THE SCHOOL DISTRICT OF ST



925 Felix Street St. Joseph, MO 64501Telephone: 816 671-4000Fax: 816-671-4469Janet K. Pullen, CPA Chief Financial OfficerTHE SCHOOL DISTRICT OF ST. JOSEPHREQUEST FOR PROPOSALSCHOOL DISTRICT DEPOSITORY CONTRACTTABLE OF CONTENTSRequest for ProposalPage 2OverviewPage 2Procedures and CriteriaPage 3General ConditionsPage 4District Financial InformationPage 4Banking Services Page 5Interest Rate on AccountsPage 7Other ServicesPage 7Account Balances and TransactionsDepository Bid SheetDepository Contract and Pledge AgreementInvestment PolicyTimelineFebruary 6, 2006Mail out RFP’sFebruary 11, 2006Publish notice in St. Joseph News-PressMarch 20, 2006Responses due backApril 7, 2006Finance Committee meetingApril 10, 2006Board of Education approvalApril 11, 2006Start implementation for transition (if necessary)July 1, 2006Contract effective dateDUE:2:00 p.m. MARCH 20, 2006LOCATION:THE SCHOOL DISTRICT OF ST JOSEPHBUSINESS OFFICE925 FELIXST. JOSEPH, MO. 64501SCHOOL DISTRICT DEPOSITORY REQUEST FOR PROPOSALSIn accordance with Section 165.211, RSMo., the Board of Education of the St. Joseph School District, hereinafter referred to as the District, will accept sealed bids for the school district bank depository services until 2:00 p.m., March 20, 2006. Bids are to be prepared at no cost to the District and will remain the District’s property. Bids must be delivered sealed and marked, “Bank Depository Services Bid” in the lower left-hand corner of the envelope.Mail proposals to:Janet K. PullenChief Financial OfficerSt. Joseph School District925 FelixSt. Joseph, MO 64501The District reserves the right to reject any and all bids, to accept the bid considered most advantageous to the District, and to waive any irregularities. Bidders are asked to respond to all items. Clarification or questions may be addressed in writing to Janet Pullen, Chief Financial Officer, email janet.pullen@sjsd.k12.mo.us.OVERVIEWThe St Joseph School District, wishes to establish a depository relationship which will meet the following objectives:A. Depository agreement providing services and supplies at no cost to the District.B. Earnings on deposits shall be maximized by an overnight investment account with sweep capabilities.C. All funds shall be deposited in interest-bearing accounts one hundred percent of the time.In the event that investment earnings potential is greater through outside agreements, it shall be considered in the public interest to invest in those instruments. A separate package is available for any institution wishing to bid on investments services.I. Procedures and CriteriaOnce submitted to the District in sealed form, bids cannot be altered. By submitting a proposal, a vendor is agreeing to be bound by all of the specifications herein. Proposal terms will be valid for 90 days after the closing date of the RFP. Bidders must submit:Depository Bid Sheet. If any minimum balance is required, or if different interest rates or lower fees are available based on specified levels of balances, it should be so statedDepository shall furnish a rate of return comparison for each month beginning January 2005 through December 2005, which shows what the rate of return would have been if the proposed indicator and rate had been in place. Depository Contract and Pledge AgreementSchedule of bank locations that will accept deposits in St. Joseph References of similar size/type of customersAny other information that the depository deems would benefit the District in evaluating the bid.Please include in your proposal any products and services that are not specifically addressed in this RFP, but which are necessary to provide functional capabilities. This document of bid notice and specification becomes part of the depository contract. An original and one copy of the bid should be submitted to the District.Depository shall submit a Certified Copy of the Resolution Authorizing Execution of the Written Collateralization Agreement to the St. Joseph School District no later than 60 days following acceptance of Depository agreement.The District may choose to interview any, all or none of the bidders to obtain an accurate understanding of each bid. The District reserves the right to negotiate with one or more bidders. The contents of the Request for Proposal and the successful bidder’s proposal will become an integral part of the agreement, but may be modified during negotiations.A certified check in the amount of $2,500 payable to the St. Joseph School District will be submitted by each banking institution participating in the bidding process as required by 165.211, RSMo. The check will be returned to any unsuccessful bidder immediately upon action by the Board, and will be returned to the successful bidder upon verification of pledged securities by law. If successful bidder fails to execute the contract, District will keep the $2,500 as liquidated damages.Proposals will be evaluated using the following general criteria:Accuracy and professionalism with which the bidder responded to the RFPSoftware capabilities/Technological services/TrainingPrior experience either directly or with similar size/type of accountsFee structure (service charges, minimum balance requirement, interest rates)Additional services and support not specifically mentioned in the RFP but recommended and offered by the bidderII.General ConditionsThe minimum length of the depository agreement shall be for three (3) years, with an option exercisable by the District to renew at the same terms for up to two (2) additional years. The effective date of the service would begin July 1, 2006, and could be renewed for the period through June 30, 2011, based upon satisfactory annual review. The agreement may be terminated by mutual consent of both parties at any time.It will be the responsibility of the depository to adhere to all state and federal laws applicable to public school districts, including the furnishing of securities. Funds deposited must be 100% secured at all times with acceptable collateral as required by law. Acceptable collateral to secure deposits are the same as those for the state funds on deposit and can be viewed at sto.state.mo.us/invest/time.htm. Each proposal should include the type of security to be used as collateral for the accounts and name the trustee for securities pledged.The District’s operating funds, as designated by the District, shall be included in the depository agreement. This agreement is not exclusive. The District reserves the right to invest surplus funds with other financial institutions, as it deems prudent. Other excluded deposits include:Scholarship funds.Any bond funds or other construction funds which are available to the District preceding or during this depository contract period.Medical Insurance Trust Fund which will be located in a financial institution at the discretion of the Board of Education.The District, at some future date, could be forced into a situation whereby funds would be needed for current operations. The depository may be requested