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HomeMy WebLinkAbout05-17-2016 Item 14 RFP for Banking Services Meeting Date: 5/17/2016 FROM: Derek Johnson, Assistant City Manager/Interim Director of Finance & I.T. Prepared By: Vilma Warner- Finance Operations Manager SUBJECT: REQUEST FOR PROPOSALS FOR BANKING SERVICES RECOMMENDATION Approve the issuance of a Request for Proposals (RFP) for banking services to be sent to all bank and savings and loan institutions with full-service branches located in the City of San Luis Obispo. Background Bank of America informed the City in late February 2016 that it woul d not renew the city’s contract for economic reasons. Bank of America extended the existing terms for banking services until September 30, 2016. After September 30, 3016, if new treasury and banking services is not secured with a new bank, Bank of America has indicated that they will provide banking services on a month to month basis fees adjusted upward. Because of changes in Federal Banking Laws, banks have to maintain greater liquidity for governmental deposits and have made business decisions to not serve municipalities throughout the Country. The current contract extension is to provide banking services under the same terms and cost structure until to September 30, 2016 so that the City could negotiate a new treasury and related banking services. Through the attached RFP, the City is seeking a qualified and insured financial institution to provide comprehensive banking services for general treasury and banking services related to its cash management operations. Although the City would normally have issued an RFP much sooner, the bank’s decision wasn’t communicated until days before the contract was due for renewal. Scope of Services Prospective banks must be able to provide the scope of services detailed on pages 2 and 3 of the RFP to the City. In addition to account services, that would be similar to personal banking needs, there are additional services required that are specific to the City as a municipal government. These include, but are not limited to: armored car service, parking meter coin counting, payroll deposit service; Local Agency Investment Fund (LAIF) and online daily cash balance reports. The proposed RFP includes Positive Pay as a “required service” in addition to current services. Positive Pay is an important security product used to prevent check fraud that has become 14 Packet Pg. 303 standard in most government agencies. It will eliminate the possibility of fraudulent checks being cashed on the City’s account. In addition to the scope of required services, proposers may offer the City optional and additional services. These optional and additional services may include free or reduced price banking services to City employees (provided such benefits are provided to the similarly situated general public, i.e. those employed by other large employers), electronic accounts payable processing or any other service that the proposer believes will benefit the City. Proposal Evaluation and Selection The proposal evaluation factors and process are set forth in the RFP, which notes that the contract award will not be based solely on price, but on a combination of factors as determined to be in the best interest of the City. After evaluating the proposals and discussing them further with the finalists or the tentatively selected bank, the City reserves the right to further negotiate the proposed work and/or method and amount of compensation. Staff recommends that the review team be composed of the Assistant City Manager, Director of Finance & Information Technology, Finance Operations Manager and other departmental representatives that have a stake in banking services. The City is currently in discussions with PFM, the firm that manages the City’s investments to assist with the evaluation of proposals and to negotiate the terms of the banking services agreement. They provide this service for a variety of their municipal clients throughout California. Proposed Schedule a. Issue RFP June 1, 2016 b. Deadline for submission of questions July 1, 2016 c. Receive proposals July 15, 2016 3.00 PM. d. Complete proposal evaluation August 1-10, 2016* e. Award contract (City Council) September 6, 2016 f. Start work September 15 , 2016 * Bank/City may request an interview FISCAL IMPACT The City’s current banking services costs are approximately $28,000 per year. An analysis by the City’s investment advisor PFM in February 2016 estimated that if the City were to competitively bid its banking services, it would likely save the City approximately $10,000 per year. This is because they believe that the pricing for services can be adjusted to fit the City’s volume of transactions and expanded to meet current banking needs while also reducing costs. The fiscal impact of this new service agreement will be provided to Council when it considers the contract award in late summer 2016. Attachments: 14 Packet Pg. 304 a - Banking RFP-2015 14 Packet Pg. 305 990 Palm Street  San Luis Obispo, CA 93401 Notice Requesting Proposals for BANKING SERVICES The City of San Luis Obispo is requesting sealed proposals for banking services pursuant to Specification No. 91450. All proposals must be received by the Finance Division by 3:00 P.M. on July 15, 2016, at following address. Director of Finance & Information Technology City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Proposals received after said time will not be considered. To guard against premature opening, each proposal shall be submitted to the Finance Division in a sealed envelope plainly marked with the proposal title, proposer name, and time and date of the proposal opening. Proposals shall be submitted using the forms provided in the specification package. Proposal packages and additional information may be obtained by contacting Derek Johnson, Interim Director of Finance & I.T., at (805) 781-7125. 14.a Packet Pg. 306 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 1 Specification No. 91450 TABLE OF CONTENTS A. Description of Work 1 Overview Background Scope of Services Qualifying Requirements Required Services Reporting Pricing and Account Analysis Optional Services Additional Services Conversion Reference Additional Exhibits Evaluation of Proposals and Negotiations Award of Contract B. General Terms and Conditions 9 Proposal Requirements Contract Award and Execution Contract Performance C. Special Terms and Conditions 14 Submittal of References Contract Term Proposal Content Proposal Evaluation and Selection Proposal Review and Award Schedule Pre-Proposal Conference Release of Reports and Information Copies of Reports and Information Non-Exclusive Contract D. Agreement 17 E. Insurance Requirements 19 F. Proposal Submittal Package 21 Proposal Submittal Coversheet References Disqualifications Statement Supplemental Attachments Availability Schedule Required Services Pricing 14.a Packet Pg. 307 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 1 Section A DESCRIPTION OF WORK I. INTRODUCTION The City of San Luis Obispo (City) is seeking proposals from qualified financial institutions to provide comprehensive banking services and related financial services. Currently, the City’s general banking and merchant services are provided by Bank of America. The financial institution must be incorporated under the laws of the State of California or of the United States with an office/deposit locat ion within the City limits. II. BACKGROUND The City is a “charter city” incorporated on February 19, 1856. It is located in San Luis Obispo County and has an estimated population of 45,000. The Council is comprised of five elected citizens and the City Manager is the City’s chief executive. The City currently has 388 regular employees and may employ over 200 temporary employees on a seasonal basis. For fiscal year 2015-16, the City has adopted a budget of approximately $123 million, which includes capital expenditures of approximately $22 million. The City’s primary objective is to evaluate the current