HomeMy WebLinkAboutbocc.con.190.2011 NININVIPOSM
Rev. 08 -30 -11 jls
-4111, COUNTY CLERK'S
CONTRACT COVERSHEET
CONTRACT #: 190 -2011
ORIGINATING DEPARTMENT: Treasurer
PROCUREMENT OFFICER: Tom Oken PHONE #: 920 -5202
PROJECT NAME: Banking Services CONTRACTOR: Vectra Bank Colorado
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DOLLAR AMOUNT: $44,000.00 LINE ITEM # 001.00.00000.69801
CONTRACT EXECUTION DATE: 10/25/2011 CONTRACT END DATE: 10/31/2014
AUTOMATIC RENEWAL: ❑ YES ® NO TERM: 3 years
❑ BOCC AGENDA ITEM (Grants, IGA) ® STAFF AUTHORIZED SIGNATURE
(Requires BOCC Signature) (Per Revised Procurement Code 7/2005)
❑ OVER $50,000 (Requires Section Leader & County Manager's Signature)
✓ CHECK PROCUREMENT TYPE:
❑ None ❑ Informal ® Formal ❑ Sole Source ❑ Emergency ❑ Outside Agency /State Bid
® Compliance with C.R.S. 8 -17 -5 -101, 102 as amended (Immigration Form) ❑ Exempt
❑ Contract Renewal
✓ CHECK CONTRACT TYPE:
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® Services/Maintenance ❑ Employment
❑ License/Use ❑ Intergovernmental Agreement (Resolution Required)
❑ Lease ❑ Non - Profit
❑ Construction ❑ Quasi- Public (e.g. -AVH)
❑ Goods, Equipment, Supplies ❑ Grant Agreements (Notify Finance & Resolution Required)
® Other (e.g. revenue) ❑ Change Order /Contract Amendment
(C /O: 10% or $25K whichever is the lesser must have County Manager signature)
All Contracts should be proofed and all exhibits and notices must be attached for the following:
✓ ® No Pages Missing ✓® All Other Blanks Filled In
✓ ® If Page Left Intentionally Blank — Note on Page ✓® All Exhibits Attached
✓ Z Page numbered consecutively ✓❑ All Legal Descriptions attached (f applicable)
✓ ® All Original Signatures Affixed — ✓❑ Notice of Award/Notice to Proceed Attached (f applicable)
✓ ® All Dates Filled In ✓❑ Warranty (if applicable)
✓ ❑ Special Instructions for Finance Department:
✓ ® Authorized Procurement Officer's Name: Tom Oken
BY CHECKING ABOVE AND ENTERING NAME, THE AUTHORIZED STAFF PERSON INDICATES THAT
THE ATTACHED DOCUMENT HAS BEEN PROOFED AND READY FOR SCANNING.
NOTE: CLERK'S OFFICE WILL KEEP ORIGINAL DOCUMENTS IN COMPLIANCE WITH COLORADO STATE
ARCHIVES RETAINAGE SCHEDULE. ALL ATTACHMENTS MUST BE WITH THIS CHECKLIST!
Service Contract # 190 -2011 Rev. 8.29.11 jaa/js
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CONTRACT FOR PROVISION OF SERVICES
BANKING SERVICES
THIS CONTRACT is made and entered by and between the Pitkin County Board of County
Commissioners ( "County ") and Vectra Bank Colorado (hereinafter "Contractor ").
1. Term. The term of this contract is from October 25, 2011, to October 31, 2014. At the
expiration of the initial term, the contract may be extended for an additional term of up to three (3)
years by the express written consent of both parties.
