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Home My WebLink AboutR-86-0999J 86-1045-11/26 RESOLUTION NO. 8b-999-I A RESOLUTION AUTHORIZING THE CITY MANAGER TO REQUEST PROPOSALS FROM MINORITY AND WOMEN -OWNED BANKS FOR ESTABLISHING SPECIAL BANK ACCOUNTS FOR A PERIOD OF TWO YEARS. WHEREAS, the City of Miami has a Minority and Women - Owned Procurement Program to further the goal of increasing the total annual volume of all procurement expenditures to minority and women -owned business enterprises, authorizing for a minority and women -owned business enterprise procurement set -aside for use by the City Manager as may deem advisable; and WHEREAS, the City has its regular banking services under contract until December, 1987; and WHEREAS, the City Manager has identified three revenue sources to be deposited in three separate bank accounts when received by the City and to be subsequently wire -transferred within five (5) working days in to the City main depository account; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is authorized to distribute the attached Request for Proposal to Minority and Women -Owned Banks to establish , for a period of two years, three separate bank accounts, each with a Hispanic, Black, and Women -Owned Bank. PASSED AND ADOPTED this 11th.day of December, 1986. ATTEW. A. MATTY HIRAI, CITY CLERK PREPARED AND APPROVED BY: /C - it, J6 a VAI ALO*_� - ROBERT F. CLARK, CHIEF DEPUTY CITY ATTORNEY XAVIER L. SU-AREZ M A Y 0 R APPROVE AS TO FORM AND CORRWTNE,SS: LUCrA A. DOUG CITY ATTORNEY i Y COMIAISS40N MEETING OF Y.OEC it lyoo TION No. C7�J" 41 CITY OF MIAMI FLORIDA 28 INTER -OFFICE MEMORANCUM TO: Honorable Mayor and Members DATE: DEC 51986 PILE: of the City Commission -SUBJECT: Resolution Authorizing City Manager to Request Proposals from Minority FROM: Cesar H. O d i o REFERENCES: Banks. City Manager ENCLOSURES: RECOMMENDATION It is respectfully recommended that the City Commission adopt the attached Resolution authorizing the City Manager to request proposals from Minority and Women -Owned Banks for establishing special bank accounts for a period of two years. BACKGROUND The Finance Department recommends the establishment of three depository bank accounts under the set -aside provision of the Minority and Women Procurement Program. These accounts will be used specifically to receive the following revenue items: - Community Development Bond Funds - State Revenue Sharing Revenues - Half -Cent Sales Tax Each of these accounts is estimated to receive in excess of $11.5 million during FY-87. Once funds are deposited in these accounts as received from the State and Federal Governments, the banks will have five working days to transfer such funds into the City's main depository account. As background to the Ci ty' s banking practices, the City entered into a three-year contract with Pan American Bank, currently NCNB, in December, 1984, who was the successful lowest bidder in a competitive request for proposals process. This contract was approved by City Commission Resolution No. 84-1274, and provides comprehensive banking services to the City at very favorable rates. + 86-999► Honorable Mayor and Members of the City Commission Page - 2 - Investments of the City are also made on a competitive basis, as required by Section 47, which states that City moneys "shall be deposited with such responsible banking institutions as furnish such security as the Commission may determine and should agree to pay the highest rate of interest." Financial institutions used by the- City are being asked to comply with the City Commission Motion 86-942 requesting they demonstrate compliance with the Federal Community Redevelopment Act, to the effect that they are not following "red -lining practices". They must submit such proof by December 15, at which time the City Attorney, with support from the Finance Department, will evaluate the responses. 8s-sss . i + I A � REQUEST FOR PROPOSAL MINORITY AND WOMEN -OWNED BANKS General Information The City of Miami, under its Minority and Women Procurement Program, to further the goal of increasing the total annual volume of all procurement expenditures to min on ty an d women -owned business enterprises; has authorized the establishment of three depository bank accounts as a set -aside with Black, Hispanics, and Women -Owned Banks. The depository banks will separately receive one of the following revenues of the City: - Community Development Grant Funds (Estimated FY-87 Revenues = $11,9009000). - State Revenue Sharing Revenues (Estimated FY-87 Revenues = $11,800,000). - Half -Cent State Sales Tax Revenues (Estimated FY-87 Revenues = $11,500,000). Each of the above accounts will be set -aside on a random basis to separate Black, Hispanic and Women -Owned banks. Funds received in these accounts will be automatically transferred by the bank to the City's main depository account within five (5) working days. The City reserves the right to reject any and all proposals. Qualification Consideration A. Bank must be Black, Hispanic or Women -Owned bank in which at least fifty-one (51) percent of said enterprise is owned by Blacks, Hispanics or Women, whose management and daily business operations are controlled by one or more Blacks, Hispanics, or Women. B. Bank must be qualified as a "Public Depository Bank" by the State of Florida. C. Bank must be located in Dade County. 86-995 0. Bank must demonstrate compliance with the Federal Community Reinvestment Act or other applicable legislation related to investments in areas of low income. Description of Services The Bank will receive the funds directly from the State or Federal Governments at least on a monthly basis and will transfer the funds to the Ci ty' s depository account with another bank by wire within five (5) working days of original receipt of the funds. The Bank must also provide monthly bank statements to the City, and provide customer serves-_Lo 4i..sc;uss.matters related to the account. Selection Criteria The selection criteria for evaluation of proposal are: Completeness of proposal covering qualification considerations. The banks capability to provide requested services. The banks willingness to provide voluntary consideration to the City for maintaining the account. The banks will be selected by a Selection Committee appointed by the City Manager. Submission of Proposal Interested banks must submit their proposals by , to: Director of Finance City Of Miami P. 0. Box 330708 Miami, Florida 33133 i 86-9991 1 D. Ban k must demonstrate compliance with the Federal Community Reinvestment Act or other applicable legislation related to investments in areas of low income. Description of Services The Bank will receive the funds directly from the State or Federal Governments at least on a monthly basis and will transfer the funds to the Ci ty' s depository account with another bank by wire within five (5) working days of original receipt of the funds. The Bank must also provide monthly bank statements to the City, and provide customer serves -_to :di.s"ss.matters related to the account. Selection Criteria The selection criteria for evaluation of proposal are: Completeness of proposal covering qualification considerations. The banks capability to provide requested services. The banks willingness to provide voluntary consideration to the City for maintaining the account. The banks will be selected by a Selection Committee appointed by the City Manager. Submission of Proposal Interested banks must submit their proposals by , to: Director of Finance City Of Miami P. 0. Box 330708 Miami, Florida 33133 86-9991