market environment for baking services, and establish a new contract with a financially secure bank that best meet the needs of the City and offers the highest quality of service at the lowest cost. With this new banking services contract, the City wishes to create efficiencies, make improvements where possible and take advantage of new, applicable technologies. It is the City’s intent to maintain all commercial banking services with one f inancial institution to improve our banking, cash management, and customer services capabilities without sacrificing internal controls especially in areas of account reconciliation, direct deposit, positive pay, ACH and other electronic transactions. However, the City reserves the right to award multiple banking services contracts if it is deemed to be in the best interest of the City to do so. The City will endeavor to administer the proposal process in accordance with the terms and dates outlined in this RFP; however, the City reserves the right to modify the activities, time line or any other aspect of the process at any time, as deemed necessary by City staff. By requesting proposals, the City is in no way obligated to award a contract or pay the expe nses of proposing financial institutions in connection with the preparation or submission of a proposal. The awarding of any contract will be contingent on the availability of funds and the requisite staff and Council approvals. The decision to award any contract to a particular financial institution will be based on a variety of factors listed under Section XI - Evaluation of proposals and negotiations. It is the City’s interest to do business with banking professionals who are dedicated to the government market. No single factor will determine the final award decision. III. SCOPE OF SERVICES A. Establish a general account and a sweep account as may be necessary to meet the banking requirements of the City. B. Bank must be qualified depository for public fund pursuant to the applicable State of California codes. All balances must be collateralized through the pool collateral system required under the 14.a Packet Pg. 308 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 2 State of California C. Disburse funds via repetitive wire transfers or ACH upon either telephone or online request of an authorized person under best accounting internal control practices D. Accept and send ACH transactions and provide online notification of ACH deposits within 24 hours. E. Accept and send other electronic deposits including, but not limited to, image cash letter files created by the City remittance processing software and the City utility billing website payment processor. F. Process direct deposit of employee payroll bi-weekly. Approximately 590 of the City employees receive their payroll via direct deposit. G. Provide consolidated deposits for customer payments made through online bill payment providers. Provide a single file of these payments to the City for posting through direct integration with current and future accounts receivable systems. H. Provide credit card merchant services. I. Provide full account reconcilement, positive pay services, electronic fraud protection, electronic deposits and disbursements. J. Accept deposits at vault locations and at local branch if necessary. K. Provide armored car services. Courier pick-ups at City Hall shall be made no earlier than 11:00 a.m. to allow sufficient time for the preparation of the deposit, and no later than required to ensure proper credit to the City’s account on that day. L. Provide deposit slips, deposit bags and coin wrappers free of charge to the City’s Finance and Information Technology Department. M. Provide coin counting and bagging services for parking meter collections. N. Process State of California Local Agency Investment Fund transfers and receives electronic funds payments for deposit of other State and county apportionments. O. Provide automated account reconcilement reporting services for City accounts. Available information should include, but not be limited to: closing ledgers, closing collected, opening ledgers, opening collected, float, previous day debit, and credit details (including bankcard deposits, sweep transfers, and ACH credit and debit detail). P. Provide online access to account information, cleared checks, and automated stop payment. Q. Provide monthly activity and account analysis statements and reports for all accounts. The statement cutoff should be the last day of the month. Statements must be sent no later than the 10th of the following month. R. Provide a quarterly review of the City’s account balances and opportunities to improve the City’s cash management, to be held at the City Offices. 14.a Packet Pg. 309 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 3 IV. QUALIFYING REQUIREMENTS A. Be a federally or State of California chartered financial institution. B. Be a member of the Federal Reserve System and have access to all services. C. Be a qualified depository for public funds. D. Be a full service bank in good standing among other comparable banks. E. Be capable of providing the services sought by the City. F. Have an established office within the City limits. G. Agree to assign experienced and dedicated staff who are committed and capable of servicing the City’s accounts. H. Be in compliance and good standing with the Community Reinvestment Act. I. Be sufficiently capitalized to accommodate the City’s cash/investment management needs. V. REQUIRED SERVICES Interested vendors must provide the following information to the City to be considered a viable candidate for this contract: A. Financial Institution Profile 1. Provide a general overview of financial institution, customer service philosophy, and identification of the primary office or branch that the City will be assigned to and where the City will conduct its banking business. 2. Describe the financial institution’s experience in providing similar services for other public clients. Please include the number of public agency clients, the dollar amount of public funds on deposit, and financial institution’s knowledge of and adherence t o the California Government Code and other applicable laws. B. Staffing 1. Provide resumes of financial institution officers that will be directly involved in the management of the City account; who the primary contact will be; and what, if any, experience these officers have in working with public clients, including the number of years with the proposer’s bank. 2. Describe your bank policy on changing the primary contact person on an account C. Banking Services 1. Describe the financial institution's ability to provide the banking services described in Section III, Scope of Services, above and to what extent, if any, the service is automated. 2. Describe how interest will be calculated and credited on all accounts. Be specific. 3. What is the ledger cutoff time for deposits at the financial institution’s local branch and at the financial institution’s Processing Center? What time would the financial institution propose to schedule the daily courier collection to ensure the deposits meet this deadline? 14.a Packet Pg. 310 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 4 4. Describe in detail the financial institution’s procedures for handling deposit adjustments. What documentation on discrepancies does the financial institution provide? Is the documentation different for cash deposits and check deposits? What is the minimum adjustment amount? How soon would support documentation of a deposit discrepancy be provided to the City? 5. Describe the financial institution’s returned item handling and notification procedures. Is an automatic re-clearing option available? How long does it take for returned items to be sent to the City? What is the notification process? 6. Describe the financial institution’s stop payment service and features. Can stop payments be entered online? How long is a stop payment effective? 7. Provide a copy of the availability schedule that would apply to deposits into the City accounts. 