to grant short-term loans against anticipated tax revenues (RSMo.165.131).The District expects to receive same day ledger credit for all funds deposited by 2:00 p.m. The district also expects to receive collected credit on the same day Depository receives collected credit.It is understood that if the successful depository is not the present depository, then in that event, the present depository will continue to serve as depository until the District has had sufficient time to make an orderly transfer of funds to the newly designated depository.III. District Financial InformationThe District’s current financial records, including audited financial statements for the year ended June 30, 2005, are available for examination during regular business hours at the District’s Business Office at 925 Felix Street. District’s operating budget for the 2005-2006 school year will be in excess of $97 million. This does not include Debt Service and Bond project expenditures.The district receives state aid payments monthly. Major local revenue is received in December, January and February. Direct deposit (or direct check card) is required of all regular employees. Pay dates are the last banking day of each month. The District averages approximately 2000 payroll deposits each month.Accounts payable checks are issued each Friday (approximately 300).Banking ServicesMaintain proper records with cut-off at the end of each month for separate checking accounts required by the District which may include, but are not limited to:Primary Operating Account– Includes general deposits and transactionsFood Service and Student Activity Accounts (ZBA) – Deposits are made to these accounts daily by food service and school personnel. Total in each account at close of day is automatically transferred from the ZBA’s to the Primary Operating account.Hillyard Credit Card Account (ZBA) – from Primary Operating accountDebt Service Account – Includes semi-annual transactions for payment of long-term debt. Revenues primarily consist of transfers from the Primary Operating account.Construction Account – Includes transactions from bond sales from District capital projects improvement program. Inactive at this time.Federal Funds Account (ZBA) – For receipt of certain Federal funds. From Primary Operating AccountBy the fifth working day of each month, provide with the monthly statement by account, a listing of checks cleared in check number order and a check image on CD. Original deposit documents (or image) must also be included, and each deposit must appear on the bank statement by date deposited. Bank must supply a file of all checks cleared which the District can load into its financial software.Monthly account analysis of each account showing the volumes, fees charged, and total price for servicing the account. The account analysis should show the average ledger balances and average collected balances. Please submit a sample of the monthly account analysis statement that will be provided to the District.Provide interest on account balances at a fixed or variable rate. On-line banking services (internal transfers, wire transfers, stop payments, balance lookup, detail deposit lookup, account reconciliation, direct deposit of payroll, etc.) including daily reports of all activity for each account.Forward NSF items to third party administrator after one presentment; or at the District’s option, the Depository shall notify any school with deposits containing insufficient funds checks, at which time the school will be allowed to exchange the insufficient funds checks with cash or a District check.Acceptance of coin deposits in bulk (coin counting, coin/bill wrappers)After hour depositoryFurnish depository bags with locks and keys (~50)Furnish depository bags –non locking, zippered (~60)Furnish preprinted 2-part deposit slips, with coding for each locationFurnish preprinted checks for the various accountsFurnish cashiers checksProvide “for deposit” stamp(s) for each depositing locationPay Card to be used for “unbanked” employees where direct deposit of payroll can be transferred to their own personal pay cardPositive Pay on disbursement accountsACH debit blockThe Depository shall provide the District a report of securities pledged at the end of each month or at any other time as requested by the Chief Financial Officer or Controller. This report should reflect the total pledged securities itemized by: Security DescriptionCusip NumberSafekeeping AgentPar ValueMarket Value at Month EndMaturity DateThe custodian for collateral must be stated in the bid. Interest Rate on AccountsDepository shall designate the indicator for the term of the Depository contract and rate spread based on the chosen indicator on the Depository Bid Sheet.Interest payments shall be paid based on indicators such as:The 91-Day Treasury Bill Auction rate, as published in the Wall Street JournalFederal Funds RatePrime Rate, as published in the Wall Street JournalOtherAccrued interest will be credited to the appropriate account on the last banking day of the month.Other Services District is interested in using several additional services in the future. Please indicate if your Depository is capable of the following and any related fees:Controlled disbursementsWeb payment for lunches and child care programsMerchant credit card servicesElectronic check recovery of insufficient funds checksRemote deposit of checksPurchasing cardsDEPOSITORY BID SHEETTHIS FORM MUST BE USED, WITHOUT EXCEPTION. INSTITUTIONS SUBMITTING A PROPOSAL ARE WELCOME AND ENCOURAGED TO SUBMIT ADDITIONAL INFORMATION.Number of days per month and year used to calculate interest; e.g., 30/360Indicator upon which checking account interest will be paid: Where Published Spread + / = / - 91 Day Treasury Bill Auction RateFederal Funds RatePrime RateOtherWill interest be paid on Ledger Balances or Collected Balances?__________________________If on collected balances, please provide a collection schedule.Custodian for the collateral:______________________________________________________Type of security to be used as collateral:_______________________________________________Will depository agree to waive all services charges to District? _______________(If “no”, please list any service charges that depository will waive, and indicate a fee for each; also please list any required compensating balances.) Yes NoAcknowledge tax anticipation borrowing and have designated termsAcknowledge controlled disbursement and have designated termsAcknowledge web payment service and have designated termsAcknowledge merchant credit card and have designated termsAcknowledge electronic check recover and have designated termsDepository agrees to specifications in Request For ProposalOther Incentives or Additional Information _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Financial InstitutionAuthorized Signature_________________________________________________________________Date/Telephone NumberTitle ................
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