HomeMy Public PortalAbout11-8197 Bank Atlantic Sponsored by: City Manager
Resolution No. 11-8197
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA-LOCKA, FLORIDA, TO AUTHORIZE THE
CITY MANAGER TO RENEW THE BANKING SERVICES
AGREEMENT WITH BANK ATLANTIC UNDER THE SAME
TERMS AND CONDITIONS FOR THE LAST ONE (1)YEAR
TERM FROM APRIL 1, 2011 THROUGH MARCH 31, 2012;
PROVIDING FOR INCORPORATION OF RECITALS;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS,pursuant to Resolution 06-7009,the City of Opa-locka entered into a Banking
Services Agreement with Bank Atlantic in January 2007; and
WHEREAS,the agreement provides for renewal options for two(2)additional one(1)year
term; and
WHEREAS, the City Commission of the City of Opa-locka desires to renew the contract
agreement for the last one (1) year term from April 1, 2011 through March 31, 2012.
NOW,THEREFORE,BE IT DULY RESOLVED BY THE CITY COMMISSION OF
THE CITY OF OPA-LOCKA, FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa-locka hereby authorizes and directs
the City Manager to renew the Banking Services Agreement with Bank Atlantic under the same
terms and condition, for the last one (1) year term, commencing April 1, 2011 through March 31,
2012.
Section 3. This resolution shall take effect immediately upon adoption.
Resolution No. 11-8197
PASSED AND ADOPTED this 23r1 day of March, 2011.
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Approved as to fo and legal L47/, 19 4 I
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Moved by: COMMISSIONER HOL ES
Seconded by: VICE MAYOR JOHNSON
Commission Vote: 3-0
Commissioner Holmes: YES
Commissioner Miller: NOT PRESENT
Commissioner Tydus: YES
Vice-Mayor Johnson: OUT OF ROOM
Mayor Taylor: YES
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Memorandum
TO: Mayor Myra L. Taylor
Vice-Mayor Dorothy Johnson
Commissioner Timothy Holmes
Commissioner Rose Tydus
Commissioner Gail Miller
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FROM: arance Patterson, City Manager
DATE: February 25,2010
RE: Request for Approval to Extend Banking Services Agreement
Request: STAFF IS REQUESTING APPROVAL FROM THE CITY COMMISSION
TO EXTEND BANKING SERVICES AGREEMENT WITH BANK
ATLANTIC
Description: The City entered into a Banking Services Agreement with Bank Atlantic in January 2007.
The agreement provides for renewal option for two (2) additional one year. Staff is
recommending that the Agreement be renewed for the last additional one (1)year term from
April 1, 2011 to March 31, 2012.
Financial Impact: None.
Implementation Timeline: April 1,2011
Legislative History: Resolution No. 06-7009
Recommendation(s): Staff recommends approval.
Analysis:
Attachments: Resolution No. 06-7009
PREPARED BY: Finance Department
Sponsored by: City Manager
Resolution No. 06-7009
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
OPA-LOCKA, FLORIDA ACCEPTING THE PROPOSAL OF
BANK ATLANTIC TO PROVIDE PROFESSIONAL BANKING
SERVICES FOR THE CITY OF OPA-LOCKA, FLORIDA;
FURTHER AUTHORIZING THE CITY MANAGER TO ENTER
INTO AND EXECUTE AN AGREEMENT WITH BANK
ATLANTIC, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, FOR PROVIDING SAID PROFESSIONAL
BANKING SERVICES
WHEREAS, the City of Opa-locka solicited a Request for Proposals(RFP)for professional
banking services on October 16, 2006 wherein said RFP was mailed to seven(7) banks who had
expressed an interest in providing banking services, to wit: Bank Atlantic, Commerce Bank, Sun
Trust Bank, Dade County Federal Credit Union, Bank of America, Wachovia Bank and Citibank
N.A.;and
WHEREAS, a proposal conference was held on October 30, 2006 which included
representatives from Citibank,N.A., Bank Atlantic, Commerce Bank and Sun Trust;and
WHEREAS, the RFP closed on November 17,2006 with the city receiving proposals from
Wachovia Bank,commerce Bank, Sun Trust Bank and Bank Atlantic;and
WHEREAS, the proposals were evaluated by an independent committee wherein Bank
Atlantic was deem the be the most responsible and responsive bidder.
NOW,THEREFORE,BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE
CITY OF OPA-LOCKA,FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Resolution No. 06-7009
Section 2. The City Commission hereby accepts the proposal of Bank Atlantic as the
most responsible and responsive bidder to provide professional banking services for the City of Opa-
locka.
Section 3. The City Manager is hereby authorized to enter into and execute an agreement
with Bank Atlantic, in a form acceptable to the City Attorney, for providing said professional
banking services.