8. List the address of all branch offices in the City’s vicinity. 9. Provide a list of the financial institution's holidays. 10. Describe how the financial institution will collateralize the City deposits. 11. Provide a detailed description of the controls in place to insure the integrity of the funds transfer system. 12. Describe the types and amounts of insurance and bonding carried. 13. Describe any services and technological enhancements not previo usly mentioned that should be considered for further improving the effectiveness of the City’s treasury management operations. 14. Will the financial institution guarantee payment of all items even if it results in the account being overdrawn temporarily for the day? If not, what fees will be charged for such services. 15. Does the financial institution have the ability to confirm the clearing status of a check as an online service? 16. Describe how to receive copies of paid items. How long does it take to obtai n a copy of a paid check? Is this service available online? 17. Does the financial institution offer a CD-ROM and online imaging service? If so, please describe the service, the costs associated with this service and how long images are available online. 18. The City collects and deposits parking meter coin. The coin is picked up by the bank’s armored car service three times per week, transported to the bank’s central cash vault, counted and deposited into the City general checking account.  Does the financial institution offer a coin counting and deposit service? 14.a Packet Pg. 311 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 5  Please describe the process.  What is the charge for this service? 19. The City transacts State of California Local Agency Investment Fund (LAIF) transfers on a regular basis (several transfers a month) and receives electronic funds payments for deposit of various State and county apportionments.  Is the financial institution an approved State of California depository? If so, provide documentation to demonstrate the necessary authority to serve as the City’s treasury and provide banking services in this RFP.  What is the charge per transfer to LAIF? From LAIF?  Please describe the LAIF transfer process. Are the transfers done by telephone, terminal (ACH), fax, wire transfer, etc.?  Does the financial institution have an office in Sacramento that maintains a direct DDA banking relationship with the State Treasurer’s Office and the State Controller’s Office? 20. Direct Deposit of Payroll is currently in place, with the majority of the City’s employees participating. The payroll files are transmitted by the City for paydays that occur on every other Thursday, except on holiday weeks.  Please describe the financial institution's ACH and Direct Deposit service in detail.  What are the different ACH file transmission options available to the City?  What are the transmission deadlines for Direct Deposit ACH files? When (day and time) does the financial institution need the file from the City, and when specifically are funds debited from the City’s account?  Please describe in detail the financial institution’s back-up plans for data transmissions. The City requires immediate notification of any changes or problems and the ability to re-send a file or to delete a file.  What screening measures does the financial institution use to minimize errors on files sent to you i.e., pre-notes, ABA screening, etc.? 21. The City currently accepts Visa, MasterCard and American Express credit/debit card payments through seven terminals.  Please describe the financial institution's Bankcard and Point -of-Sale processing capabilities.  What authorization methods do you support and which do you recommend? 14.a Packet Pg. 312 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 6  Please quote a discount rate and all other applicable charges for the credit card processing described above. Quote rates for both swiped and non -swiped transactions.  What are the fees associated with debit card transactions?  How is the applicable interchange fee determined for each transaction? What does the financial institution recommend to minimize interchange fees?  Provide a detail rate and fee structure with breakdown of all the fees, including bank and association charges.  What type of online reporting services you provide and how adjustments and charge backs are handled. Are charge backs and other debit adjustments netted from daily proceeds or debited separately? Is the discount fee refunded when a charge back or refund occurs? What is the rebuttal process?  When and how will the City receive funds for each day's transactions? Is settlement by ACH or Fed Wire? Are settlement amounts listed separately on the bank statement or will they appear as one lump sum? Will the financial institution break out settlement amounts by merchant location?  Is the bankcard relationship managed by a separate unit of the financial institution, or by the Account Relationship Manager? Please briefly describe the structure of this area.  What is the hardware cost if new equipment is required? If new hardware is required, provide estimates and outline ongoing responsibility for maintaining, any required hardware. 22. The City utility billing and Business Licenses operations currently have several automated processes for processing payments and making deposits including credit card and E- check payments on the City website, payment through other online bill payment providers initiated by the customer, automatic ACH payments, and image cash letter files initiated by the City.  Please describe the financial institution's ACH service in detail.  What are the different ACH file transmission options available to the City?  What are the transmission deadlines for Direct Deposit ACH files? When (day and time) does the financial institution need the fil e from the City, and when specifically are funds credited to the City’s account and debited from customer accounts?  How does the financial institution handle transmission of online bill payments?  Does the financial institution have any limitations in working and accepting deposits from third party payment processors?  Does the financial institution accept image cash letter files for deposit? Briefly describe what is required in terms of paper check storage and retention. 14.a Packet Pg. 313 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 7 .The City requires assurance of ability to provide financial services in the event of a major emergency and during the disaster recovery period.  Describes in detail, the bank’s compliance with state and federal regulations pertaining to this area.  Describe testing of core of services applications and systems that assure information backup, anti-intrusion and other privacy requirements.  Describe operational diversification and geographical dispersal of service centers. VI. REPORTING Describe the frequency and format of reports that you would provide to the City and include sample reports and records. VII. PRICING AND ACCOUNT ANALYSIS A. Provide the proposed prices for the list of basic banking services on the Required Services Pricing worksheet included in page 26. Itemize any other charges that would apply to these accounts. B. Does the City have the option of compensating your bank on either a fee or balance basis? Is the price the same for either option? If not, what is the difference? If on a fee basis, can excess balances be used to partially offset activity charges? C. Please describe the procedures used to make an adjustment to bank statements and to assure a corresponding adjustment to account analysis statement. How is the adjustment handled if the analysis period has already ended? D. How is your earnings credit determined, adjusted and applied? Please include in your explanation the impact of your reserve requirement, your formula for converting service charges to balance requirements, and a listing of your earning credits and reserve requirements. E. Describe the bank's