
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO A CONTRACT FOR BASIC BANKING
SERVICES WITH CAPITAL BANK OF CAPE GIRARDEAU
COUNTY
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI, AS FOLLOWS:
SECTION l. The City Manager, for and on behalf of the City of
Cape Girardeau, Missouri, is hereby authorized to enter into a
Contract for Banking Services with Capital Bank of Cape Girardeau
County. A copy of said Contract is attached to this Resolution and
made a part hereof.
.�,
PASSED AND ADOPTED THIS ;^ct t" � DAY OF � � -� , 1994 .
A. . Sp adling, III ayor
ATTEST:
,� � �_� �
/��r �� �'l± � �� ,;.��,;X%
Gayl� L. Conrad, Deputy City Clerk
I .
CONTRACT FOR BAIVKING SERVICES
This Contract entered into on the day of ,
1994, by and between CAPITAL BANK OF CAPE GIRARDEAU COUNTY,
hereinafter referred to as "Capital" and the CITY OF CAPE
GIRARDEAU, MISSOURI, hereinafter referred to as "City" .
1 . The parties hereto agree that Boatmen's will provide
basic banking services to the City in accordance with the
requirements of the "City of Cape Girardeau Banking Services
Request for Proposal" , marked Exhibit B and attached hereto and
incorporated herein by reference as though fully set out and in
accordance with the document marked "Exhibit A Proposal Form" also
attached hereto and made part hereof by reference as though fully
set out herein.
2 . The parties hereto agree that the attached documents
marked Exhibits A and B shall constitute the agreement between the
parties with respect to the provision of basic banking services to
the City of Cape Girardeau.
3 . The parties agree that the City shall provide
compensation to Boatmen's for the services as provided in the
Request for Proposal and the Proposal Form.
4 . The obligations of the parties pursuant to this Contract
shall begin August 1, 1994 and shall continue until June 30, 1996.
The City may renew this Contract for three (3) additional one (1)
year terms, at the option of the City.
THIS AGREEMENT shall be binding upon the successors and
assigns of the parties.
CAPITAL BANK OF CAPE GIRARDEAU COUNTY
[Typed Name & Title of Signer]
ATTEST:
[Typed Name & Title of Signer]
Page 1 of 2
CITY OF CAPE GIRARDEAU, MISSOURI
J. Ronald Fischer, City Manager
ATTEST:
Gayle L. Conrad, Deputy City Clerk
Page 2 of 2
CITY OF CAPE GIIZARDEAU
RFP FEE PROPOSAL��
PART TWO
1. Standard Services
Average
Unit Yearly Annual
Cost Activit Cost
�6 12 ��2 Monthly account maintenance fee
0 1 o Monthly Overnight Repurchase Agreement mauitenance fee
��2 52 $624 Weekiy statements for the operating account with monthly
� statements for the other accounts listing daily deposits,
withdrawals, and balances
� 2s2 2s2 Daily Repurchase Agreement statements
$2S 52 1300 Numeric sorting of cancelled checks for the operating account
enclosed with the weekly statements
$1 S 3 45 Stop payment service ;
$.i 227 2 2� Returned checks
$1 5 �L, .��_ Wire transfer service
$26 Imprinted deposit slips
, $22o Imprinted checks for the municipal court bond appearance
account and community development accounts (approximately
4 accounts)
50 12 boo Payroll ACH d'uect deposit monthly maintenance fee '
$14.25 � $3�0.5o payroll ACH direct deposit tape processing (average activity
per tape is 95 items)
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������ �
Average
Unit Yearly Annual
Cost Activit Cost
p 12 0 Monthly account analysis report showing overall activity
0 12 o Monthly report summarizing the mazket value of all pledged
securities
$ .72 335 $ +i . o Cost for processing Master Card/Visa transactions
0 2,250 � Credit entries
$ .05 15,566 ��s.3o Debit entries ,
$ .O5 59,244 2$ 962•2o Deposited items - on us _•
$ .06 97,561 $5853.66 Deposited items - other -
�_ o Deposit bags
0 o Occasional bank money orders and cashiers checks
0 o Travelers checks for City employees for trips relating to
official business only
0 o Night depository service
2. Overnight Repurchase Agreement
The interest will be calculated on an actual over 360 day basis. The rate will be indexed
to the average Federal Funds rate as published in the Federal Reserve Bank, U.S. Financial
Data, of the preceding week plus or minus � basis points.
3. Pledged Collateral Agreement
Attach to the RFP a copy of a Pledged Collateral Agreement that will be entered into by
the City of Cape Girardeau and the proposing financial institution. �
l0 .
