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HomeMy WebLinkAboutDocumentation_Investment Advisory_Tab 02_10/08/2008NOTICE OF REQUEST FOR PROPOSALS PROFESSIONAL BANKING SERVICES RFP FIN 2-08 The Village of Tequesta is accepting sealed proposals for professional banking services from banking institutions that can offer the highest quality service at the lowest cost to the residents of the Village. Sealed proposals must be received on or before Tuesday, October 7, 2008 at 2:00 p.m. at the following address: Lori McWilliams, CMC Village Clerk 345 Tequesta Drive Tequesta, FL 33469 All proposals shall be submitted with an original and four (4) copies in sealed envelopes/package addressed to the Village Clerk and marked "RFP FIN 2-08 - Professional Banking Services." Proposers desiring copies for use in preparing a proposal may obtain a set of documents from the Village Clerk's Office or by printing the PDF file from the Village's website at www.tequesta orq. A Pre-proposal Conference will be held on Wednesday, September 10, 2008 at Comment [Iml]: Do you want to do aPre-prowl 10:00 a. m. at the Village of Tequesta in the Chambers. Attendance is not conference" It will help minimize questions. mandatory. Direct questions regarding the RFP to JoAnn Forsythe, Finance Director at 561- 575-6270 or jforsythe(a~tequesta.orq. The Village reserves the right to accept or reject any and all proposals and to waive any technicalities or irregularities therein. The Village further reserves the right to award the contract to the proposer whose proposal best complies with the proposal specification and that best meets the needs of the Village. No proposer may withdraw their proposal for a period of ninety (90) days from the date set for the opening thereof. Lori McWilliams, CMC Village Clerk Published: September 6, 2008 Part I 1.2 PRE-PROPOSAL CONFERENCE: All interested parties are invited to attend apre-proposal conference on Wednesday, September 10, 2008 at 10:00 a.m. in the Village Council Chambers. This Pre-proposal conference is not mandatory. At this time, the Village's representative(s) will be available to answer questions relative to this Request for Proposal. Any modifications may be presented in writing to, or discussed with the City's representative(s) as possible amendments to the RFP. 1.3 PROPOSAL SUBMISSION AND WITHDRAWAL: The Village MUST receive all proposals by 2:00 p.m. on Tuesday, October 7, 2008. The proposals shall be submitted to the following address: Lori McWilliams, CMC Village Clerk 345 Tequesta Drive Tequesta, FL 33469 All proposals shalt be submitted with an original and four (4) copies in sealed envelopes/packages addressed to the Village Clerk and marked "RFP FIN 2-08 -Professional Banking Services." The package shalt also include the proposer's return address. Proposers may withdraw their proposals by notifying the Village in writing at any time prior to the deadline for proposal submittal. After the deadline, the proposal will constitute an irrevocable offer, for a period of ninety (90) days. Once opened, proposals become a record of the Village and will not be returned to proposers. The Village urges proposers to assure actual delivery of mailed or hand- delivered proposals directly the Villages Clerk's Office, prior to the deadline. Any proposal received after the October 7, 2008 2:00 p.m. deadline WILL NOT be considered and will be returned unopened to the proposer. 1.4 NUMBER OF COPIES: Proposers shall submit an original and four (4) copies of the proposal in a sealed envelope or package as noted above. The proposer will be responsible for timely delivery, whether by personal delivery, US Mail or any other delivers method. 1.5 DELAYS: The Village may delay scheduled due dates if it is to the advantage of the Village to do so. The Village will notify proposers of changes in scheduled due dates by written addenda (addenda form attached), which will be posted on the Village website www.teguesta.org. 1.6 DEVELOPMENT COSTS: Neither the Village nor its representatives shall be liable for any expenses incurred in connection with preparation of a response to this RFP. 1.7 INQURIES: Interested proposers may contact the Village Director of Finance, JoAnn Forsythe, regarding questions about the proposal by telephone at 561-575-6270 or by email at iforsythe(a~teguesta.orq. 1.8 ADDENDUM: The Village may post on its website addenda up to seven (7) calendar days before the date fixed for receiving proposals. Proposers shall contact the Village or check the website to ascertain whether any addenda have been issued. Failure to do so could result in an unresponsive proposal. Any oral explanation given before the RFP opening will not be binding. 