PASSED AND ADOPTED this 13th day of December.2006.
MA O
Atte •: Approved as to fo al sufficiency:
-�
CITY CL ' CIT. A
( -2 rt
DATE
Moved by: Vice Mayor Johnson
Seconded by: Commissioner Tydus
Commission Vote: 4-0
Commissioner Tydus: Yes
Commissioner Holmes: Yes
Vice-Mayor Johnson: Yes
Mayor Kelley: Yes
ResoSution/RFP-Accepting Bank Atlantic- 2-06
BANKING SERVICES AGREEMENT
THIS BANKING SERVICES AGREEMENT ("Agreement"), is made and entered into this
t day of— , 2007, by and between:
CITY OF OPA-LOCKA, FLORIDA
a municipal corporation COPY
777 Sharazad Boulevard
Opa-Locka, Florida 33054-3596
(hereinafter referred to as "CITY")
and
BAN KATLANTIC
a federal savings Bank
2100 West Cypress Creek Road
Fort Lauderdale, Florida 33309
(hereinafter referred to as "BANK")
WHEREAS, on October 16, 2006, the CITY issued Request for Proposals for Banking
Services RFP#06-1117 ("RFP"); and
WHEREAS, a screening committee, consisting of City Staff, conducted a thorough
review of each proposal; and
WHEREAS, it is the recommendation of the screening committee that BankAtlantic
provide the Banking Services for the CITY; and
WHEREAS, the City Commission concurs with the recommendation of the screening
committee and finds it to be in the best interest of the citizens of Opa-Locka to enter into an
agreement with BANK; now, therefore
IN CONSIDERATION of the mutual covenants and conditions herein expressed and of
the faithful performance of all such covenants and conditions, CITY and BANK do mutually
agree as follows:
Section 1. The recitals to the preamble herein are incorporated by reference are hereby
ratified and incorporated herein.
Section 2. PURPOSE
2.01 The parties agree that the purpose of this Agreement is for the maintenance by
BANK and CITY of designated accounts and the transfer of funds between and among
the accounts according to the specifications of each account and for treasury
management services (herein "Services") to be provided by BANK in accordance with
the terms and conditions set out in this Agreement and the following auxiliary
agreements ("Auxiliary Agreements") attached hereto and incorporated herein:
Page 1 of 10
Exhibit "A" - CASHLINK System Services & License Agreement
Exhibit "B" - ACH Agreement
Exhibit "C" - CD ROM Services & Sublicense Agreement
Exhibit "D" - Positive Pay Services Agreement
Exhibit "E" - Business Account Depositor's Agreement and
Disclosure Statements (as amended from time to
time) (the "Depositor's Agreement")
Exhibit "F" - Banking Services Pricing Schedule
CITY and BANK acknowledge that additional auxiliary agreements may be required for
BANK to complete the required services. Upon execution of any additional auxiliary
agreements, said agreements shall be incorporated herein by reference. In the event of
a conflict between the terms of any of the Auxiliary Agreement(s) and this Agreement,
the Auxiliary Agreement(s) shall control.
Section 3. TERM
3.01 This Agreement shall be effective upon the approval of the City • mis - _- ad
execution by the parties (the "Effective Date") and shall terminate on arch 31, 2010
(the "Initial Term"), subject to prior termination as provided in Sec - _ 's
Agreement. The Services to be provided by BANK under this Agreement shall be
effective on April 2, 2007 provided that CITY executes any and all necessary account
opening documentation in a timely manner. This Agreement may be renewed by CITY
for two (2) additional one (1) year terms by providing written notice to BANK at least
thirty (30) days prior to the end of the Initial Term or then current term.
Section 4. STATEMENT OF WORK
4.01 This statement of work between CITY and BANK shall set forth the duties,
obligations and responsibilities of CITY and BANK in the provision of the Services.
4.02 BANK shall provide the following services:
4.02.1 BANK shall administer the following accounts:
Account Name Balance - / ! 2 O 11
City of Opa-Locka M eti 20/ 2
General Fund Master/Concentration
City of Opa-Locka
Accounts Payable Zero Balance
City of Opa-Locka
Payroll Zero Balance
Page 2 of 10
4.02.2 CITY shall maintain a concentration account into which the Zero
Balance accounts funds shall be transferred at the end of each business day.
4.02.3 BANK shall place all deposited monies made payable to the City in the
Concentration Account making such money available for disbursement in
accordance with BANK's normal funds availability policy.
4.02.4 BANK shall, as checks are presented against the Zero Balance
Accounts, transfer available funds from the Concentration Account into the Zero
Balance accounts to the extent necessary to maintain a zero balance.
4.02.5 BANK shall maintain the Concentration Account in a Public Funds
Super NOW account that shall bear an interest rate equivalent to a minimum of
the effective federal funds rate minus three (3) basis points.