4. Repurchase Agreenients
Repurchase agreements will be collateralized at ioo %.
The following is a description of the securities that.will be used for repurchase
agreements and how and where they will be held.
United States Treasuries and/or United States Agencies
Held in safekeeping at Boatmen's National Bank in St. Louis, Mo.
5. Daily Deposits
The proposer agrees to accept and give same day credit as "good ledger funds" for all
deposits made by the following times at the following branches:
Name of Branch • Address Time
Main Office 407 N. Kin�shiEhwa� C,�ne 2:00 p.m.
Mt. Auburn Branch 101 S. Mt. Auburn Rd, Cape 2:00 p.m.
Broadway Branch 325 Broadway, Cape , 2:00 p.m.
6. Safekeeping
The following is a description of the propose�s safekeeping services and the related fees
to be charged for this service.
CAfPICPP[�T�DO rPrai i tt anrl rPrnrrlS tn hr� hanrll nr� h� Rnatmwn'G Nati nnal Rank
of St. Louis. Fee will be $50 per transaction. �
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7. Optional Services
The following is a description of the propose�'s ability to originate ACH direct deposit for
utility customers to pay monthly utility bills to the City and the related fees to be charged for
this service. �
We can oriQinate ACH Direct Denosits for Utility Cnsromers.
Cost will be $2S per tape/disc plus $ .15 per item, based on 1 tape
per week of 3,375 transactions The annual charQe is estimated at $25.600.
8. Depository Schedule
The level of available funds will be determined on the following schedule:
a. Items on the depository, wire transfers, ACH deposits, will be cash SAME DAY
b. Items on local institutions will be cash NEXT DAY
c. Other items FEDERAL RFSERVE AVAILABILITY
The following is an outline of the availability schedule offered by the proposefs
institution (only provide schedule if the schedule above is not offered or faster clearing
services are available.)
Above schedule is offered.
9. Monthly Billi��g
Payment for all services will be billed to the City monthly either by invoice or by using
the monthly account analysis. If this is not feasible the attached billing method is proposed.
10. Contact Personnel
The following twro people will be designated as contact persons for any questions the City
may have regarding its accounts:
Name Telephone Number
Cheryl A. Mabuce 335-0893
�,,,,,,,,�� Wa> > ;S 335-0893
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. i
11. Additional Services
The following explains any additional or alternative services offered by the proposer and
all charges associated with these services.
�hP markPr va1L� of in't d S a s Treasury/�gPnr� SPriiritiPs in h
repurchase aQreement arranQement will be determined monthly. Interest on the
Repurchase Agreements will be paid weekly, but campounded daily.
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CITY OF CAPE GIRARDEAU
BANKING SERVICES REQUEST FOR PROPOSAL
PART ONE
The City of Cape Girardeau invites qualified local financial institutions to submit
proposals for the providing of basic banking services as described in the attached
specifications. This contract is for the period of July 1, 1994 through June 30, 1996.
Banking services may begin after July l, 1994 due to possible conversion issues.
Biddin� Instructions
1. Sealed Proposals
A proposal must be submitted in a sealed envelope bearing the title "City of Cape
Girardeau Banking Services" along with the propose�'s name and address. The proposer shall
return the completed Proposal Forms along with the other requested information no later than
11:30 a.m. on April 29, 1994 at the City Finance Department, City Hall, 401 Independence
Street, Cape Girardeau, Missouri 63701. It is the proposer's responsibility to ensure that the
proposal arrives on time at the right place. Any proposals received after the above time will
be disqualified.
2. Proposal Form
A proposer shall use the attached RFP Fee Proposal Form, or copies thereof in submitting �
a proposal. It is required that the proposal be completed in its entirety. If a service
requirement cannot be met by a proposer, then the term "No Proposal" should be entered on
the Proposal Form for that specific requirement. In the case of a "No Proposal" remark, the
proposer may offer an alternative equivalent service. A proposer may submit multiple and
alternative equivalent proposals for any and all of the banking services.
3. Public Liformation
All submitted proposals and information included with the request for proposal shall
become public record upon their delivery to the City Finance Department.
4. City's Contact
The City's Finance Director shall be the contact person with any or all aspects of this
request for proposal.
1 ����Q� �
Tern�s and Conditions
1. Location
A proposer must be a federally or State of Missouri chartered financial institution with
branch facilities located within the city limits of the City of Cape Girardeau. If the
headquarters of the proposer is not located within the city limits, a branch facility of the
proposer located within the City must be able to offer the full range of banking services
required by this request for proposal. Any question as to whether a proposer meets this
qualifying condition may be submitted to the Finance Director in writing prior to submission
of a proposal.