policies concerning daylight overdrafts and what, if any, impact these policies may have on the management of the City's accounts. F. Is the bank willing to guarantee the proposed fee for the entire term of the contract? If no how long are the fees guaranteed? VIII. OPTIONAL SERVICES In addition to those listed in Section III, Scope of Services, there are services the City may desire to use depending on the availability, quality and price of the service offered. Proposals are not required to 14.a Packet Pg. 314 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 8 address optional services in order to be considered an acceptable proposal. Final selection, however, of the successful proposal may be based on the ability of the banking institution to provide these services at an acceptable price as determined by the City. A. Free or reduced price accounts and other banking services for City employees. B. Electronic accounts payable processing. IX. ADDITIONAL SERVICES There are services not otherwise identified in the City’s RFP that the proposer may offer to the City. Proposals are not required to address any additional services in order to be considered an acceptable proposal. However, final selection of the successful proposer may be based on the desirability and cost of the additional services offered. X. CONVERSION A. Describe a conversion plan to transfer assets of the City to your financial institution. B. What lead-time do you expect will be necessary before the conversion begins? C. Indicate your plans for educating and training t he City employees in the use of your systems, and for providing support after the implementation. XI. EVALUATION OF PROPOSALS AND NEGOTIATIONS Proposal Evaluation and Selection. Proposals will be evaluated by a review committee based on the following criteria: a. Understanding of the work required by the City. b. Quality, clarity and responsiveness of the proposal. c. Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City. d. Recent experience in successfully performing similar services. e. Ability to provide evolving technologies, products and services. f. Reliability and quality of customer service. g. Financial strength and capitalization. h. Commitment to the government market. i. Proposed approach in completing the work. j. References. k. Background and related experience of the specific individuals to be assigned to this project. l. Proposed compensation. After evaluating the proposals and discussing them further with the finali sts or the tentatively selected contractor, the City reserves the right to further negotiate the proposed work and/or method and amount of compensation. Contract award will be based on a combination of factors that represent the best overall value for completing the scope of work as determined by the City, including: the written proposal criteria described above; results of background and reference checks; results from the interviews and presentations phase; and proposed compensation. 14.a Packet Pg. 315 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 9 Section B GENERAL TERMS AND CONDITIONS PROPOSAL REQUIREMENTS 1. Requirement to Meet All Provisions. Each individual or firm submitting a proposal (proposer) shall meet all of the terms, of Request for Proposals (RFP) specifications package. By virtue of its proposal submittal, the proposer acknowledges agreement with and acceptance of all provisions of the RFP specifications. 2. Proposal Submittal. Each proposal must be submitted on the form(s) provided in the specifications and accompanied by any other required submittals or supplemental materials. Proposal documents shall be enclosed in an envelope that shall be sealed and addressed to the Finance Division, City of San Luis Obispo, 990 Palm Street, San Luis Obispo, CA, 93401. In order to guard against premature opening, the proposal should be clearly labeled with the proposal title, specification number, name of proposer, and date and time of proposal opening. No FAX submittals will be accepted. 3. Insurance Certificate. Each proposal must include a certificate of insurance showing: a. The insurance carrier and its A.M. Best rating. b. Scope of coverage and limits. c. Deductibles and self-insured retention. The purpose of this submittal is to generally assess the adequacy of the proposer’s insurance coverage during proposal evaluation; as discussed under paragraph 12 below, endorsements are not required until contract award. The City’s insurance requirements are detailed in Section E. 4. Proposal Quotes and Unit Price Extensions. The extensions of unit prices for the quantities indicated and the lump sum prices quoted by the proposer must be entered in figures in the spaces provided on the Proposal Submittal Form(s). Any lump sum bid shall be stated in figures. The Proposal Submittal Form(s) must be totally completed. If the unit price and the total amount stated by any proposer for any item are not in agreement, the unit price alone will be considered as representing the proposer's intention and the proposal total will be corrected to conform to the specified unit price. 5. Proposal Withdrawal and Opening. A proposer may withdraw its proposal, without prejudice prior to the time specified for the proposal opening, by submitting a written request to the Director of Finance for its withdrawal, in which event the proposal will be returned to the proposer unopened. No proposal received after the time specified or at any place other than that stated in the “Requesting Proposals" will be considered. All proposals will be opened and declared publicly. Proposers or their representatives are invited to be present at the opening of the proposals. 6. Submittal of One Proposal Only. No individual or business entity of any kind shall be allowed to make or file, or to be interested in more than one proposal, except an alternative proposal when specifically requested; however, an individual or business entity that has submitted a sub - proposal to a proposer submitting a proposal, or who has quoted prices on materials to such proposer, is not thereby disqualified from submitting a sub-proposal or from quoting prices to other proposers submitting proposals. 14.a Packet Pg. 316 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 10 7. Additional Information. The City reserves the right to request additional information and/or clarification from any or all Proposer. 8. Communications. All questions shall be submitted in writing to Derek Johnson, Interim Director of Finance & I.T., at djohnson@slocity.org. Telephone communications with City staff are not encouraged, but will be permitted. However, any such oral communication shall not be binding on the City. CONTRACT AWARD AND EXECUTION 9. Proposal Retention and Award. The City reserves the right to retain all proposals for a period of 60 days for examination and comparison. The City also reserves the right to waive non-substantial irregularities in any proposal, to reject any or all proposals, to reject or delete one part of a proposal and accept the other, except to the extent that proposals are qualified by specific limitations. See the "special terms and conditions" in Section C of these specifications for proposal evaluation and contract award criteria. 10. Competency and Responsibility of Proposer. The City reserves full discretion to determine the competence and responsibility, professionally and/or financially, of proposers. Proposers will provide, in a timely manner, all information that the City deems necessary to make such a decision. 11. Contract Requirement. The proposer to whom award is made (Contractor) shall execute a written contract with the City within ten (10) calendar days after notice of the award has been sent by mail to it at the address given in its proposal. The contract shall be made i n the form adopted by the City and incorporated in these specifications. 12. Insurance Requirements. The Contractor shall provide proof of insurance in the form, coverages and amounts specified in Section E of these specifications within 10 (ten) calendar days after notice of contract award as a precondition to contract execution. 