1.9 CONTRACT AWARD AND TERM: The Village anticipates entering into a contract with the proposer who submits the proposal judged by the Investment Advisory Committee and Village Council to be the most advantageous. Any contract issued as a result of this RFP will be for an initial term of two (2) years with options for two (2) with options for two (2) Comment[Im2]: How many years? z??~ wna~ additional one-year renewals with the mutual agreement of both parties. abo°` renwa~sT?~ 'rte"~ The proposer understands that this RFP does not constitute an offer or a contract with the proposer. The Village reserves the right to reject all proposals, to abandon the project and/or solicit and re-advertise for other proposals. The Village reserves the right to cancel the RFP or portions thereof without penalty. The Village reserves the right to waive any irregularities and technicalities and may, at its sole discretion, request a clarification or other information to evaluate any or all proposals. 1.10 SELECTION PROCESS: The proposals will be evaluated by the Investment Advisory Committee and assigned points. The Bank with the highest number of points will be ranked first; however, nothing herein will prevent the Village from assigning work to any Bank deemed responsive and responsible. The Village reserves the right to short list the proposals for Council review and presentation. The Village reserves the right to negotiate, including price, with the highest proposer or Council approved Bank from the short list. 1.11 COMPETENCY OF PROPOSERS: Proposals will only be considered from Banks which are regularly engaged in the business of providing the services described in this RFP and who can provide evidence that they have established a satisfactory record of performance. The Bank must be a "Qualified Public Depository" as defined in F.S. 280 with a local branch located within the village limits. 1.12 PRICING: The Village requires a firm price for the contract period. Any fees incurred with be checked to confirm compliance with quoted pricing. Failure to hold prices firm through the contract term will be grounds for contract termination. 1.13 INDEMNIFICATION OF VILLAGE: The Proposer shall at all times hereafter, indemnify, hold harmless and defend Village, its agents, and employees from and against any claim, demand or cause of action of any kind or nature arising out of error, omission or negligent act of Proposer, its agents, or employees in the performance of services under this Agreement. Agency further agrees, at all times hereafter, to indemnify, hold harmless and defend the Village, its agents and employees from and against any claim, demand or cause of action of any kind or nature arising out of any conduct or misconduct of Proposer resulting from the performance of services for which the Village, its agents, or employees are alleged to be liable. 1.14 INSURANCE: The Proposer shall provide, pay for and maintain in force at all times during the services to be performed, such insurance, including Workers' Compensation Insurance, Comprehensive General Liability Insurance and Professional Liability Insurance with minimum coverage amounts acceptable to the Village. Proposer shall specifically protect the Village by naming the Village of Tequesta as an additional insured under the Product Liability Insurance Policy or certificate. Professional Liability Insurance: The limits of liability provided by such policy shall be no less than one million dollars ($1,000,000.00). Or $1,000,000 each occurrence, $2,000,000 policy aggregate, including coverage for errors and omissions caused by vendor negligence in the performance under this agreement. Workers' Compensation Insurance: As required by law. Comprehensive General Liability Insurance: with minimum limits of one million dollars ($1,000,000) per occurrence combined single limit for Bodily Injury Liability and Property Damage Liability. Or $300,000 per occurrence, $300,000 personal injury and advertising injury liability, $300,000 products completed operation aggregate, $300,000 general aggregate. The required insurance coverage shall be issued by an insurance company authorized and licensed to do business in the State of Florida, with the minimum rating of B+ or better, in accordance with the latest edition of A. M. Best's Insurance Guide. 1.15 LICENSES: Proposers, both corporate and individual, must be fully licensed and certified in the State of Florida at the time of RFP submittal. A copy of the license(s) held by the proposer must accompany the proposal. The proposal of any proposer that is not fully licensed and certified will be rejected. 1.16 PUBLIC RECORDS: All material submitted regarding this RFP becomes the property of the Village. RFP proposal packages become public record and shall be subject to disclosure upon award of RFP or ten (10) days after opening consistent with F.S. 119. 