2. Contract Period
The selected institution shall be designated as the City's legal depository for an initial
two-year term beginning on July l, 1994. The depository contract shall contain three (3)
automatic renewal options for a one-year term each which may be exercised by the City.
Fees for services during these periods may be adjusted by the financial institution but in no
event will fees be allowed to increase by a greater percentage than the change in the
consumer price index for the year ending in the month of March before the renewal term or
be allowed to amount to more than the institution's current commercial customer fee scale.
3. New Accounts or Services
If the City develops a need for additional accounts or services during the life of the
depository agreement, those new accounts or services shall be provided with the same �
conditions as apply to existing accounts at the time.
4. Cancellation of Coutract
Either party may terminate the depository agreement by giving ninety (90) calendar days
written notice to the other party of its intention to terminate the agreement. A decision to
terminate the depository contract may not be as a result of an offering of a lower price from
another bank during the contract period. Any changes, modifications, or amendments to this
agreement must be in writing and signed by both parties and made a part thereof. In the
event the banking institution fails to carry out and comply with any of the terms of this
agreement, the City may notify the banking institution of such default and demand that the
same be remedied within ten (10) calendar days, and in the event of failure of the banking
institution to do so within the said period, the City shall have the right to cancel the
agreement without further notice.
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5. Execution of Agreement
If a financial institution does not execute an agreement within twenty (20) days after
being notified of selection, the City may give notice to the financial institution of the City's
intent to select the next most qualified proposing bank or call for new proposals, whichever
the City deems most appropriate.
6. Award of Contract
The City of Cape Girardeau Banking Services Contract is expected to be awarded at the
second regularly scheduled City Council meeting held on May 16, 1994.
Desired Banking Service Structure
1. Account Structure
a. Operating Account
All city revenues except grant funds and protested taxes would be deposited into this
account. All city check disbursements for accounts payable and payroll would clear
through this account. The City issues approximately 325 payroll checks on Friday on a bi-
weekly basis. During the summer months this could range to 425. The City currently issues
approximately 650 accounts payable checks per month. The operating account would be a
zero balance account with any collected funds being used to purchase overnight repurchase
abreements.
b. Overnight Repurchase Agreement
The following will be required of the Overnight Repurchase Agreement that will be
made available to the City as part of this proposal:
1. Interest Rate- The rate will be indexed to the average Federal Funds rate as
published in the Federal Reserve Bank, U.S. Financial Data, of the preceding week. The
minimum acceptable rate will be the Federal Funds Rate minus 35 basis points. The interest
basis will be calculated on an actual over 360 day basis. Interest will be deposited daily to
the City's operating account.
2. Minimum Balance- It is the City's intent to maintain the repurchase agreement at a
balance of at least $1 million. The balance of this agreement has ranged from approximately
$2 million in August 1993 to $6.6 million in February 1994.
3. Repurchase Advice- A Repurchase Agreement Customer Advice for each
transaction will be provided daily to the City with the following information:
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a. Date.
b. Amount of purchase or sale.
c. Beginning and ending amount of Repurchase Agreement.
d. Interest rate earned that day.
e. Account interest was deposited to.
f. Collateral list comprised of a description of the securities, market price, and
market value.
4. Master Repurchase A�reement- The City will require the depository to enter into a
Master Repurchase Agreement as developed by the Public Securities Association for the
Overnight Repurchase Agreement.
c. Protested Tax Account
This account would be an interest bearing account. All receipts from protested
taxes would be deposited into this account until the issue on which the taxes are protested are
settled, The funds would then be transferred to the operating account.
d. Community Development Accouuts
These accounts would be used to receive those grant funds for which the State or
U.S. Government regulations prohibit the City from earning interest income. Therefore, these
accounts would be non-interest bearing accounts.
e. Municipal Court Appearance Bond Account
This account would be a non-interest bearing account consisting of an average of
20 deposits and 60 check disbursements per month.
2. Investments
The City will continue the practice of bidding and investing part or all of its surplus or
excess funds outside the depository agreement which arises from this request for proposal.
From time to time, the City may desire to purchase government securities through the
depository, therefore the request for proposal should state if there will be any service or
safekeeping charges for these purchases or securities purchased elsewhere.
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In addition, the City expects to enter into Term Repurchase Agreements for certain funds
with the City's depository institution. Rates for these agreements will be negotiated. All
requirements that apply to the Overnight Repurchase Agreement will apply to the Term
Repurchase Agreement.