2. Contractor's Obligations. Contractor shall provide services and pay interest as specified in
the following documents:
A. County's Request for Proposals for Banking Services including Addendums #1 and #2
(Attachment "A ")
B. Contractor's Proposal dated October 17, 2011 (Attachment "B ")
C. Contractor's clarification of its Proposal via two e -mails from Kristen Knecht to Tom Oken
dated October 18, 2011 (Attachment "C ")
3. Compensation and Expenses, Invoicing, Payment and Offset. The County shall compensate
Contractor for its services in accordance with the documents set out in Paragraph 2
4. Authorized County Representatives. Resolution No. 035 -2003 (Attachment "D ") appoints
the County Finance Director and County Treasurer each as an official custodian of County funds.
The County Finance Director and County Treasurer are each authorized to establish and maintain
accounts with Contractor and to sign this and other agreements necessary to do so.
5. Pitkin County's Obligations. Pitkin County shall administer this contract through a County
Representative. Tom Oken, County Treasurer, will manage the project as the County's
Representative. In the event that he is not available, John Redmond, Finance Director shall assume
the County Representative's duties. The services provided and products delivered by the Contractor
under this contract will be subject to review by the County's Representatives, or a designee, for
compliance with Contractor's obligations prior to final payment.
6. Termination Prior to Expiration of Contract Term. The County has the right to terminate
this contract, with or without cause, by giving written notice to the Contractor of such termination
and specifying the effective date thereof Such notice shall be given at least ten (10) days before the
effective date of such termination. In such event all finished or unfinished documents, data, studies
and reports prepared by the Contractor pursuant to this contract shall become the County's property.
Contractor shall be entitled to receive compensation in accordance with the contract for any
satisfactory work completed pursuant to the terms of this contract prior to the date of termination.
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Not withstanding the above, Contractor shall not be relieved of liability to the County for damages
sustained by the County by virtue of any breach of the contract by the Contractor.
7. Independent Contractor Status.
A. The parties to this contract intend that the relationship between them contemplated by
the contract is that of independent contractor. Contractor, and any agent, employee, or servant of
Contractor shall not be deemed to be an employee, agent, or servant of Pitkin County.
B. Contractor is not required to offer his services exclusively to Pitkin County under this
contract. Contractor may choose to work for other individuals or entities during the term of this
contract, provided that the basic services and deliverable products required under this contract are
submitted in the manner and on the schedule defined under this contract.
C. Contractor warrants that all work produced will conform to all applicable industry
standard of care, skill and diligence in the performance of Contractor's obligations under this contract.
D. Contractor shall not attempt to oversee or supervise the work or actions of any Pitkin
County employee, servant or agent in the course of completing work under this contract.
E. Contractor is not entitled to any Workers' Compensation benefits through Pitkin
County and is responsible for payment of any federal, state, FICA and other income taxes.
8 Assignability. This contract is not assignable by either party. Any use of subcontractors by
the Contractor for performance of this contract must be accepted in writing by the County.
9. Binding Arbitration. Any disputes arising out of this contract shall be subject to binding
arbitration. The parties agree that any disputes concerning the terms and conditions of this contract
shall be submitted and finally settled by arbitration. Arbitration shall be conducted pursuant to the
rules of the American Arbitration Association and shall be presided over by the Pitkin County
Hearing Officer appointed to arbitrate Pitkin County contract disputes. Costs of the arbitration shall
be awarded to the substantially prevailing party.
10. Severability. In the event that any provision of this contract shall be held to be invalid or
unenforceable, the remaining provisions of this contract shall remain valid and binding upon the
parties hereto.
11. Integration and Modification.
A. To further implement this contract, the County and the Contractor will execute a
Treasury Management Master Services Agreement and other agreements. In the event of a conflict
between this contract and those agreements, this contract shall prevail. This contract may be amended
only by written contract signed by both the County and the Contractor.
B. The County may, from time to time, request changes in the scope of services of the
Contractor to be performed hereunder. Such changes, including the increase or decrease in the
amount of the Contractor's compensation, which are mutually agreed upon between the County and
the Contractor, shall be in writing and upon execution shall become part of this contract.
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12. Indemnity.