4.02.6 BANK shall provide deposit reconciliation services to CITY so that
CITY can track deposits back to a particular department.
4.02.7 BANK shall provide via on-line access no later than 10:00 a.m. the
Ledger balance, Available balance, one day float detail, and a Summary of debit
and credit postings.
4.02.8 BANK will consider all EFT transfers received by 5:00 p.m. investible
by the CITY. Should an EFT transfer not be received by BANK, then the EFT
transfer will be traced from origin to destination to ascertain the party responsible
for delaying the transfer. If necessary, adjustments will be made as soon as
possible for any lost interest or earnings credit. Such credit will be calculated
using the same formula that CITY receives for an earnings credit.
4.02.9 BANK agrees to execute any EFT transfer order within (1) hour after
notification by the Finance Department via on-line, or by telephone, or by FAX, if
necessary. Adjustment will be made for any lost interest, earnings credit, or
charges resulting from a "failure" to consummate an EFT transaction.
4.02.10 BANK shall provide ACH services for the bi-monthly debit amounts
from the residents' bank account for utility services into CITY's account, biweekly
credit amounts to the employees' bank account for payroll purposes, and
biweekly and monthly credits to various vendors for services.
4.02.11 Wire transfers shall be made from the Concentration Account to both
CITY vendors and investment sources via personal computer. BANK shall
provide online access for confirmation of same-day wires executed, including
details.
4.02.12 BANK shall automatically debit CITY's Concentration account for all
returned checks. Each check shall have a debit advice attached and shall be
returned immediately to the Finance Department. Checks shall be deposited
Page 3 of 10
twice before becoming a returned check. Check returned for closed account
shall not be deposited twice.
4.02.13 BANK will provide reconciliation service for all CITY accounts.
4.02.14 Monthly bank statements will be for the full calendar month and will
be delivered to the CITY within eight (8) business days after the end of the
month. This statement will be available via CashLink Web.
4.02.15 A Monthly Service Charge/Analysis Statement for a particular month
will be completed and delivered to the CITY within (10) business days after the
end of the month. This statement will be available via CashLink Web.
4.02.16 BANK shall provide normal banking supplies (checks, money
wrappers, money bags, seals and tags, lockable zipper bags, deposit slips in
triplicate and safe deposit boxes) for the term of the Agreement.
4.02.17 BANK shall designate and provide, in addition to the person
designated in "Notices," Section 15, a dedicated Public Funds Consultant who
will act as the primary bank liaison to CITY. BANK shall also designate and
provide treasury management customer service representative(s) who will be
available to aid CITY upon request by CITY.
4.03 Unless otherwise specified herein, BANK shall not subcontract or otherwise
engage subcontractors to perform the required Services without prior notification to and
consent of CITY. CITY's consent shall not be unreasonably withheld. Should BANK
subcontract, BANK shall be responsible for the quality of all products and services
which are subcontracted.
4.04 RESPONSIBILITIES OF CITY
4.04.1 CITY shall designate the Finance Director or his designee as the person
who has authority to act on CITY's behalf with regard to this Agreement.
4.04.2 CITY shall provide requested information as soon as reasonably possible
after the receipt of BANK's request.
4.04.3 CITY shall initiate disbursement activity through the Zero Balance
accounts as needed.
Section 5. COMPENSATION
5.01 CITY shall pay fees to BANK for the services provided by BANK as described in
the Banking Services Pricing Schedule, attached hereto as Exhibit F.
5.02 CITY shall compensate BANK for the services provided as specified in this
Agreement on a monthly basis in accordance with Exhibit F, by utilizing the
compensating balance method to offset the monthly service charges. Monthly service
Page 4 of 10
charges will be calculated based on the monthly volume of transactions and the unit
cost as detailed in Exhibit F. The corresponding compensating balance required will be
calculated using the applicable earnings credit rate (ECR) set at the targeted Federal
Funds Rate.
BANK agrees that the fee schedule in Exhibit F shall remain unchanged for the Initial
Term of this Agreement, and for any renewal period unless BANK provides notice of
any changes to the fee schedule to CITY at least ninety (90) days prior to the renewal
date. Should CITY utilize additional services which were not requested by CITY in the
RFP, BANK reserves the right to charge for those services in accordance with the
Depositor's Agreement.
5.03 BANK shall utilize a twelve-month settlement period for offsetting service charges
with the earnings credit. Service charges in excess of the accumulated earnings credit
at the end of twelve months will be paid by debiting CITY's account.
Section 6. WARRANTY
6.01 BANK warrants to CITY that it shall comply with all applicable federal, state and
local laws, regulations and orders in carrying out its obligations under this Agreement.