3. Depository Schedule
The level of available funds will be deterrnined on the following schedule:
a. Items on the depository, wire transfers, ACH deposits, will be cash SAME DAY
b. Items on local institutions will be cash NEXT DAY
c. Other items FEDERAL RESERVE AVAILABILITY
The above schedule shall be the maximum clearing schedule. If the bank can offer
faster clearing services, they should be outlined in the proposal. If a proposer is using an
availability schedule other than the Federal Reserve Schedule a copy must be attached to the
proposal.
The available collected funds balance in the operating account will be available by
9:00 a.m. if needed by the Finance Director's staff. When this information is not available for
the staff at the specified time, the staff will make investments according to their estimates of
the account balance. The City shall not be charged or penalized over the rate of
compensation if an overdraft results because of account balance information not being
available at the specified time.
All funds held on deposit shall be secured by collateral according to rules and
procedures established by Sections 110.010 and 110.020 of the Revised Statutes of Missouri.
Please include a copy of a pledged collateral agreement that you would propose to enter into
with the City.
4. Banking Services
a. Reconciliation
A weekly statement for the operating account must be provided to the City with
documentation supporting all entries on the statement including cancelled checks within three
(3) business days after the last working day of the preceding week. All other accounts may
be on a monthly basis with statements provided to the City within five (5) business days after
the last calendar day of the month. Cancelled checks shall be sorted in numerical order for
the operating account only. Sorting is not required for the other accounts.
A Repurchase Agreement Customer Advice for the overnight repurchase agreement
must be provided to the City on a daily basis.
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b. Return Items
Return items should be presented twice and if returned a second time, promptly
charged against the operating account and delivered to the City.
c. Printing
The City will provide checks for payroll and accounts payable with the proposer
providing checks for the municipal court appearance bond account and the community
development accounts. Deposit slips will be provided by the proposer.
d. Wire Transfers
The financial institution shall maintain wire transfer facilities to the Federal Reserve
Bank for investment purchases or sales and other transactions with commercial banks. Wire
service credit or debit notices must be included with the account statements.
e. Deposit Services
The financial institution shall identify all branch(es) and time(s) at which deposits
will receive credit as good ledger balance funds for the same day.
f. ACH Direct Deposit
The financial institution will act as the originator for the City's payroll direct deposit
through the ACH direct deposit system. A properly formatted tape of transactions will be
provided by the City to the institution on a bi-weekly basis.
g. Credit Card Processing
The City currently utilizes credit card processing at the Jaycee Municipal Golf
Course. The Master Card/Visa charge slips are sent to the financial institution for processing.
The average yearly volume is $8,000 with 335 average transactions.
h. Safekeeping
The selected financial institution shall be the City's custodial agent in charge of
safekeeping its investment securities. The agent institution shall control the securities through
its own safekeeping department, through any corresponding bank with which it deals
regularly, or through the Federal Reserve Bank of St. Louis system. All proposals should
identify where safekeeping facilities will be located and what banks are used as correspondent
banks. Proposals shall clearly specify services to be performed and the cost of the service.
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i. Account Analysis
A monthly account analysis report showing overall activity in all City accounts shall
also be provided to the Finance Director within eight (8) business days after the end of each
calendar month. This report shall include a monthly analysis of the service fees charged for
handling the City's accounts.
j. Resource Personnel
The financial institution shall identify personnel in its operations department who are
available to answer questions pertaining to transactions which require more detailed
explanation.
Optional Banking Services
The City requests the proposing financial institution to describe fully its ability to
originate ACH transactions for the City's utility customers. The City currently has a customer
base of 13, 500 billed according to weekly cycles each month. The City currently does not
offer this service to utility customers. Proposals shall specify the origination costs and
monthly maintenance fees for this optional service.
Compensation
Compensation shall be provided on a direct fee basis only. Fees should be calculated on
a monthly basis and charged to the City by invoice. The monthly account analysis may be
used as the invoice.
Evaluation Process
1. Criteria
Criteria for the evaluation of qualified proposals will be based on the following:
- Completeness of proposal
- Financial strength and capacity of the financial institution
- Quality of services
- Greatest financial benefit to the City
2. Right to Reject
The City rese s the right to reject any or all proposals, waive any non-material
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irregularities in the request for proposal, and to accept or reject any item or combination of
items.
3. Advisory Committee
The Finance Director and staff will judge the proposals and make a recommendation to
the City Council . The City Council will make the final selection decision.
