RFP for Banking Services
| Agency: | Whitley County School District |
|---|---|
| State: | Kentucky |
| Level of Government: | State & Local |
| Category: |
|
| Opps ID: | NBD16386929956859916 |
| Posted Date: | Mar 15, 2024 |
| Due Date: | Apr 10, 2024 |
| Source: | Members Only |
Attachment Preview
Whitley County Board of Education
300 Main Street
Williamsburg, KY 40769
(606) 549-7000
- - - Invitation to Quote - - -
Reference:
Date advertised:
Closing time of quotes:
Bank of Depository
March 13, 2024
April 10, 2024, 2:00 p.m.
General Conditions and Specifications
1. CONTACTS – Information pertaining to any item or condition in this invitation may be obtained by communicating with John
Siler, Superintendent, or Alicia Logan, Finance Officer/Treasurer, at the address or telephone shown above.
2. PRICE QUOTE – This request is being considered as a “price quote” rather than a bid since it is for professional services. Please
consider all statements as such.
3. DURATION OF AGREEMENT – The intent of this invitation is to receive quotes from any local financial institution (“bank”)
to serve as a depository for the Whitley County Board of Education (“Board”) for the fiscal year beginning July 1, 2024 and ending
June 30, 2025. The Board will officially appoint one (1) primary depository. A secondary depository may be appointed by the
Board as recommended by the Superintendent as needed for investments or construction accounts and/or for use for school activity
funds for the purpose of convenience. The Whitley County Board of Education, with the approval of the primary depository, may
extend this quote contract for additional one-year periods. If extended, the bank contract will be renewed by June 30th of each year
if in agreement.
4. ACCEPTABLE BANKS – The Board hereby limits the banks that are acceptable for submitting a quote to commercial banks
and/or savings and loan associations that have a physical branch office in Williamsburg, Whitley County, Kentucky.
5. QUOTE FORM – Any bank wishing to quote is required to submit the attached “Official Quote Form”. No quote will be
considered unless the Official Quote Form has been completed, signed, and submitted.
6. QUOTE SUBMITTAL – This invitation is supplied in duplicate. One copy of the completed quote is to be submitted in a sealed
envelope clearly marked “Bank of Depository RFP”. The quote must be received no later than the closing time indicated above.
None will be accepted thereafter. The quote may be hand delivered on the date of the opening, provided it is presented no later
than the closing time indicated above. The Whitley County Board of Education cannot assume the responsibility for any delay as
a result of failure of the mail to deliver the quotes on time. Quotes sent by facsimile transmissions will not be accepted.
7. SIGNATURE – An officer or member of the quoting bank, who is legally authorized to do so, must sign the Official Quote Form.
All quotes must be in ink or typewritten. All quotes shall be effective for ninety (90) days from date of opening and no quote may
be withdrawn prior to that time.
8. QUOTE OPENING – Quotes will be accepted until 2:00 p.m. Wednesday, April 10, 2024, Eastern Standard Time, and opened at
2:00 p.m. Wednesday, April 10, 2024 in the Central Office of the Whitley County Board of Education. A representative of the
bank may be present at the opening of quotes on the date, time, and location stated above, although this is not required. The Board
reserves the right to negotiate any or all terms of submitted quotes from banks.
9. QUOTE EVALUATION – Quotes will be evaluated on multiple factors. Rate of return is only one factor. Other considerations
include: branch hours and locations, an existing or prior relationship, references, optional services, etc.
10. FINAL APPROVAL – The Board shall make the final decision regarding the awarding of a Contract or Quote. Final approval of
the successful quote will be given at the Board meeting to be held on May 16, 2024, at 5:00 p.m. at the Board of Education,
Williamsburg, Kentucky. The results shall be recorded in the official minutes of the Board.
11. QUOTE ISSUES – The Board reserves the right to waive defects and informalities in quotes, to reject any or all quotes, or to
accept any quote as may be deemed to be in its best interest. The depository shall not substitute any other method of calculating
the interest to be paid the Board of Education on any accounts.
12. SCHOOL ACCOUNTS INCLUDED – All operating accounts of the Board will be deposited in the primary depository. This
includes school activity fund accounts. (See attachment B)
13. CONSTRUCTION/BOND ACCOUNTS – This depository agreement shall also apply to construction accounts established as a
result of selling school revenue bonds, and the primary depository shall pledge securities of the United States Government having
a fair market value at least equal to 103% of the balance of these accounts. The securities pledged for construction accounts are in
addition to the collateral requirements shown on the Official Quote Form.
14. INVESTMENTS – The Board reserves the right to negotiate the terms of investments and is not limited to investing with the
primary depository. Each local (Whitley County) depository will be given prior day’s notice of the amount(s) of the investment(s)
and the desired maturity date(s). Investment quotes from these parties shall be submitted in writing in a sealed envelope clearly
marked as “Investment Quote” by 2:00 p.m. (local time) on the day the quote is requested.
