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.