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Request for Proposal for Banking Services
City of Bothell
GENERAL INFORMATION
The City of Bothell is soliciting proposals for a primary banking relationship with a major bank that operates a branch within the city limits. The bank must comply with all applicable rules and regulations in the Revised Code of the State of Washington and of the Washington Public Deposit Protection Commission. The City intends to enter into a contract for services with the successful proposer for a period of two years with the right to extend for an additional two years. The services required and the estimated volumes are outlined below. The agreement may be cancelled by mutual agreement with ninety (90) day notice of either party.
The City will be converting from warrants to checks with the inception of this contract and will require review of cash management tools available from the bank. Additionally, the City will be converting to a direct deposit for payroll.
The bank's compensation for services required will be monthly cost of all services minus credits earned on average daily balance collected.
SERVICES REQUIRED
Checking Accounts - The City currently uses a treasury funds account for the majority of deposits, clearing accounts for payroll and claims warrants, and smaller checking accounts for advance travel, police, municipal court and community network. All of these accounts are consolidated for analysis purposes. The City requires a monthly statement, return of cancelled checks, availability of wire transfer services and daily information on collected, available and closing balances. NSF checks will be processed twice before being returned to the City.
Investments - The City will continue to bid and invest its surplus funds outise of the depository agreement.
Safekeeping Services - The City requires safekeeping facilities and services for investment securities. The bank will receive/deliever securities on a delivery versus payment method, protect the City's assests, collect coupon bond interest, provide delivery confirmation, verify holdings, provide a monthly statement and credit the City's account for interest and principal payments on the day received. The bank will be required to comply with all State and Federal regulations regarding safekeeping of municipal sucurities.
Interim Financing or Line of Credit - The City may occasionally require financing up to $2,000,000 for a period of up to six months in the form of short-term notes. These notes are secured by the anticipated receipts of revenue or from the sale of General Obligation, Revenue of Local Improvement District bonds. The bank agrees to provide bids to the City on such financing on a prompt and competitive bases.
Direct Deposit for Payroll - The City wishes to convert to direct deposit for payroll. The bank will assist the City in setting up the necessary systems and deliver funds into employee accounts as specified in a final agreement.
Other Services - The bank proposal will present proposed fees for standard safety deposit box and for a credit card for limited City purchases.
REQUIREMENTS AND RESPONSIBILITIES
Financial Responsibility - Each proposal must be accompanied by the bank's latest financial report. This will assist the City in determining the bank's capacity to fulfill the terms and conditions set forther in these specifications.
Legal Responsibility - The bank is required to comploy with all depository lawas and regulations as set forth in all applicable State and Federal laws and statues. The bank must be a qualified depository as set forth in State law.
General Limitations - The parties submitting a proposal will be limited to those having a branch office with the city limits of the City of Bothell, Washington.
The City reserves the right to reject any or all bids, to waive any irregularities or informality in any proposals or in the proposals, and to accept or reject any item or combination of items.
The City reserves the right to cancel any contract awared pursuant hereto, at any time, for inadequate or poor performance, subject to notice beign filed with the bank by the City at least 90 days in advance of the cancellation date.
BID PROCEDURES
Institutions wishing to make proposals to the City for banking services must complete the attached Official Proposal for Banking Services. Any exceptions to the specifications must be clearly noted and indicated on the Official Proposal. The Official Proposal will be the primary basis for selecting finalists. The contract is intended to be offered to the bank proposing the most favorable combination of cost and service as determined in the sole descretion of the City. The completed Official Proposal will be the basis for the formal contract for banking services.
Official Proposals must be received by the City Clerk no later than 4:00 p.m., July xx, 1996 and will be evaluated on the following criteria: 1) Responsiveness the the required stated in the specifications; 2) lowest net cost to the City; and 3) expected convenience of banking services for the personnel involved.
The City may reject all proposals. Determination of qualification is solely at the discretion of the City. No promise to contract under any set of conditions is intended to be made or implied herein by the City of Bothell.