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Home My WebLink AboutR-84-1274y� RESOLUTION NO. 84-1274 A RESOLUTION ACCEPTING THE ATTACHED BID OF PAN AMERICAN BANK,N.A. IN THE AMOUNT OF APPROXI- MATELY $55,582 AS A CHARGE FOR BANKING SERVIC- ES FOR THE CITY OF MIAMI FOR 3 YEARS BEGINNING JANUARY 1, 1985; WITH SUCH SERVICE CHARGE TO BE PAID BY THE CITY MAINTAINING AN UNINVESTED AMOUNT OF MONEYS ON DEPOSIT WITH SAID BANK; WITH SAID REQUIRED UNINVESTED BALANCES FLUCTU- ATING DURING THE 3-YEAR PERIOD BASED UPON ACTUAL VOLUME OF SERVICES PERFORMED AND THE INTEREST RATE OF NEWLY -ISSUED TREASURY BILLS; AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT WITH SAID BANK IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF SAID ATTACHED BID. WHEREAS, sealed bids were received September 7, 1984 for the CITY OF MIAMI BANKING SERVICES; and WHEREAS, the City Manager reports that the $55,582.00 bid of Pan American Bank is the lowest responsible and complete bid and recommends that a Contract be awarded to said bank; and WHEREAS, the bid process was engaged in by the City in conformity with Section 18-2 of the City of Miami Code; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The attached Sentemher Q_ 1QAQ hire of oan } American Bank,N.A. in the approximate annual amount of $55,582.00 as a charge for providing BANKING SERVICES FOR THE CITY OF MIAMI for 3 years, such amount to fluctuate based upon actual banking service volume, is hereby accepted. Section 2. The aforesaid charge of approximately $55,582.00 is to be paid for by the City of Miami through its maintaining on deposit with said bank uninvested City moneys, said amount on deposit to fluctuate based upon actual banking service volume and actual newly -issued Treasury Bill interest rates over the 3-year period. CITY COMMISSION MEETING OF NOV 8 1984 RESOLUTIUN No. 84-1 REMARKS. RESOLUTION NO. 84-1274 A RESOLUTION ACCEPTING THE ATTACHED BID OF PAN AMERICAN BANK,N.A. IN THE AMOUNT OF APPROXI- MATELY $55,582 AS A CHARGE FOR BANKING SERVIC- ES FOR THE CITY OF MIAMI FOR 3 YEARS BEGINNING JANUARY 1, 1985; WITH SUCH SERVICE CHARGE TO BE PAID BY THE CITY MAINTAINING AN UNINVESTED AMOUNT OF MONEYS ON DEPOSIT WITH SAID BANK; WITH SAID REQUIRED UNINVESTED BALANCES FLUCTU- ATING DURING THE 3-YEAR PERIOD BASED UPON ACTUAL VOLUME OF SERVICES PERFORMED AND THE INTEREST RATE OF NEWLY -ISSUED TREASURY BILLS; AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT WITH SAID BANK IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF SAID ATTACHED BID. WHEREAS, sealed bids were received September 7, 1984 for the CITY OF MIAMI BANKING SERVICES; and WHEREAS, the City Manager reports that the $55,582.00 bid of Pan American Bank is the lowest responsible and complete bid and recommends that a Contract be awarded to said bank; and WHEREAS, the bid process was engaged in by the City in conformity with Section 18-2 of the City of Miami Code; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The attached Sentemher Q_ 1QAQ hire of oan } American Bank,N.A. in the approximate annual amount of $55,582.00 as a charge for providing BANKING SERVICES FOR THE CITY OF MIAMI for 3 years, such amount to fluctuate based upon actual banking service volume, is hereby accepted. Section 2. The aforesaid charge of approximately $55,582.00 is to be paid for by the City of Miami through its maintaining on deposit with said bank uninvested City moneys, said amount on deposit to fluctuate based upon actual banking service volume and actual newly -issued Treasury Bill interest rates over the 3-year period. CITY COMMISSION MEETING OF NOV 8 1984 RESOLUTIUN No. 84-1 REMARKS. Section 3. The City Manager is hereby authorized to enter into a Contract on behalf of the City of Miami with Pan American Bank,N.A. for BANKING SERVICES FOR THE CITY OF MIAMI for a 3-year period beginning January 1, 1985 in accordance with the Bank's attached bid. PASSED AND ADOPTED this 8th day of November. 1984. ATTEST: CITY CLERK PREPARD AND APPROVED BY: DEPUTY CITY ATTORNEY APPROVED .00 LUCIA A. DO +fib Z ti G F i b i. � u AND CORRECTNESS: —2- Maurice A. Ferre M A Y O R 84-JL27'4 4 d* 7 CITY OF MIAMI. FLORIDA 39 INTER -OFFICE MEMORANDUM ✓ TO Howard V. Gary DATE. September 26, 1984 FILE: City Manager rye SUBJECT Agenda Item 'I Carlos E. Garcia ; FROM Director of F i n a n� e REFERENCES: ENCLOSURES: It is recommended that the attached resolu- tion be adopted by the City Commission accepting the attached bid of Pan American Bank for the City's Banking Services, ex- cluding Registrar/Fiscal Agent services, for a three year period beginning January 1, 1985. Resolution 84-871 Authorized the Director of Finance to distrib- ute and publish request for proposals to federal and Florida - chartered banks located within the City limits for the banking services required by the City for a three year period. Newspaper ads were placed during August 16 & 18, in the Miami News, the Miami Review, the Miami Times and Diario Las Americas, and Requests for Proposals were mailed to fifty three local banks. Five responses were