Loading...
HomeMy Public PortalAboutResolution No. 24-071 - Resolution authorizing issuance of a request for proposals for qualified financial institutions.Sponsored by: City Manager RESOLUTION NO. 24-071 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, AUTHORIZING ISSUANCE OF A REQUEST FOR PROPOSALS ("RFP") FOR QUALIFIED FINANCIAL INSTITUTIONS; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the City of Opa-Locka ("City") desires to seek services from a new banking vendor that meets the City's needs; and WHEREAS, the City Manager recommends that the City Commission authorize the issuance of a Request For Proposal (RFP) for Banking Services from financial institutions that meet the City's banking needs, as well as that provide satisfactory rates and services; and WHEREAS, the City has determined that authorizing the issuance of an RFP for said services is in the best interest of the City and its residents and further authorizes the spending of up to Three Thousand Dollars ($3,000.00) for advertising purposes, if deemed appropriate; and NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA: Section 1. Adoption of Representations. The above recitals are true and correct and are incorporated into this Resolution by reference. Section 2. Approval of Issuance of RFP for Banking Services. The City Commission of the City of Opa-Locka hereby approves the issuance of a Request For Proposal (RFP) for qualified financial institutions to offer Banking Services to provide satisfactory services, rates; and further authorizes the spending of up to Three Thousand Dollars ($3,000.00) for advertising purposes, if deemed necessary. 1 Resolution No. 24-071 Section 3. Scrivener's Errors. Sections of this Resolution may be renumbered or re -lettered and corrections of typographical errors, which do not affect the intent of this Resolution may be authorized by the City Manager, following review by the City Attorney, without need of public hearing, by filing a corrected copy of same with the City Clerk. Section 4. Effective Date. This Resolution shall take effect immediately upon adoption by the City Commission of the City of Opa-Locka. PASSED and ADOPTED this 24th day of April, 2024. John H. ylor Jr., Mayor TEST: nna Flores, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY: , it % "S , Bernadette Norris -Weeks, P.A. Moved by: Commissioner Bass Seconded by: Vice Mayor Ervin VOTE: 4-0 Commissioner Bass Yes Commissioner Kelley Yes Commissioner Williams Absent Vice Mayor Ervin Yes Mayor Taylor Yes DocuSign Envelope ID: 6E6606BB-C9FC-4FFC-862E-38D5905D24A2 City of Opa-locka Agenda Cover Memo DocuSigned by: City Manager: g C46C07C1E8DE492... Darvin Williams CM Signature: Lo 'f ,,,L-- Commission Date:Meeting April 24, 2024 Item (Enter X in the box) Resolution Ordinance Other X Fiscal Impact: (Enter X in the box) Yes No Ordinance Reading: (EnterX in box) 1s' Reading 2n`' Reading X Public Hearing: (Enter X in the box) Yes No Yes No X X Funding Source: Account#: (Enter Fund & Dept) Ex: See Financial Impact Section Advertising Requirement: (Enter X in the box) Yes No X Contract/P.O. Required: (Enter X in the box) Yes No RFP/RFQBid#: N/A X Strategic Plan Related (Enter X in the box) Yes No Strategic Plan Priority Area: Enhance Organizational Bus. & Economic Development Public Safety Q Quality of Education Qual. of Life & City Image Communication I Strategic Plan Obj./Strategy: (list the X Sponsor Name City Manager Department:p Police Department Short Title: A resolution of the City Commission of the City of Opa-locka authorizing the City Manager to issue a Request for Proposal for Banking Services. Staff Summary: Current banking services being received by the city are unsatisfactory. Until recently, our current banking partner had forgone providing the city with interest -bearing accounts resulting in a loss of hundreds of thousands of dollars annually. The city has been unable to seek new services from a new banking vendor due to the fact that the bond agreement with the current vendor requires the city to maintain its services until the bonds are paid in full. Hjstory: Staff has been extremely dissatisfied with services received from the City's current bank. Additionally, until very recently this bank had failed to provide appropriate rates and services consistent with the amount of funds the City has on deposit with this bank. Finally, among other debt DocuSign Envelope ID: 6E6606BB-C9FC-4FFC-862E-38D5905D24A2 that the City has, the Capital Improvement & Refunding Revenue Bond, Series 2015 B Note, currently with a remaining balance of $3,623,761, will have a one-time final (balloon) payment of $3,217,296 due on June 1, 2025, which is recommended to be refinanced. Financial Impact: The issuance of an RFP has no immediate financial impact other than possibly incurring advertising expense of up to $3,000 to ensure broad distribution of this RFP to a wide range of potential bidders. This advertising expense, if incurred, will be charged to Non -Department -Other Advertising, which has an available balance of $23,059. Proposed Action: Staff recommends the City Commission authorizes the issuance of an RFP for Banking Services Attachments: Request For Proposals for Banking Services.