The Finance Director is hereby authorized and directed to prepare and distribute a request for proposals for banking services in such form as may be approved by the Director of Law. Such a request shall be made as often as deemed appropriate by the Finance Director, but no longer than once every three (3) years. Said ordinance shall be in effect from 12/1/06 through 11/30/09.
Each request for proposals shall contain the following:
(a) A statement which provides that to ensure the City will receive the best service possible, no financial institution shall receive deposits of City funds without an open and fair competitive process, and that all financial institutions have an equal opportunity to competitively bid in future years.
(b) A list of requirements which the depository must meet in order to maintain the depository agreement in good standing.
(c) A description of the accounts required to be maintained under the depository agreement and of the specifics of operation related thereto.
(d) A statement of guidelines for the investment of the City's funds.
(e) A list of services required by the City under the depository agreement together with guidelines for the calculation of service charges and for the subsequent provision of additional services.
(f) A list of the criteria upon which the financial strength of each institution submitting a proposal will be evaluated.
(g) A statement of the instructions for submitting a proposal.
(h) A description of the selection process and of the procedure for submitting questions relating to the request for proposals.
(i) Upon receipt of said proposals for banking services the Finance Director shall make a recommendation as to what financial institutions will be designated as depositories for the City funds no later than thirty (30) days prior to the expiration of any three (3) year period.
(Ord. 2006-075. Passed 8-14-06.)