received from local banks as a ,,esu l t of the newspaper ads and mailed requests for proposals. Four other banks declined in writing to bid on the services. An evaluation team was appointed by the City Manager which in- cluded following City staff. Carlos Garcia, Finance Director, Charlotte Gallogly, Economic Development Director, Sujan Chhabra, Internal Auditor, Adrienne McBeth, Minority Procurement Coordina- tor, Gary Houck, Assistant Finance Director, and Philip Luney, Assistant Finance Director. Services to be provided under this contract are: Related to activity in the City's four bank accounts, depository, operating, payroll, and workers compensation, such as deposit of collections; payments of checks issued by the City; issuance and receipt of wire transfers; providing bank statements, magnetic tapes and daily balances. Safekeeping custodian of collateral related to City's investments. 84-1274 i Collection of letter of credit payments received from the federal government. Issuance of U. S. Savings Bonds purchased by City employees through payroll deductions. Registrar services are being excluded from this contract since it will be to the City's advantage to bid the registrar services immediately before a bond sale among both local and major out-of- town banking institutions. The cost associated with this contract for banking services will not require a cash disbursement from the City. The bank will be compensated by maintaining balances in the City's bank accounts in relation to the cost of the services. Annual cost of proposals for the banking services identified by the City were as follows: Barnett Bank of South Florida $109,571.681 Florida National Bank 101,445.002 Pan American Bank, N.A. 55,582.702 Southeast Bank, N. A. 54,831.00 Sun/Flagship National Bank of Miami 86,855.00 2 Excluded Registrar/Fiscal Agent Services Excluded Letter of Credit and Payroll Deduction Savings Bonds services. Based on the proposals received, the Evaluation Team unanimously selected Pan American Bank, N. A., as providing the best proposal for the City's banking services based on the following: - It provides the lowest cost when considering that Southeast Bank excluded from its bid letter of credit and payroll deduction savings bonds services. Pan American Bank cost would have been $52,420.20 if letter of credit and payroll deduction savings bonds services had been excluded. - Offered to provide all of the services requested by the City. - It presented a strong affirmative action program for hiring minorities with equally impressive results. - Provided the most complete packet to support its loan policy. The Evaluation Team for Banking Services strongly recommends the �+ adoption of the attached resolution. f CEG:hb cc: Law Department Evaluation Team 84-12'74 1 LAnIo1 i 1. ULU f UKI7 �( BANKING SERVICE ESTIMATED ANNUAL VOLUME ESTIMATED DEPOSITORIES: MAIN MAIN WORKER'S BID CHARGE ANNUAL PAYROLL OPERATING DEPOSITORY COMPENSATION TOTAL PER ITEM CHARGES Accto Maintenance 1 1 1 1 48 8.40 $ 403.20 Checks Paid 104,000 30,000 0 13,000 T4T.W .12 17 640.00 Checks Deposited 0 0 200,000 0 *ZUU.UUU .015 Enc./-.07 Unenc. 6,300.00 Credits Posted 100 100 900 0 Tiuu .22 242.00 Deposit Items Returned/ Charged Back 0 0 11000 0 1,000 2.25 2,250.00 Deposit Items Returned/ Resubmitted 0 0 1,000 0 1,000 2.25 2 250.00 Wire Transfers -Incoming 100 100 400 0 M 5.60 3,360.00 Wire Transfers -Outgoing 0 0 500 U 5UU 7.85 3,925.00 Phone Calls -Balance Status 250 250 250 250 1,uou 2.50 2,500.00 4 *Estimated 70% encoded - 140,000 @ .015 = $2,100. 30% unencoded - 30,000 @ .07 = $4,200. $6,300. OTHER SERVICES: Safekeeping Custodian (2) Safekeeping Custodian (2) Check Sorting Magnetic Tape of Paid Items Paid Item Listing Registrar/Fiscal Agent -Bonds Registrar/Fiscal Agent -Coupons Letters of Credit -Each Account Letters of Credit -Each Drawdown Letters of Credit -Each Paid Item Payroll Deduction -Savings Bonds UNIT BASIS Each Security Traded -Book Entry Fed. Reserve Each Security Traded/Actual Delivery Per 1,000 paid items Per 1,000 paid items Per 1,000 paid items Per Bond Redeemed -Matured Per Coupon Redeemed -Matured Per Letter of Credit Account Per Drawdown Per Paid Item Per Transaction TOTAL BID DEPOSITORY SERVICES $38,870.20 III ESTIMATED BID(1) ANNUAL CHARGE UNITS PER UNIT ESTIMATED ANNUAL CHARGES 100 8.00 $ 800.00 1uu 24.00 2,400.00 147 000 $50.00 Basic 147 000 fee per A/C + 1,800.00 147,000 .05 per item 7,350.00 2.00 200.00 .50 1,000.00 12.00 36.00 15 12.00 900.00 16.50 .85 2,210.00 TOTAL BID OTHER SERVICES $16,712.50 (1) If the bidding bank is unable to provide the designated banking service, the wording "NO BID" should be placed in this column. TOTAL VARIABLE BID $55,S82_70 (2) This charge is to be calculated for the purchase and maturity of each investmen (3) For Payroll, Main Operating b Workers' Compensation. PAN ICAN BANK, N.A. OR (4) These figures are for overall estimation purposes, since future bond issue _REQUIRED COMPENSATING BALANCE volumes are not known at this time. FIXED BID By: Peter A. Clayton, Senior Vice President