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CITY OF CAPE GIItARDEAU
RFP FEE PROPOSAL
PART TWO
1. Standard Services
Average
Unit Yearly Annual
Cost Activit Cost
�_ Monthly account maintenance fee
1 Monthly Overnight Repurchase Agreement maintenance fee
Weekly statements for the operating account with monthly
statements for the other accounts listing daily deposits,
withdrawals, and balances
Daily Repurchase Agreement statements
Numeric sorting of cancelled checks for the operating account
enclosed with the weekly statements
3 Stop payment service '
227 Returned checks
�_ Wire transfer service
Imprinted deposit slips
Imprinted checks for the municipal court bond appearance
account and community development accounts (approximately
4 accounts)
12 Payroll ACH direct deposit monthly maintenance fee
26 Payroll ACH direct deposit tape processing (average activity
per tape is 95 items)
9
Average
Unit Yearly An.nual
Cost Activitv Cost
12 Monthly account analysis report showing overall activity
12 Monthly report summarizing the market value of all pledged
securities
335 Cost for processing Master Card/Visa transactions
2,250 Credit entries
15.566 Debit entries
59,244 Deposited items - on us
97,561 Deposited items - other
Deposit bags
Occasional bank money orders and cashiers checks
Travelers checks for City employees for trips relating to
official business only
Night depository service
2. Overnight Repurchase Agreement
The interest will be calculated on an actual over 360 day basis. The rate will be indexed
to the average Federal Funds rate as published in the Federal Reserve Bank, U.S. Financial
Data, of the preceding week plus or minus basis points.
3. Pledged Collateral Agreement
Attach to the RFP a copy of a Pledged Collateral Agreement that will be entered into by
the City of Cape Girardeau and the proposing financial institution.
lo
4. Repurchase Agreemeuts
Repurchase agreements will be collateralized at %.
The following is a description of the securities that will be used for repurchase
agreements and how and where they will be held.
5. Daily Deposits
The proposer agrees to accept and give same day credit as "good ledger funds" for all
deposits made by the following times at the following branches:
Name of Branch Address Time
6. Safekeeping
The following is a description of the propose�'s safekeeping services and the related fees
to be charged for this service.
11
7. Optional Services
The following is a description of the propose�'s ability to originate ACH direct deposit for
utility customers to pay monthly utility bills to the City and the related fees to be charged for
this service.
8. Depository Schedule
The level of available funds will be determined on the following schedule:
a. Items on the depository, wire transfers, ACH deposits, will be cash SAME DAY
b. Items on local institutions will be cash NEXT DAY
c. Other items FEDERAL RESERVE AVAILABILITY
The following is an outline of the availability schedule offered by the proposer's
institution (only provide schedule if the schedule above is not offered or faster clearing
services are available.)
9. Monthly Billing
Payment for all services will be billed to the City monthly either by invoice or by using
the monthly account analysis. If this is not feasible the attached billing method is proposed.
10. Contact Personnel
The following two people will be designated as contact persons for any questions the City
may have regarding its accounts:
Name Telephone Number
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11. Additional Services
The following explains any additional or alternative services offered by the proposer and
all charges associated with these services.
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We have read the City of Cape Girardeau's Banking Services Request for Proposal and
fully understand its intent. We certify that we have adequate personnel, equipment, and
facilities to fulfill the requirements thereto. We understand that our ability to meet the
criteria and provide the required services shall be judged solely by the Finance Department.
It is understood that all information included in, attached to, or required by this RFP
shall become public record upon its delivery to the City Finance Department.
We have included the following with our proposal:
1. Call reports for the past two years.
2. Audited annual financial reports for the past two years.
3. C�inent copy of a (CRA) Community Reinvestment Act evaluation.
4. Completed Part Two - RFP Fee Proposal Form with required attachments.
Submitted by:
Financial Institution Date
Authorized Signature Title
Authorized Signature Title
Telephone Number
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CITY OF CAPE GIRARDEAU
Bankinb Services
Bid List
Amerifirst Bank
3060 William
Stan Thompson, President
Boatmen's Bank
2001 William
Jim Limbaugh, President
Capital Bank
407 N. Kingshighway
Charles Daniel, President
Commerce Bank
P.O. Box 1490
Cord Polen, President
Mercantile Bank
325 N. Kingshighway
011ie J. Miller, President
Roosevelt Bank
3168 Route K
Bill Ramsey, Branch Manager �
Southeast Missouri Bank
111 S. Broadview
Percy Hutson, President
1 st National Bank
2027 Broadway
Greg Smith, President
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