1.17 PUBLIC ENTITY CRIMES: Award will not be made to any person or affiliate identified on the Department of Management Services' "Convicted Vendor List." This list is defined as consisting of persons and affiliates who are disqualified from public contracting and purchasing process because they have been found guilty of a public entity crime. No public entity shall award any contract to, or transact any business in excess of the threshold amount provided in Section 287.017 Florida Statutes. By signing and submitting the RFP proposal forms, the Proposer attests that they have not been placed on the "Convicted Vendor List." 1.18 DRUG-FREE WORKPLACE: Preference shall be given to businesses with Drug-Free Workshop Place (DFW) programs. Whenever two or more proposals, which are equal with respect to price, quality, and service, are received by the City for the procurement of commodities or contractual services, a proposal received form a business that completes the attached DFW form certifying that it is a DFW shall be given preference in the award process. 1.19 SUBCONTRACTING /ASSIGNMENT: The Bank shall not assign, transfer, convey, sublet or otherwise dispose of contract, including any or all of its rights, title or interest therein, or his or its power to execute such contract to any person, company or corporation without prior written consent of the Village of Tequesta. 1.20 CONTRACT COORDINATOR: The Village Contract Coordinator for this project will be JoAnn Forsythe, Director of Finance. Her contact information is: 561-575-6270 345 Tequesta Drive Tequesta, FL 33469 jforsythe@teauesta. ora After contract has been executed, all communications and correspondence shall be directed to the Finance Director. 1.21 CONFLICT OF INTEREST: The Bank will be required to include a disclosure statement of any potential conflicts of interest the Bank may have due to other clients, current or former employees, contracts or interests associated with the services under the contract. 1.22 RECORDS: The Bank shall maintain during the term of the contract all books of account, receipt invoices, reports and records in accordance with generally accepted accounting practices and the requirements for public records outlined in State of Florida General Records Schedule GS1-SL. The Bank shall maintain and make available such records and files for the duration of the contract and shall turn all public records relating to the Village over to the Village Records Custodian no later than 30 days after the termination of the contract. Part 11 NATURE OF SERVICES REQUIRED 2.1 WORK OBJECTIVE: The purpose of this RFP is to establish a term contract for some and / or all banking services with a full service bank. The proposing bank shall have branch(es) within the Village of Tequesta Village limits. The objective is to obtain the best banking services available while minimizing costs to the Village and its residents. The Village reserves the right to use additional services from other banking entities. 2.2 BACKGROUND: The Village of Tequesta provides services including, but not limited to, roads, parks and recreation, water utilities, planning and zoning, public works, police, and fire/rescue. The Village was incorporated on June 4, 1957 and is governed by afive-member Village Council elected for staggered terms. The Village Manager manages the day-to-day operations and reports directly to the Council. The Director of Finance manages the accounting and daily financial operations of the Village and reports to the Village Manager. The Village's Fiscal Year 2007/2008 budget was $15,567,039. The largest funds of the Village are the General Fund at $9,398,829 million in revenues and the Utility Enterprise Fund at $4,027,635 million in revenues, respectively. Primary revenue sources in the General Fund are the ad valorem property taxes, levied and collected by the Palm Beach County Tax Collector, and various local shared revenues with the State of Florida, which are transmitted via ACH to the Village. The Village operates a water utility plant, which services approximately 5,866 residents. Annual receipts for customers are approximately $3.7 million, which come in the form of lockbox and cash/check payments at our Village Hall. In addition, the Village collects revenues at various locations for permitting and inspection services and parks and recreation offerings. 