15. INVESTMENT OPTIONS – The Board reserves the right to use any or all investment vehicles offered by the bank that the Board,
in its discretion, deems to be the most advantageous to the Board. The primary depository agrees to negotiate with the Board to
permit the Board to take advantage of any new type of service or new investment procedure that may become available and
permissible for use by a board of education during the term of this agreement.
16. BORROWING – The primary depository will be expected to extend short-term credit as needed on legally drawn notes of the
Board for amounts not in excess of the Board’s legal borrowing limit at a rate of interest determined by market conditions. The
Board reserves the right to negotiate the terms for such borrowings and is not limited to borrowing funds from the primary
depository. The Board did not borrow short-term funds during the last fiscal year and does not expect, nor have plans, to borrow
short-term funds in the foreseeable future.
17. STATEMENTS – Monthly statements of all accounts, along with an electronic copy of legible front and back images of cancelled
checks (sorted numerically), and copies of deposit tickets , are to be furnished to the Board by the primary depository within three
(3) banking days following the close of each month. Monthly statements must show the number of deposits/withdrawals and the
monthly/year-to-date interest earned. Accuracy of the information contained on the bank statement is extremely critical and the
primary depository agrees to ensure the bank statement is accurate. Beginning dates for accounts shall be the 1st calendar day
of the month and the ending dates shall be the last calendar day of the month.
18. CHECKS/SUPPLIES—The primary depository is responsible for providing, at no charge to the Board or schools, all reasonable
items needed to transact banking business. These items include, but are not limited to, checks, direct deposit advices, deposit tickets,
safe deposit box (for the Board only), locking bank bags, canvas bags for collection of money from events, etc. Checks/Direct
Deposit Advices: The Board shall have exclusive control over the vendor selected to provide checks and direct deposit advices,
provided the requirements of the Federal Reserve System are met. The Board may utilize any and all security features available for
its check stock. The primary depository agrees to reimburse the Board for the cost of having its checks and direct deposit advices
printed. The Board will submit a documented reimbursement request to the bank for the cost of checks and advices as they are
purchased by the Board. The Board’s method of issuing checks to employees and to vendors is subject to change. The Board
currently prints its checks and direct deposit advices on blank check stock using a laser printer and pressure-sealer. With this
method, the information on the MICR line is added as the check generates on our laser printer. The primary depository will be
responsible for reimbursing the Board for magnetic ink toner cartridges.
19. TYPE OF ACCOUNTS - The Board of Education requires that all accounts of the District, including any school activity fund
accounts, be designated as interest bearing checking accounts.
20. TRANSMITTALS – The primary depository must be able to accept a MUNIS financial system generated file for data transmission
of direct deposit credits and shall be able to transmit to the Federal Reserve, credit unions, other banking institutions, etc. utilizing
all applicable required formatting.
21. DIRECT DEPOSIT – The Whitley County Board of Education pays its employees by direct deposit. The primary depository shall
provide the service free of charge to the District. The bank must provide same day electronic or fax confirmation that the direct
deposit batch has been processed.
22. DIRECT DEPOSIT REJECTIONS/REVERSALS – The bank must provide same day electronic or fax notification when a direct
deposit has been rejected or reversed.
23. ONLINE BANKING – Online banking capability will be available to the Whitley County Board of Education to allow district
authorized personnel secured online access to inquire and print account transactions, statements, generate stop payments, submit
payroll direct deposits, submit same day wire transfers, etc. of all accounts owned by the Whitley County Board of Education, and
include the ability to download statement and account information into a Microsoft Excel worksheet. Online bank statements shall
include the statement and check images, deposit images, corrections/adjustment images, etc. and are to be made available in a PDF
format that can be viewed, downloaded, and/or printed by authorized personnel. The bank shall provide a toll-free number or local
phone number and an email address for board use for support issues. The Board should be able to retrieve all activity of its accounts
daily.
24. AUDIT ASSISTANCE – The primary depository shall provide assistance and cooperation with the Board’s audit firm.
25. SERVICE CHARGES – This depository agreement shall not include any charges for servicing any and all accounts of the Board
or charges for any other banking service such as stop payments, cashier’s checks, overdraft charges, interim bank statements, checks
returned for insufficient funds, electronic transfers, wire transfers, account inquiries, courier service, etc.
26. FEDERAL TAX DEPOSITORY – The primary depository selected must agree to serve as Federal Tax Depository and State Tax
Depository for the Whitley County Board of Education at no charge to the Board.
27. CONTACT PERSON – The primary depository shall appoint one employee of the bank to be responsible to the Board’s Treasurer
for compliance with the terms of the adopted quote and to make sure all transactions of the Board are handled promptly and
efficiently.
