HomeMy WebLinkAbout2008 11 10 Informational 103 Custodial Services Bid for Investment Advisory ServicesCOMMISSION AGENDA
ITEM 103
November 10, 2008
Regular Meeting
AWARDS &
PRESENTATIONS
INFORMATIONAL X
PUBLIC HEARING
REGULAR
MGR DEPT
Authorization
REQUEST: The Finance Department And The City Manager Wish To Inform The City
Commission Of The Status Of The Custodial Services Bid And Investment
Advisory Services Request For Proposal Process.
PURPOSE: The purpose of this agenda item is to inform the City Commission of the status of
the Custodial Services Bid and Investment Advisory Services Request for Proposal
(RFP) process.
CONSIDERATIONS: At the Monday, October 27, 2008 Commission Meeting the City
Commission directed the City Manager to obtain bids from Custodial Service
providers. Staff requested bids from 7 firms and received 3 bids (see attached
worksheet). Regions Bank -Corporate Trust (Regions) provided the lowest quote
for these services at $1,000 per year plus $30 per trade (first 4 monthly trades are
free). A contract has been requested from Regions which will be forwarded to the
City Attorney for review.
The RFP for Investment Advisory Services has been issued.
FUNDING: A supplemental appropriation of $1,500 will be necessary from General Fund
Reserves to be placed in 1300-53130 Finance -General -Trustee Fees.
ATTACHMENTS: Bid Tabulation Worksheet
COMMISSION ACTION:
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~ Baneo Bank of
_
Re ions Bank ___
_
Bank of New Vork
US Bank
Po ular ___
America ____
SunTrust
Trusteo
Setu Fee waived none none No res onse ~ Cannot rovide Cannot provide _ No response
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--- se aret _____
separatety.
~ _
- ____ __ ---- _
_ Padca ed with Paden ed vrith ---------
_ '' Investment Account. __
___
Investment Account
Annual Fixed Admin Fee i E7,000 ~ _. $2,550 E5,100 ~ _. No rice rovided.__ E10,000 min
Annual Admin Fee for addfional accouMS ~~ ~
E300 I LS basis points on market value with a
min of E2500 EO - E20 M ~ 3 basis points on
annual market value + '~
~
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I __
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~ '
I
If we trade with US Bank on the ~
Tbills they will reduce our annual
fee in half. ~
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I
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',
_..._ ____-_._.__. ~ __.. _-__ _ _ _ _ _
Month _per trade fee E30 each E15 each ES each
each for all trades above 4 - r month
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j
j
__ _ __ __ I
_ up rchase, sale, free recei t and free dative ------------
__ _ tradeslout oin wires ~
I Fed buyslsales/prindpal
paydowns; physical trades; wire
distributions __ -
_____
_ ----
____ ---------
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Contact _ Bruce Dai er
Ran Deen RobeR Bucker, III Nora Rodri uez Maril la ica Marcus Ho kins Brad Delartn
_ _
407-419-8071 904b15-1989 904-502-9761 I 407-462-6478
407-3747416 _
marl .r.ia icca bankofamerira.com Marcus.Ho kins TruscdCa ital.com bdelarm truslcobank.com
C:VOowments and SedingsYngrecelDesktoplMisc 0608081Custodial bid 103008.x15
Sheetl
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