2.3 SCOPE OF SERVICES: A. Objectives: • Accurate, reliable and timely information in auser-friendly format. • Quality service including customer service and pricing. • Automated processing to ensure efficiency. • Lowest reasonable transaction costs while ensuring safety and liquidity and maximizing interest earnings. B. Volume of Work: Attachment 1 provides an overview of average monthly transactions and is provided for informational purposes only. No warranty or guarantee is given or implied as to the types or quantities of transactions or services that will be actually required. C. Possible Banking Services: The Village of Tequesta is seeking the professional services of a qualified banking institution, herein referred to as the Bank, who are members of the Federal Reserve System, insured by FDIC, and capable of providing full banking, cash management, and banking services. The purpose of this RFP is to identify the bank that can offer the highest level of personalized and professional services that are both cost efficient and easy to manage. In general, the responsibilities of the Bank may include some or all of the following services: • CD Account • Money Market Account • Mutual Funds • Main Operating Account • Payroll Account • Accounts Payable • Zero Balance Accounts • Disbursement Account • Depository Account • Online Stop Payments • Online retrieval of check and deposit images • Online return items • Account Analysis • Armored Car Service • Banking Supplies • Online Banking /Cash Management • Credit Analysis • Demand Deposit Accounting • Repurchase Agreement • Return Item Handling • Safekeeping • Sorting of Checks in Check Number Order • Treasury PC Software • Wire Transfers o Incoming o Outgoing • Positive Pay • Remote Deposit Capture • Electronic Depositing of Checks • Purchase Card Program for Village Comment [Im3]: You can select what services you would like Proposers should become familiar with any and all local conditions that may, in any manner, affect the services required. The proposer shall carefully examine the RFP terms and conditions before becoming thoroughly familiar with any and all conditions and requirements that may in any manner affect the work to be performed under the contract. No additional allowance will be made due to lack of knowledge of these conditions. D. Availability of Funds: Deposits will be made periodically during the business day (9:00 a.m. to 2:00 p.m. or later depending on the bank) to a designated cashier or location mutually agreed on by the Village and the Bank. If Bank has adopted an earlier or later cutoff time than 2:00 p.m., then please note this exception on the Exceptions Form (Ex. A). Deposits will be made to the main bank or any of its branches by Village personnel. Bank agrees to credit the Village's Operating Account for selected items according to the following schedule: • Incoming Wire Transfers -same day credit if received prior to the close of the bank's wire transfer operations room. • Bagged items will be credited on the day of deposit. Con'ections to the deposit ticket can be made at a later time when the bag is counted by Bank personnel. All other checks will be based on the awarded Bank's "availability schedule." Bank is required to attach a copy of their current "availability schedule" to the proposal. Awarded Bank agrees to notify the Village, in writing, of any changes to the schedule 30 days prior to the schedule change. Village reserves the right to periodically audit the Bank's compliance with the existing "availability schedule." E. Computer Based Connection: Bank will be required to provide an Internet based connection for the Village's Finance Department, by 9:00 a.m. (EST) of the following items: Daily Balance Information: a. Ledger balance b. Available balance c. Summary of debit and credit postings d. Details of incoming and outgoing wire transfers and ACH postings to the Main Operating Account (as / if applicable) e. Details of incoming and outgoing wire transfers and ACH postings to ALL accounts 2. Wire Transfer Capabilities: The Village's Finance Department will use the Internet connection to initiate and monitor wire transactions /transfers. 3. ACH Credits and Pre-Authorized Debits: The Village's Finance Department will initiate ACH transactions for direct deposit of payroll and will monitor incoming debits and outgoing credits. All stop payments to take place within 24 hours of placement by Village. Bank may be requested to provide a detail listing by fax, mail or electronic medium of all ACH credits and debits. Bank will be requested to provide the software (as appropriate), manuals and specialized training to access and utilize the Internet connection. Wire Transfers: The Village is required to wire transfer funds to other banking institutions. This service will be provided on the request of the Village Finance Director or his/her designee. In order to maintain audit controls, Bank will be provided with written guidelines to follow regarding these transfers. The Village may desire to enter into a "Wire Transfer Agreement" with the awarded Bank for some or all wire transfers incoming and outgoing. The Bank is requested to provide a copy of its "Wire Transfer Agreement" with its proposal. The "Wire Transfer Agreement" must take into consideration the provisions of the UCC Article 4A. Additionally, provisions within the "Wire Transfer Agreement" must be subject to further negotiations. Agreements that are not subject to negotiation must be considered an exception to this proposal and included on the Exception Form. Wire Transfers -Incoming The Village intends to carefully monitor the time of receipt for all wire transfers. Continued delay in receipt of wire transfers for which the bank is at fault may constitute sufficient cause for termination of the banking service contract. Wire Transfers - Outgoing Bank agrees to make timely execution (within two hours) of any orders for commert pma]: o~e~~~ outgoing wire transfers. The Village agrees to initiate outgoing wire transfers through either the Internet link or by phone prior to 11:00 a.m. (EST). Wire transfers ordered by 11:00 a. m. and not received by the destination party by 2:00 p.m. will be traced by the bank from origin to destination to ascertain the party responsible for delaying the transfer. IF necessary, adjustments will be made for any lot interest, or charges resulting from a "fail" of consummate an investment transaction. G. Disaster Preparedness Plan: In the event of a natural disaster or other disaster, Bank will have in effect a plan to accommodate the Village with funds. In the event of such disaster, Bank must maintain off site records. H. Other Banking Services and Conditions: Bank shall identify the ability to provide the following services and list fees, if applicable. Bank shall indicate if requested service will be provided at no charge. 1. All returned checks due to insufficient funds will be automatically re-deposited a second time. comment timst: o~ ~;~i ne ~~ea ~o v;uage. 2. Bank will provide all necessary banking supplies. These shall include, but not be limited to, deposit bags, cash envelopes, coin wrappers, deposit slips (two-part), and deposit stamps. Bank shall indicate the pricing for blank check stock as applicable. 3. Proposers must provide a list of names and addresses of business customers of similar size and complexity to the Village's organizational requirements. Municipal client references are preferable. Additionally, proposers must provide a copy of its most recent audited financial statement. 4. The cut-off date for statement purposes for all Village accounts will be the last day of the month. Statements must encompass a full calendar month and be received by the Village's Finance Department within five working days following the cutoff. Checks (or check copies) are to be arranged in numeric order prior to their return to the Village with the statements. A statement must be furnished for all special accounts required by the Village on the same schedule as noted above. The Village reserves the right to add additional accounts as necessary. In addition to regular statements, the Bank must provide on demand, daily balances in the depository accounts if and when such information is required by the Village. 5. Positive Pay: Ability to upload on-line a file of check numbers and amounts on a daily basis through a file transfer feature. Authorized Village personnel shall be able to access current and previous exceptions through a secure connection on a daily basis and review, authorize, or reject payments. 6. All debit and credit memos required to adjust errors caused by the bank will not be charged to the Village. 7. Bank agrees to respond to all inquiries and to make all necessary corrections of errors within 72 hours. 8. Cash and check deposits shall be time stamped by the bank for verification. 9. Changes to deposits by bank personnel to be accompanied by a copy of the check and check tape. 10. For outgoing ACH transactions, the bank is requested to provide a fax or electronic mail of additional information accompanying the ACH to assist the City in determining the source and reason for the transfer. 11. If Bank charges for the FDIC assessment fee, that should be considered an exception and must be specifically noted on the Exception Form (Ex. A). 12. Notification on cash deposit of the time of verification by Bank. 13. Notification on check deposit of the time of verification by Bank. 14. Bank will prepare on a monthly basis a billing statement for services rendered. Total service charges will be calculated based on the actual number of transactions for a month multiplied by the fixed charge per item. It is the intention of the Village that all per item charges remain fixed over the life of the initial contract (exact term to be determined by Village). However, the Village recognizes that an adjustment in a per item charge may be necessary based on price changes by the Federal Reserve System. Adjustments in per item charges will only be allowed by complying with the following conditions: a. The per-item charge (or portion thereof) will change only for corresponding adjustments in the Federal Reserve System's Fee Schedules, on or after the effective date of the adjustments. b. Changes in the Federal Reserve Fee Schedules must be final, and not proposed. c. Bank will provide to the Village a copy of the Federal Reserve System's notification supporting the adjustment, with the "Monthly Service Charge Repot." 