13. Business License and Tax. The Contractor must have a valid City of San Luis Obispo business license and tax certificate before execution of the contract. Additional information regarding the City's business license and tax program may be obtained by calling (805) 781-7134. CONTRACT PERFORMANCE 14. Ability to Perform. The Contractor warrants that it possesses, or has arranged through subcontracts, all capital and other equipment, labor, materials, and licenses necessary to carry out and complete the work hereunder in compliance with any and all federal, state, county, city, and special district laws, ordinances, and regulations. 15. Laws to be observed. The Contractor shall keep itself fully informed of and shall observe and comply with all applicable state and federal laws and county and City of San Luis Obispo ordinances, regulations and adopted codes during its performance of the work. 16. Payment of Taxes. The contract prices shall include full compensation for all taxes that the Contractor is required to pay. 14.a Packet Pg. 317 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 11 17. Permits and Licenses. The Contractor shall procure all permits and licenses, pay all charges and fees, and give all notices necessary. 18. Safety Provisions. The Contractor shall conform to the rules and regulations pertaining to safety established by OSHA and the California Division of Industrial Safety. 19. Public and Employee Safety. Whenever the Contractor's operations create a condition hazardous to the public or City employees, it shall, at its expense and without cost to the City, furnish, erect and maintain such fences, temporary railings, barricades, lights, signs and other devices and take such other protective measures as are necessary to prevent accidents or damage or injury to the public and employees. 20. Preservation of City Property. The Contractor shall provide and install suitable safeguards, approved by the City, to protect City property from injury or damage. If City property is injured or damaged resulting from the Contractor's operations, it shall be replaced or restored at the Contractor's expense. The facilities shall be replaced or restored to a condition as good as when the Contractor began work. 21. Immigration Act of 1986. The Contractor warrants on behalf of itself and all subcontractors engaged for the performance of this work that only persons authorized to work in the United States pursuant to the Immigration Reform and Control Act of 1986 and other applicable laws shall be employed in the performance of the work hereunder. 22. Contractor Non-Discrimination. In the performance of this work, the Contractor agrees that it will not engage in, nor permit such subcontractors as it may employ, to engage in discrimination in employment of persons because of age, race, color, sex, national origin or ancestry, sexual orientation, or religion of such persons. 23. Work Delays. Should the Contractor be obstructed or delayed in the work required to be done hereunder by changes in the work or by any default, act, or omission of the City, or by strikes, fire, earthquake, or any other Act of God, or by the inability to obtain materials, equipment, or labor due to federal government restrictions arising out of defense or war programs, then the time of completion may, at the City's sole option, be extended for such periods as may be agreed upon by the City and the Contractor. In the event that there is insufficient time to grant such extensions prior to the completion date of the contract, the City may, at the time of acceptance of the work, waive liquidated damages that may have accrued for failure to complete on time, due to any of the above, after hearing evidence as to the reasons for such delay, and making a finding as to the causes of same. 24. Payment Terms. The City's payment terms are 30 days from the receipt of an original invoice and acceptance by the City of the materials, supplies, equipment or services provided by the Contractor (Net 30). 25. Inspection. The Contractor shall furnish City with every reasonable opportunity for City to ascertain that the services of the Contractor are being performed in accordance with the requirements and intentions of this contract. All work done and all materials furnished, if any, shall be subject to the City's inspection and approval. The inspection of such work shall not relieve Contractor of any of its obligations to fulfill its contract requirements. 14.a Packet Pg. 318 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 12 26. Audit. The City shall have the option of inspecting and/or auditing all records and other written materials used by Contractor in preparing its invoices to City as a condition precedent to any payment to Contractor. 27. Interests of Contractor. The Contractor covenants that it presently has no interest, and shall not acquire any interest—direct, indirect or otherwise—that would conflict in any manner or degree with the performance of the work hereunder. The Contractor further covenants that, in the performance of this work, no subcontractor or person having such an interest shall be employed. The Contractor certifies that no one who has or will have any financial interest in performing this work is an officer or employee of the City. It is hereby expressly agreed that, in the performance of the work hereunder, the Contractor shall at all times be deemed an independent contractor and not an agent or employee of the City. 28. Hold Harmless and Indemnification. The Contractor agrees to defend, indemnify, protect and hold the City and its agents, officers and employees harmless from and against any and all claims asserted or liability established for damages or injuries to any person or property, including injury to the Contractor's employees, agents or officers that arise from or are connected with or are caused or claimed to be caused by the acts or omissions of the Contractor, and its agents, officers or employees, in performing the work or services herein, and all expenses of investigating and defending against same; provided, however, that the Contractor's duty to indemnify and hold harmless shall not include any claims or liability arising from the established sole negligence or willful misconduct of the City, its agents, officers or employees. 29. Contract Assignment. The Contractor shall not assign, transfer, convey or otherwise dispose of the contract, or its right, title or interest, or its power to execute such a contract to any individual or business entity of any kind without the previous written consent of the City. 30. Termination. If, during the term of the contract, the City determines that the Contractor is not faithfully abiding by any term or condition contained herein, the City may notify the Contractor in writing of such defect or failure to perform. This notice must give the Contractor a 10 (ten) calendar day notice of time thereafter in which to perform said work or cure the def iciency. If the Contractor has not performed the work or cured the deficiency within the ten days specified in the notice, such shall constitute a breach of the contract and the City may terminate the contract immediately by written notice to the Contractor to said effect. Thereafter, neither party shall have any further duties, obligations, responsibilities, or rights under the contract except, however, any and all obligations of the Contractor's surety shall remain in full force and effect, and shall not be extinguished, reduced, or in any manner waived by the termination thereof. In said event, the Contractor shall be entitled to the reasonable value of its services performed from the beginning date in which the breach occurs up to the day it received the City's Notice of Termination, minus any offset from such payment representing the City's damages from such breach. "Reasonable value" includes fees or charges for goods or services as of the last milestone or task satisfactorily delivered or completed by the Contractor as may be set forth in the Agreement payment schedule; compensation for any other work, services or goods performed or provided by the Contractor shall be based solely on the City's assessment of the value of the work-in-progress in completing the overall workscope. 