28. TRANSITION – In the event the bank is not designated by the Board as its primary depository in the future, the bank shall continue
to pay interest at the rate established by this quote document on any funds remaining in any accounts at that financial institution
until all outstanding checks have cleared the bank. The primary depository agrees to honor all other terms of this agreement
during the transition period. The Board will make every effort to make a quick transition to the successor bank. However,
there shall be no time limit imposed on such a transition and the transition may take place on different dates for different accounts.
In addition, the primary depository agrees to assist the Board in its transition to a new depository, should the need arise. The
primary depository agrees to furnish the Board with such information concerning the activity of all accounts as may be needed
to take future quotes for the Board’s banking needs.
29. TAXES NOT APPLICABLE – Federal excise taxes or Kentucky sales and use taxes are not applicable to any purchase made for
use of the Board. Quotes should not include any such taxes. Purchase exemption certificates will be furnished as required.
30. EMPLOYEE BANKING SERVICES – If requested by an employee, an account will be offered for those individuals on direct
deposit if they meet the minimum requirements of the Depository. The type of account may be determined by the bank but should
include amenities such as maintenance free checking accounts, reduced fee or free traveler’s checks, cashier checks, money orders,
enhanced investment rates, discounted lending rates, free standard checks, and ATM (Automated Teller Machine) cards or debit
cards.
31. VOLUME OF BANKING TRANSACTIONS – See Attachment A for general volume information for receipts, expenditures and
checks written. Declarations within this document regarding the volume of banking transactions are the Board’s best estimate,
based on available information, and are intended to provide information to aid banks in evaluation of the Board’s accounts.
32. NON-DISCRIMINATION – The Whitley County Board of Education does not discriminate on the basis of race, color, national
origin, age, religion, creed, marital status, sex, or handicap in employment, educational programs, or activities as set forth in Title
IX, Title VI, and Section 504.
33. CONFLICTS OF INTEREST – KRS 45A.455 prohibits conflicts of interest, gratuities or kickbacks to employees of the Board
of Education in connection with contracts for supplies or services whether such gratuities or kickbacks are direct or indirect.
KRS
45A.990 provides severe penalties for violations of the laws relating to gratuities or kickbacks to employees which are
designed to secure a public contract for supplies or services.
34. EMERGENCY PROCEDURES – The primary depository must certify that emergency procedures are in place to provide
uninterrupted service should the need arise.
35. ONLINE DATA SECURITY – The primary depository shall provide online data security to safeguard our information by using
multi-factor authentication for online and mobile access, use secured web pages, house banking information and transactions on
firewall protected servers and other industry suggested security steps to protect our online data.
Whitley County Board of Education
300 Main Street
Williamsburg, KY 40769
OFFICIAL QUOTE FORM
FOR
DEPOSITORY FOR BOARD OF EDUCATION ACCOUNTS
THE WHITLEY COUNTY BOARD OF EDUCATION RESERVES THE RIGHT TO NEGOTIATE
ANY OR ALL OF THE TERMS OF SUBMITTED QUOTES FROM BANKS.
I. Interest Rates
A. Demand Accounts (Interest Bearing Accounts)
In accordance with the terms of the General Conditions and Specifications, all accounts of the Whitley
County Board of Education shall be serviced without charge. The bank agrees that no minimum
balance shall be required at any time and the bank shall factor any and all expenses of servicing the
Board’s accounts into the interest rate shown below. Quotes shall not be given consideration if a
minimum balance is required. Interest shall be paid on all deposits maintained by the Whitley County
Board of Education (including school activity fund accounts at the depository), starting on the date of
deposit. Interest shall be calculated based on the Federal Funds rate. The rate is subject to change
on the first business day of each month. The rate + or – the basis points stated below will be paid on
the daily balance, and the bank guarantees the rate will not fall below ________% at any time.
Interest shall compound daily and be paid monthly on the last day of each month.
Plus (+) _________basis points
Minus (-) ________ basis points
(Note: Complete only one line)
B. Loans
In the event the Whitley County Board of Education needs to borrow funds, the bank agrees to extend
credit as needed on legally drawn notes for amounts up to the board’s legal borrowing limit at a rate
not to exceed the greater of ______ percent per annum (maximum of 6%) or ______ percent
(maximum of 70%) of the federal reserve discount rate on ninety (90) day commercial paper in effect
in the federal reserve district in which the loan is made in accordance with KRS 160.540. The bank
This is the opportunity summary page. You are currently viewing an overview of this opportunity and a preview of the attached documentation.
For more information, please visit the Publication URL Web page.
TRY FOR FREE
Not a USAOPPS Member Yet?
Get unlimited access to thousands of active local, state and federal government bids and awards in All 50 States.