Section 7. INSURANCE
7.01 BANK shall maintain, at its own expense, and keep in effect during the full term
of this Agreement, policy or policies of insurance which must include the following
coverages and minimum limits of liability:
A. Workers' Compensation:
Statutory Limits of coverage to apply for all employees in compliance with
all applicable State of Florida and federal laws. The policy must include
Employers Liability with a limit of$100,000 each accident.
B. General Liability:
Commercial General Liability (CGL) insurance with limits not less than
$1,000,000 each occurrence combined single limit for Bodily Injury and
Property Damage including coverage for contractual liability, personal
injury, broad form property damage, products and completed operations.
This policy of insurance shall be written in an "occurrence" based format.
C. Automobile Liability:
Comprehensive or Business Automobile Liability insurance with limits not
less than $500,000 each occurrence combined single limit for Bodily Injury
and Property Damage including coverage's for owned, hired, and non-
owned vehicles and/or equipment as applicable. This policy of insurance
shall be written in an "occurrence" based format.
D. Errors and Omissions Liability (if applicable):
Page 5 of 10
Section 10. ASSIGNMENT
10.01 Neither party to this Agreement shall assign the Agreement or subcontract it
as a whole without the prior written consent of the other, nor shall the BANK assign any
monies due or to become due to it, without the prior written consent of the CITY.
Section 11. GOVERNING LAW AND VENUE
11.01 The validity, construction and effect of this Agreement shall be governed by the
laws of the State of Florida.
11.02 Any claim, objection or dispute arising out of the terms of this Agreement shall be
litigated in the Seventeenth Judicial Circuit in and for Broward County, Florida.
Section 12. ENTIRE AGREEMENT
12.01 This Agreement and the attached Auxiliary Agreements contain the entire
understanding of the parties relating to the subject matter hereof superseding all prior
communications between the parties whether oral or written. This Agreement may not
be altered, amended, modified or otherwise changed nor may any of the terms hereof
be waived, except by a written instrument executed by both parties. The obligations of
BANK shall be as expressly set forth in this Agreement and the Auxiliary Agreements.
The parties acknowledge and agree that BANK shall not be responsible to comply with
any other obligations or conditions set forth in the RFP or any other correspondence or
documentation between CITY and BANK. Each party represents and warrants that the
person executing this Agreement on its behalf is authorized to do so. BANK shall be
permitted to use CITY's name in its advertising, customer list(s) and other third-party
requests for proposals.
Section 13. SEVERABILITY
13.01 Should any part, term or provision of this Agreement be determined by a court of
competent jurisdiction to be invalid, illegal or in conflict with any Federal law or law of
the State of Florida, the validity of the remaining portions or provisions shall not be
affected thereby.
Section 14. PARAGRAPH HEADINGS
14.01 All paragraph headings in this Agreement are included for convenience only and
are not be construed as a part hereof or in any way as limiting or expanding the terms
set out in this Agreement.
Page 7 of 10
IN WITNESS WHEREOF, the parties hereto by the signature of their respective authorized
representatives do hereby agree to be bound by the terms of this Agreement.
CITY OF OPA-LOCKA,
FLORIDA
ATTEST TO: ,/0 � By: , . _ _ 4. • ,..
o
�' ice. 1)I Print name: 1l,/+/,v i Av�Eie-4
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B Ir ��i�"�ra4.rr'r'tp
Title: C/r7
Deborah Sheffield Irb, �o ,
City Clerk
Approved as to form and
legal sufficiency:
A. Qui► 'Jones if
City Attorney
State of Florida
County of Miami-Dade
The foregoing instrument was acknowledged before me this /Zday o G (/ ,
2007, by .JA-AlAI/,E /a' E-vf.yeky , who is (who are) personally known to
me or who has produced as identification and who did (did
• ) take an •ath.
i 1 /
AS Not fry Public Signaturer,-":--
/ 07 y Pick-Slab. of 11Floddo
Nov ,2O
Commission di DD 371243
Notary Name, Printed, Typed or Stamped S 111011dadRyNallondNotcpyAun.
Commission Number:
Page 9 of 10
BANKATLANTIC
By: m.41 C.11,(/'
Print name: \ 4- \AM,C,C)
Title:
Y
State of Florida
County of Broward
The foregoing instrument was acknowledged before me this Iq day of Jan()a r
2007, by )`'(Qom,'k / -z3-e-L-k)cz who
is (who are) personally known to,
me or who has produced as identification and who did (did
not) take an oath.
C
thodieribrewlemairderiermehrerbodimeo
Notary Public Signature .,,,,Yp`. woNNE C.RATIO
4� B��
- -.���-,Notary Public-State of Fbdda
y"! pAycarn�ion60esAug31,2108I
Notary Name, Printed, Typed or Stamped
-'-4% londedByNallonaiNofaryAssn.
Commission Number:
My Commission Expires:
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