14.a Packet Pg. 319 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 13 The City reserves the right to delay any such payment until completion or confirmed abandonment of the project, as may be determined in the City's sole discretion, so as to permit a full and complete accounting of costs. In no event, however, shall the Contractor be entitled to receive in excess of the compensation quoted in its proposal. 14.a Packet Pg. 320 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 14 Section C SPECIAL TERMS AND CONDITIONS 1. Contract Term. The term of the contract shall be for a period of three years at which time the performance of the bank will be evaluated. Upon mutual agreement at that time, the City Manager may extend the contract for another period of three years. 2. Chartered Institution/Branch Office in City. Proposers must be a federally or State of California chartered institution and must maintain a full -service branch within the limits of the City of San Luis Obispo during the term of the contract. 3. Account Activity. The number of transactions indicated in the RFP is believed to be a reliable estimate of the City’s banking activities. However, the actual number of transactions may vary and the City provides no guarantees regarding minimum or maximum volumes. 4. Commencement of Banking Services. The successful proposer shall begin providing the full scope of services no later than September 30, 2016. 5. Proposal Content. Your proposal submission package must include the following information: Submittal Forms These are provided in Section F. a. Proposal submittal summary b. References from five companies (preferably government agencies) for whom you have provided similar services and a list of any clients where similar services were provided who terminated services in the last three years prior to the end of the service agreement c. Statement of past contract disqualifications d. Availability schedule e. Required services pricing schedule f. Compensation Note: For ease of preparation, proposers may recreate these forms electronically as long as the same information is provided in a similar format. Supplemental Attachments To be an acceptable proposal, all of the above documents must be included with the submittal, along with responses to the Required Services set forth in Section A. In addition, the following attachments may be required: g. If the prospective banking institution is proposing alternatives or non -substantial deviations to the Required Services, a full description and justification for the proposed alternative or deviation must be included with the proposal. 14.a Packet Pg. 321 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 15 h. If the prospective banking institution is proposing an alternative method for pricing of banking services, a full description of the alternative must be included with the proposal along with computation detail. i. Transaction indicators and estimated quantities have been provided on the Required Services submission form. It is assumed that the itemization of costs provided in this submittal will fully compensate the banking institution for all Required Services. In the event that additional itemization of transactions is required by the proposer in order to be fully compensated for Required Services, spaces have been provided on the form which should be completed in full by the proposer. If estimated transaction volumes are required to complete the submittal form for additional items, the City should be contacted in writing for this information. The City’s written response will be distributed to all banks who register at the pre-proposal conference. j. We encourage you to be creative and educational in your responses. Include information about the bank’s community involvement and the dedicated resources for serving the public sector. While your format must be consistent with the requirements of this RFP, if you believe there is additional information that would be beneficial to us, we invite you to include it in your proposal. 6. Proposal Length and Copies a. Proposals should not exceed 25 pages, including attachments and supplemental materials. Proposals should be on 8 1/2x11 inch paper, minimum 11 point font and top/bottom margins of at least 0.5 inches and left/right margins of at least 1.0 inches. b. Three copies of the proposal must be submitted (one signed). 7. Proposal Evaluation and Selection. Proposals will be evaluated by a review committee based on the following criteria: a. Understanding of the work required by the City. b. Quality, clarity and responsiveness of the proposal. c. Demonstrated competence and professional qualifications necessary for successfully performing the work required by the City. d. Recent experience in successfully performing similar services. e. Ability to provide evolving technologies, products and services. f. Reliability and quality of customer service. g. Financial strength and capitalization. h. Commitment to the government market. i. Proposed approach in completing the work. j. References. k. Background and related experience of the specific individuals to be assigned to this project. l. Proposed compensation. As reflected above, contract award will not be based solely on price, but on a combination of factors as determined to be in the best interest of the City. After evaluating the proposals and discussing them further with the finalists or the tentatively selected contractor, the City reserves the right to further negotiate the proposed work and/or method and amount of compensation. 8. Proposal Evaluation and Award Tentative Schedule. The following is an outline of the anticipated schedule for proposal review and contract award: 14.a Packet Pg. 322 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 16 a. Issue RFP June 1, 2016 b. Deadline for submission of questions July 1, 2016 c. Receive proposals July 15, 2016 3.00 PM. d. Complete proposal evaluation August 1-10, 2016* e. Award contract September 6, 2016 f. Execute contract City Council Award of Contract g. Start work September 15 , 2016 * Bank may request to interview with staff during this period . 9. Release of Reports and Information. Any reports, information, data, or other material given to, prepared by or assembled by the banking institution as part of the work or services under these specifications shall be the property of City and shall not be made available to any individual or organization by the banking institution without the prior written approval of the City. 10. Copies of Reports and Information. If the City requests additional copies of reports, or any other material in addition to what the banking institution is required to furnish in limited quantities as part of the work or services under these specifications, the banking institution shall provide such additional copies as are requested, and City shall compensate the banking institution for the costs of duplicating of such copies at the banking institution’s direct expense. 