A. The Contractor agrees to indemnify, hold harmless and, not excluding the County's right
to participate, defend the County, its subsidiary, parent, associated and/or affiliated entities, successors,
or assigns, its elected officials, trustees, employees, agents, volunteers, and any jurisdiction or agency
issuing permits for any work included in the project, hereinafter referred to as indenmitee, from all suits
and claims, including attorney's fees and cost of litigation, actions, loss, damage, expense, cost or
claims of any character or any nature arising out of the work done in fulfillment of the terms of this
Contract or on account of any act, claim or amount arising or recovered under workers' compensation
law or arising out of the failure of the Contractor to conform to any statutes, ordinances, regulation, law
or court decree. It is agreed that the Contractor will be responsible for primary loss investigation,
defense and judgment costs where this contract of indemnity applies. In consideration of the award of
this contract, the Contractor agrees to waive all rights of subrogation against the County its subsidiary,
parent, associated and/or affiliated entities, successors, or assigns, its elected officials, trustees,
employees, agents, and volunteers for losses arising from the work performed by the Contractor for the
County.
B. The Contractor further shall investigate, process, respond to, adjust, provide defense for
and defend, pay or settle all claims, demands, or lawsuits related hereto at its sole expense and shall
bear all other costs and expenses related thereto, even if the claim, demand or lawsuit is groundless,
false or fraudulent.
13. Insurance. Contractor and subcontractors shall procure and maintain until all of their
obligations have been discharged; including any warranty periods under this Contract are satisfied,
insurance against claims for injury to persons or damage to property which may arise from or in
connection with the performance of the work hereunder by the Contractor, its agents, representatives,
employees or subcontractors.
The insurance requirements herein are minimum requirements for this Contract and in no way limit
the indemnity covenants contained in this Contract.
The County in no way warrants that the minimum limits contained herein are sufficient to protect the
Contractor from liabilities that might arise out of the performance of the work under this Contract by
the Contractor, its agents, representatives, employees, or subcontractors. The Contractor shall assess
its own risks and if it deems appropriate and/or prudent, maintain higher limits and/or broader
coverages. The Contractor is not relieved of any liability or other obligations assumed or pursuant to
the Contract by reason of its failure to obtain or maintain insurance in sufficient amounts, duration,
or types.
A. Coverage and Limits of Insurance:
Contractor shall provide coverage with limits of liability not less than those stated below. An
umbrella and/or excess liability policy may be used to meet the minimum liability requirements
provided that the coverage is written on a "following form" basis.
1. Statutory Workers' Compensation: Colorado statutory minimums
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a. Policy shall contain a waiver of subrogation against the County.
b. This requirement shall not apply when a contractor or subcontractor is
exempt under Colorado Workers' Compensation Act., AND when such contractor
or subcontractor executes the appropriate sole proprietor waiver form.
Minimum Limits:
Coverage A (Workers' Compensation) Statutory
Coverage B (Employers Liability) $ 500,000
$ 500,000
$ 500,000
2. Commercial General Liability – ISO 1 CG 0001 form or equivalent
(With County named additional insured)
Minimum Limits:
General Aggregate $ 2,000,000
Products /Completed Operations Aggregate $ 2,000,000
Each Occurrence Limit $ 1,000,000
Personal /Advertising Injury $ 1,000,000
Fire Damage (Any One Fire) $ 50,000
Medical Payments (Any One Person) $ 5,000
Coverage to include:
• Premises and Operations
• Explosions, Collapse and Underground Hazards
• Personal / Advertising Injury
• Products / Completed Operations
• Liability assumed under an Insured Contract (including defense costs assumed under contract)
• Independent Contractors
• Additional Insured — Owners, Lessees or Contractors Endorsement, ISO Form 2010
(2004 Edition or equivalent)
• Additional Insured — Owners, Lessees or Contractors Endorsement, ISO CG 2037
(2004 Edition or equivalent)
• The policy shall be endorsed to include the following additional insured language on
the Additional Insured Endorsements specified above: "County, its subsidiary, parent,
associated and/or affiliated entities, successors, or assigns, its elected officials,
trustees, employees, agents, and volunteers named as an additional insured with
respect to liability and defense of suits arising out of the activities performed by, or on
behalf of the Contractor, including completed operations ".