1. Optional Banking Services: Information on the following optional services should be included in the proposal response: • Check Capture -The ability to scan a digital image of a check onto a computer and then transmit that image to the bank for electronic deposit. • Procurement Cards -Provide details on the bank's procurement card program (if available) including the rebate and/or fee structure. • Credit Card Processing Services -Provide information on the bank's services and estimated fees. J. Public Depository -Collateral: In compliance with the Florida Security for Public Deposit Act, Chapter 280 F.S., al institutions submitting RFP's for the Village's banking service must be included on the list of approved financial institutions as published by the Department of Insurance and Treasurer of the State of Florida. All banks submitting a proposal must have a Federal or State Charter and be a member of the Federal Reserve System and insured by the FDIC. 2.4 Company Service Information (Ex. B): Please provide responses to the following: 1. Describe your bank, its ownership, years in operation, and experience with servicing the government market, treasury management capabilities, client base, and business segment annual revenues. Discuss the bank's Florida operation and treasury management expertise in Palm Beach and Martin Counties. 2. What differentiates your company from your competitors? What value- added programs and/or services could you provide to the Village? 3. Describe how the Village's banking business will be conducted if your commercial banking operations were to experience a disaster? Describe your disaster recovery plans. 4. Has your bank been the subject of any regulatory agency enforcement actions? If so, describe in detail 5. Discuss your bank's approach to implementing service during the conversion process. Who will lead and coordinate the bank's efforts? 6. Describe your bank's earnings credit rate. How is it determined? Provide a monthly rate history for calendar year 2007. 7. Submit financial statements for the past two fiscal years (must include auditor's unqualified opinion) and appropriate notes to financial statements. 8. Provide the name of a designated account executive, as well as an alternate. The designated account executive must have the authority to make timely decisions in the normal course of business on their own. Resumes must be provided for all key account executives designated to service this account. 9. Provide proof of Drug-Free Work Place program (Ex. C). Attachment 1 Village of Tequesta's Average Monthly Transactions Ex. A Village of Tequesta Banking Services RFP EXCEPTIONS FORM Bank wishes to take exceptions to the following items specified in the RFP documents: Page Item Estimated Costs Ex. B 2.4 Company Service Information (Ex. B): Please provide responses to the following: 1. Describe your bank, its ownership, years in operation, and experience with servicing the government market, treasury management capabilities, client base, and business segment annual revenues. Discuss the bank's Florida operation and treasury management expertise in Palm Beach and Martin Counties. 2. What differentiates your company from your competitors? What value- added programs and/or services could you provide to the Village? 3. Describe how the Village's banking business will be conducted if your commercial banking operations were to experience a disaster? Describe your disaster recovery plans. 4. Has your bank been the subject of any regulatory agency enforcement actions? If so, describe in detail 5. Discuss your bank's approach to implementing service during the conversion process. Who will lead and coordinate the bank's efforts? 6. Describe your bank's earnings credit rate. How is it determined? Provide a monthly rate history for calendar year 2007. 7. Submit financial statements for the past two fiscal years (must include auditor's unqualified opinion) and appropriate notes to financial statements. 8. Provide the name of a designated account executive, as well as an alternate. The designated account executive must have the authority to make timely decisions in the normal course of business on their own. Resumes must be provided for all key account executives designated to service this account. 9. Provide proof of Drug-Free Work Place program (Ex. C). Ex. C DRUG-FREE WORKPLACE FORM The undersigned vendor in accordance with Florida Statute 287.087 hereby certifies that (name of business) does /does not (circle appropriate response): 1. Publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace, and specifying the actions that will be taken against employees for violations of such prohibition. 2. Inform employees about the danger of drug abuse in the workplace, the business's policy of maintaining adrug-free workplace, and any available drug counseling.