11. Non-Exclusive Contract. The City reserves the right to contract with other banking institutions during the contract term. 14.a Packet Pg. 323 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 17 Section D FORM OF AGREEMENT AGREEMENT THIS AGREEMENT is made and entered into in the City of San Luis Obispo on this _____________day of ____________________________________, by and between the CITY OF SAN LUIS OBISPO, a municipal corporation, hereinafter referred to as City, and _______________ hereinafter referred to as Banking Institution. W I T N E S S E T H: WHEREAS, on May 20, 2016 City requested proposals for banking services pursuant to Specification No 90450 and. WHEREAS, pursuant to said request, the Banking Institution submitted a proposal which was accepted by City for said banking services. NOW THEREFORE, in consideration of their mutual promises, obligations and covenants hereinafter contained, the parties hereto agree as follows: 1. TERM. The term of this Agreement shall be, effective _____________________, 2016 for a three (3) year term; provided, the City and Banking Institution may mutually agree to extend this Agreement for one (1) additional three (3) year. 2. INCORPORATION BY REFERENCE. The Banking Institution’s proposal dated _______________,2016, and City’s Section B “General Terms and Conditions and Section E Insurance Requirements, are attached and incorporated in and made a part of this Agreement. 3. CITY'S OBLIGATIONS. For providing services as specified in this Agreement, City will pay and the Banking Institution shall receive therefore compensation as set forth in the Banking Institution’s proposal. 4. BANKING INSTITUTION’S OBLIGATIONS. For and in consideration of the payments and agreements hereinbefore mentioned to be made and performed by City, the Banking Institution shall provide all of the services set forth in its attached proposal and comply with the terms of this Agreement. 5. AMENDMENTS. Any amendment, modification or variation from the terms of this Agreement shall be in writing and shall be effective only upon approval by the City Manager of the City. 14.a Packet Pg. 324 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 18 6. COMPLETE AGREEMENT. This written Agreement, including all writings specifically incorporated herein by reference, shall constitute the complete agreement between the parties hereto. No oral agreement, understanding, or representation not reduced to writing and specifically incorporated herein shall be of any force or effect, nor shall any such oral agreement, understanding, or representation be binding upon the parties hereto. 7. NOTICE. All written notices to the parties hereto shall be sent by United States mail, postage prepaid by registered or certified mail addressed as follows: City Director of Finance & Information Technology City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Banking Institution Government Banking 8. AUTHORITY TO EXECUTE AGREEMENT. Both City and the Banking Institution do covenant that each individual executing this agreement on behalf of each party is a person duly authorized and empowered to execute Agreements for such party. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed the day and year first above written. ATTEST: CITY OF SAN LUIS OBISPO, A Municipal Corporation ________________________________ By:_____________________________________ City Clerk City Manager APPROVED AS TO FORM: BANKING INSTITUTION ________________________________ By: _____________________________________ City Attorney 14.a Packet Pg. 325 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 19 Section E INSURANCE REQUIREMENTS The Contractor shall procure and maintain for the duration of the contract insurance against claims for injuries to persons or damages to property that may arise from or in connection with the performance of the work hereunder by the Contractor, its agents, representatives, employees or subcontractors. Minimum Scope of Insurance. Coverage shall be at least as broad as: 1. Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001). 2. Insurance Services Office form number CA 0001 (Ed. 1/87) covering Automobile Liability, code 1 (any auto). 3. Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance. 4. Meet Federal and State or any other applicable insurance requirements for government held banking deposits. Minimum Limits of Insurance. Contractor shall maintain limits no less than: 1. General Liability: $1,000,000 per occurrence for bodily injury, personal injury and property damage. If Commercial General Liability or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit. 2. Automobile Liability: $1,000,000 per accident for bodily injury and property damage. 3. Employer's Liability: $1,000,000 per accident for bodily injury or disease. Deductibles and Self-Insured Retentions. Any deductibles or self-insured retentions must be declared to and approved by the City. At the option of the City, either: the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects the City, its officers, officials, employees and volunteers; or the Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses. Other Insurance Provisions. The general liability and automobile liability policies are to contain, or be endorsed to contain, the following provisions: 1. The City, its officers, officials, employees, agents and volunteers are to be covered as insureds as respects: liability arising out of activities performed by or on behalf of the Contractor; products and completed operations of the Contractor; premises owned, occupied or used by the Contractor; or automobiles owned leased, hired or borrowed by the Contractor. The coverage shall contain no special limitations on the scope of protection afforded to the City, its officers, official, employees, agents or volunteers. 2. For any claims related to this project, the Contractor's insurance coverage shall be primary insurance as respects the City, its officers, officials, employees, agents and volunteers. Any insurance or self-insurance maintained by the City, its officers, officials, employees, agents or volunteers shall be excess of the Contractor's insurance and shall not contribute with it. 3. The Contractor's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability. 14.a Packet Pg. 326 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 20 4. Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended, voided, canceled by either party, reduced in coverage or in limits except after thirty (30) days' prior written notice by certified mail, return receipt requested, has been given to the City. Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating of no less than A:VII. Verification of Coverage. Contractor shall furnish the City with a certificate of insurance showing required coverage. Original endorsements effecting general liability and automobile liability coverage are also required by this clause. The endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf. All endorsements are to be received and approved by the Ci ty before work commences. Subcontractors. Contractor shall include all subcontractors as insured under its policies or shall furnish separate certificates and endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of the requirements stated herein. 14.a Packet Pg. 327 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 21 Section F PROPOSAL SUBMITTAL SUMMARY The undersigned declares that she or he:  Has carefully examined Specification No. XXXX, which is hereby made a part of this proposal.  Is thoroughly familiar with its contents.  Is authorized to represent the proposing firm.  Agrees to perform the work as set forth in this proposal.  Certifies this proposal meets or exceeds all of the requirements Specification No. 91450, except as otherwise indicated and supported by supplemental schedules or attachments included with this proposal.  