3. Auto Liability: Bodily injury and property damage for any owned, hired, and
non- owned vehicles used in the performance of this Contract.
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Minimum Limits:
Bodily Injury/Property Damage (Each Accident) $ 1,000,000
4. Blanket Bank Bond / Financial Institution Bond -
SAA Standard Form No.24 or equivalent 10,000,000
5. Bankers Professional Liability Insurance 5,000,000
6. Network Security and Privacy Liability 1,000,000
including coverage for notification and credit monitoring expenses
B. Proof of Insurance:
1. Each insurance policy required by the insurance provisions of this Contract
shall provide the required coverage and shall not be suspended, voided or canceled except
after thirty (30) days prior written notice has been given to the County, except when
cancellation is for non - payment of premium, then ten (10) days prior notice may be given.
Such notice shall be sent directly to (County Representative's Name & Address). If the
insurance carrier will not provide the required notice, the Consultant/Contractor and or its
insurance broker shall notify the County of any cancellation, or reduction in coverage or
limits of any insurance within seven (7) days of receipt of insurers' notification to that effect.
Simultaneously with the Certificates of Insurance, the Contractor shall file with the
Procurement Officer a certified statement as to claims pending against the required coverages,
reserves established on account of such claims, defense costs expended and amounts remaining
on policy limits.
2. In addition, these Certificates of Insurance shall contain the following clauses:
a. The contractor's insurance shall be primary and non - contributory with
any insurance or self - insurance purchased by the County.
b. The insurance companies issuing the policy or policies hereunder shall
have no recourse against the County of Pitkin for payment of any premiums or for
assessments under any form of policy.
c. Any and all deductibles or self insured retentions in the above - described
insurance policies shall be assumed by and be for the amount of, and at the sole expense
of the Contractor.
d. Location of operations shall be: "all operations and locations at which
work for the referenced Project is being done."
3. Certificates of Insurance for all renewal policies shall be delivered to the
County's Representative at least fifteen (15) days prior to a policy's expiration date except for
any policy expiring on the expiration date of this contract or thereafter.
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4. The County reserves the right to request and receive a copy of any policy and
any policy endorsement at any time during the term of this contract.
14. Exemptions and Preferences. All purchases of construction or building or any other materials
for this contract shall not include Federal Excise Taxes or Colorado State or local sales or use taxes.
Pitkin County is exempt from such taxes under registration numbers 98 -02624 and 84- 78000 -5K.
15. Records. The Contractor shall maintain comprehensive, complete and accurate books,
records, and documents concerning its performance relating to this contract for a period of three (3)
years after final payment under the contract and the County shall have the right within the three (3)
year period to inspect and audit these books, records and documents, upon demand, in a reasonable
manner and at reasonable times, for the purpose of determining, by accepted accounting and auditing
standards, compliance with all provisions of the contract and applicable law.
16. Contract Made in Colorado. The parties agree that this contract was made in accordance with
the laws of the State of Colorado and shall be so construed. Venue is agreed to be exclusively in the
courts of Pitkin County, Colorado.
17. Attorney's Fees. In the event that legal action is necessary to enforce any of the provisions of
this contract beyond the arbitration described in Paragraph 9, the substantially prevailing party shall be
entitled to its costs and reasonable attorney's fees.
18. Governmental Immunity. Contractor agrees and understands that Pitkin County is relying on
and does not waive, by any provision of this contract, the monetary limitations or terms (presently
$150,000 per person and $600,000 per occurrence) or any other rights, immunities, and protections
provided by the Colorado Governmental Immunity Act, § 24 -10 -101, et seq., C.R.S., as from time to
time amended, or otherwise available to Pitkin County or any of its officers, agents or employees.
Further, nothing in this contract shall be construed or interpreted to require or provide for
indemnification of the Contractor by the County for any injury to any person or any property damage
whatsoever which is caused by the negligence or other misconduct of the County or its agent or
employees.
19. Current Year Obligations. The parties acknowledge and agree that any payments provided
for hereunder or requirements for future appropriations shall constitute only currently budgeted
expenditures of Pitkin County. Pitkin County's obligations under this contract are subject to Pitkin
County's annual right to budget and appropriate the sums necessary to provide the services set forth
herein. No provisions of the contract shall constitute a mandatory charge or requirement in any
ensuing fiscal year beyond the then current fiscal year of Pitkin County. No provision of the contract
shall be construed or interpreted as creating a multiple - fiscal year direct or indirect debt or other
financial obligation of Pitkin County within the meaning of any constitutional or statutory debt
limitation. This contract shall not directly or indirectly obligate Pitkin County to make any payments
beyond those appropriated for Pitkin County's then current fiscal year. No provisions of this
contract shall be construed to pledge or create a lien on any class or source of Pitkin County's
moneys, nor shall any provision of this contract restrict the future issuance of Pitkin County's bonds
or any obligations payable from any class or source of Pitkin County's money.
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20. Notice. Any written notice required by this contract shall be deemed delivered through any
of the following: (1) hand delivery to the person at the address below; (2) delivery by facsimile with
confirmation of receipt to the fax number below; or (3) within three (3) days of being sent certified
first class mail, postage prepaid, return receipt requested addressed as follows:
A. To Pitkin County with copies to:
Tom Oken
Pitkin County Treasurer Pitkin County Attorney's Office
530 E. Main Street, #201 530 E. Main Street, #302
Aspen, Colorado 81611 Aspen, Colorado 81611
Fax: (970) 920 -5230 Fax: (970) 920 -5198
B. To Contractor:
Vectra Bank Colorado
2000 S. Colorado Blvd., Suite 2 -1100
Denver, CO 80222
(720) 947 -7762 fax
21. Illegal Aliens — Public Contracts for Services. In conformance with the provisions of C.K.S.
§ 8- 17.5 -101 and 102, as amended;
A. Contractor shall not knowingly employ or contract with an illegal alien to perform
work under the public contract for services.
B. Contractor shall not enter into a contract with a subcontractor that fails to certify to
the contractor that the subcontractor shall not knowingly employ or contract with an illegal alien to
perform work under the public contract for services.
C. Contractor has confirmed the employment eligibility of all employees who are newly
hired for employment to perform work under the public contract for services through participation in
either the E- Verify Program or the Department Program.
D. Contractor shall use either the E- Verify Program or the Department Program
procedures to undertake pre - employment screening of job applicants while the public contract for
services is being performed.
E. Should Contractor obtain actual knowledge that a subcontractor performing work
under the public contract for services knowingly employs or contracts with an illegal alien,
Contractor shall be required to:
1. Notify the subcontractor and the County within three days that
the contractor has actual knowledge that the subcontractor is employing or
contracting with an illegal alien;
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2. Terminate the subcontract with the subcontractor if within three
days of receiving the required notice the subcontractor does not stop
employing or contracting with the illegal alien; except that the contractor shall
not terminate the contract with the subcontractor if the subcontractor provides
information to establish that the subcontractor has not knowingly employed or
contracted with an illegal alien;
F. Contractor shall comply with any reasonable request by the department made in the
course of an investigation that the department is undertaking pursuant to C.R.S. 8 -17.5- 102(5).
IN WITNESS WHEREOF, the parties have executed this contract as of the date first set out herein
above.
CONTRACTOR:
By: �c�n
Title 3 t 444r `fir.
PITKIN COUNTY, COLORADO:
B G %7.11 G- y-z-
Tom Oken, Treasurer
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Attachment "A"
County's Request for Proposals for Banking Services including Addendums #1 and #2
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js /
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REQUEST FOR PROPOSALS
BANKING SERVICES
GENERAL INFORMATION TO PROPOSERS
INTRODUCTION
Pitkin County has had a successful banking relationship with Alpine Bank for
many years. With a November 15, 2011, expiration of our current contract with
Alpine Bank, the County is now soliciting proposals from local banks to provide
banking services for Pitkin County.