Certificate of insurance attached; insurance company’s A.M. Best rating: __________________. Firm Name and Address Contact Phone Corresponding Bank (if applicable): Local Branch Address Branch Manager Phone Signature of Authorized Representative Date The undersigned declares that they have carefully examined the Request for Proposal, which is hereby made a part of this proposal; is thoroughly familiar with its contents; is authorized to represent the proposing firm; and agrees to perform the specified work for the following cost quoted in full. 14.a Packet Pg. 328 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 22 REFERENCES Number of years engaged in providing the services included within the scope of the specifications under the present business name: . Describe fully the banking services provided to five government agencies performed by your financ ial institution which demonstrate your ability to provide the services included with the scope of the specifications. Attach additional pages if required. The City reserves the right to contact each of the references listed for additional information regarding your firm's qualifications. Reference No. 1 Customer Name Contact Individual Telephone & FAX number Street Address City, State, Zip Code Description of services provided including contract amount, when provided and project outcome Reference No. 2 Customer Name Contact Individual Telephone & FAX number Street Address City, State, Zip Code Description of services provided including contract amount, when provided and project outcome Reference No. 3 Customer Name Contact Individual Telephone & FAX number Street Address City, State, Zip Code Description of services provided including contract amount, when provided and project outcome 14.a Packet Pg. 329 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 23 Reference No. 4 Customer Name Contact Individual Telephone & FAX number Street Address City, State, Zip Code Description of services provided including contract amount, when provided and project outcome Reference No. 5 Customer Name Contact Individual Telephone & FAX number Street Address City, State, Zip Code Description of services provided including contract amount, when provided and project outcome Additionally, attach a listing of any clients where similar services were provided who terminated services in the last three years prior to the end of the service agreement. 14.a Packet Pg. 330 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 24 STATEMENT OF PAST CONTRACT DISQUALIFICATIONS The proposer shall state whether it or any of its officers or employees who have a proprietary interest in it, has ever been disqualified, removed, or otherwise prevented from bidding on, or completing a federal, state, or local government project because of the violation of law, a safety regulation, or for any other reason, including but not limited to financial difficulties, project delays, or disputes regarding work or product quality, and if so to explain the circumstances.  Do you have any disqualification as described in the above paragraph to declare? Yes  No   If Yes, explain the circumstances. Executed on at _______________________________________ under penalty of perjury of the laws of the State of California, that the foregoing is true and correct. ______________________________________ Signature of Authorized Proposer Representative 14.a Packet Pg. 331 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 25 AVAILABILITY SCHEDULE The proposer guarantees the availability of checks and other deposits for the purpose of determining float and collected balances as follows: 14.a Packet Pg. 332 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 26 REQUIRED SERVICES PRICING SCHEDULE Monthly Unit Price Monthly Service Description Volume Cost DEPOSITS Dep Insurance-Bank Assessment 19,973 Account Maintenance 2 Debits Posted-Other 18 Credits Posted-Other 378 IDS Statement Item Subtotaling 1,059 Photocopies 2 Banking Center Deposit 59 Currency/Coin Dep/$100-QBD-ND 1 Currency/Coin Dep/$100-Banking Center 122 Vault Deposit 517 Dep Conditioning-Surcharge-Vault 19 Currency/Coin Dep/$100-Vault 2,623 Coin Deposit-Non STD Bag Vault 36 Coin Deposit-STD Bag-Vault 60 Check Deposit-ICL 15 Transmission Maintenance 2 Checks Dep Un-Encoded Items 3,332 Image Deposited Items-ICL 4,086 Returns-Chargeback 4 Returns-Reclear 8 Deposit Correction-Cash 4 Deposit Correction-Non-Cash 2 Mail Notification-DCN-Vault 4 Supplies-Deposit Bags - Supplies-Deposit Tickets - 3rd Party Courier-Vault - Mail Notification-Receipt-Vault 417 CHECK DISBURSEMENT General Checks Paid Truncated 789 Positive Pay Exceptions 0 ARP Post Pay Return Default 0 Stop Pay Automated<=12 months 2 CD ROM Maintenance 1 Image Retrieval CPO 0 14.a Packet Pg. 333 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 27 Monthly Unit Price Monthly Service Description Volume Cost CD ROM Disk 1 CD ROM per Image 786 CPO ARP Positive Pay Notice 84 ARP Partial Positive-pay Main.-Supp. 1 ARP Partial Positive-pay Item 786 ARP Recon Trans End of Cycle 1 ACH TRANSACTIONS ACH Monthly Maintenance 2 ACH LV-Monthly Maintenance 1 ACH Consumer On Us Debits 139 ACH Consumer Off Us Debits 961 ACH Consumer On Us Credits 137 ACH Consumer Off Us Credits 934 ACH LV Off Us Items 32 ACH Originated Addenda 32 ACH Blocks Authorization Instructions 27 ACH Debit Received Item 74 ACH Credit Received Item 376 ACH Return Item 3 ACH Input-File 6 ACH Input-E-channel 2 Pay mode Con Transaction 2,253 ACH Blocks Authorization Maintenance 1 ACH Blocks Authorization Add-Change 2 ACH Notification of Change (NOC) 10 ACH Standard Reports-Fax 2 ACH Standard Reports-Electronic 3 CPO GP Mthly Main. Basic 1 WIRE/FUNDS TRANSFERS Elec Wire Out-Domestic 3-6 Elec Wire Out-Book DB 0 Incoming Domestic Wire 2 Book Credit 2 INFORMATION REPORTING Cash Pro-Website GPS Confirms 1 Cash Pro-Website Wire Payee Advising 1 Order Templates Store on wire system 2 Website Premium Previous Day Report Account 1 Website Premium Current Day Report Account 1 Website Premium CDR Item stored 461 14.a Packet Pg. 334 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 28 Monthly Unit Price Monthly Service Description Volume Cost Website Online Subscription 1 Website Premium IR Maintenance 1 Website Premium Research Item 59 Website Per Image Access 36 INVESTMENT Sweep Account 1 Itemized pricing for any proposed additional or optional services should be provided separately with those proposals. 14.a Packet Pg. 335 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 29 COMPENSATION All submittals must provide for the compensation options below. These computations should only be provided for Required Services. Fee for Service Method. Under this method, bank fees should be charged based on account activity volume. $ Variable Compensating Balance Method. Under this method, the collected balance required to be maintained by the City will vary monthly based on the city’s transaction volumes and the proposer’s unit prices for service, reserve requirement and earnings allowance. Proposer must identify the source of the proposed earnings allowance and computation detail. Using the definitions and calculation outlined below, calculate the balance required to offset the Required Services as described in the Proposal Submission Package.  Monthly Activity Service Charge - Extension of actual transaction volumes as indicated in the Proposal Submission Package under Required Services for the extended monthly cost.  Monthly Earnings Allowance - Proposer must identify source and computation detail for the proposed earnings allowance.  Reserve Requirement - Proposer’s reserve requirement as specified by the Federal Reserve Board. Complete the calculation below to determine the required collected balance to pay for services: Monthly Activity Service Charge/Monthly Earnings Allowance/1-Reserve Requirement = Required Collected Balance to Pay for Services $ Alternative Method Proposed. If proposers provide an alternative method for paying for Required Services a supplemental attachment must be prepared and included with the proposal describing the method in detail along with computation detail. $ 14.a Packet Pg. 336 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) 30 SUPPLEMENTAL ATTACHMENTS A. Responses to the Required Services set forth in Section A. B. Armored Carrier and Coin Counting. Please attach a supplemental description of the procedures the bank will implement to provide armored carrier pick-up five times weekly (at two locations) and coin counting. C. Monthly Statement Sample D. Monthly Account Analysis Sample E. Basis for Determining Interest Allowance on Compensating Balances F. Additional Services (with itemized pricing schedule) G. Optional Services (with itemized pricing schedule) 14.a Packet Pg. 337 At t a c h m e n t : a - B a n k i n g R F P - 2 0 1 5 ( 1 2 8 8 : B a n k i n g S e r v i c e s R F P ) Page intentionally left blank.