II. SCOPE OF WORK
Proposers will be required to submit a proposal based on the attached
specifications. Only proposals with a complete proposal form will be considered.
III. SELECTION PROCESS
The County is required by the terms of the Pitkin County Procurement Code to
conduct a competitive selection process to select a Contractor for the above -
described proposal. This process shall be through formal proposals submitted in
response to this Request for Proposals.
A. SUBMITTALS
1. Proposer shall submit proposals for this project as outlined in the
Request for Proposals and Scope of Services, or an alternately developed plan as
developed by Proposer in response to and in accordance with this Request for
Proposals and Information to Proposers attached hereto.
Number of Copies: One (1) copy of the entire RFP response must be submitted in
a PDF format.
Response Format: Responses shall be in the same order as the requirements listed
below, in addition to filling out all required information on the proposal form to
ensure the Selection Committee is able to easily locate the information requested
in this solicitation:
a. The proposal must contain name, address, daytime phone number(s),
and e -mail address for person(s) to whom additional selection process
requests should be communicated;
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Services Contract # 190 -2011 Rev. 8.29.11 jaa/js / f
b. A completed Proposal Form;
c. Requested supporting material.
2. Proposer may be required to supply additional information upon
request, or to make additional submissions under secondary selection criteria, if
necessary.
3. All Proposals shall be sent via e -mail in PDF format to the
Procurement Officer as follows:
Tom Oken, Pitkin County Treasurer
tomo @co.pitkin.co.us
The subject of the e -mail should be "Sealed Proposal for Banking Services" and
the body of the e -mail should contain the name, contact person, e-mail address and
telephone number of the Proposer.
4. All proposals must be received by 11:00 a.m. on Tuesday, October 18,
2011, at which time they will be opened.
5. All questions and clarifications shall be submitted in writing via e -mail
to the Procurement Officer no later than October 12, 2011. All questions,
comments and answers provided shall be shared with all Proposers in addendum
format.
6. During the Request for Proposal selection process, all proposals shall
remain confidential. The entire selection process (procurement) file shall be
available to the public (which includes all Proposers) after an agreement is
approved by the County, except those items for which confidentiality has been
requested in writing by the Proposer, and providing that the County Attorney has
reviewed and determined them to be properly confidential under the State Open
Records Act and other relevant statutes and regulations.
B. TIME SCHEDULE
The County will endeavor to use the following timetable:
October 6 Request for Proposals issued
October 18 PROPOSALS MUST BE SENT VIA E -MAIL IN PDF
FORMAT TO tomo @co.pitkin.co.us AND RECEIVED BY
11:00 A.M.
October 19 Selection committee meets; requests additional information
if necessary
October 20 Announce top - ranked proposer; begin contract negotiations
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Services Contract # 190 -2011 Rev. 8.29.11 jaa/js I c p__
October 27 Complete contract negotiations
Oct 27 — Nov 15 Transition period: establish accounts and procedures; order
checks; adopt resolution authorizing depository; notify ACH
and wire remitters of account change; transfer funds
November 16 Begin contract term
C. EVALUATION CRITERIA AND WEIGHTING
Selection of the top - ranked Proposer will be based upon the following criteria and
relative importance (or as the same may be amended or supplemented by
published secondary selection criteria, if any):
1. Responsiveness of the Proposer to the scope of services required and
desired: 45%
2. Highest effective interest rate proposed to be paid on the County's
accounts and the likely average and maximum balances on which interest will be
paid: 50%
3. Merchant services fee schedule: 5%
D. SELECTION COMMITTEE
Tom Oken, Treasurer
John Redmond, Finance Director
Tiffany Wancura, Chief Deputy Treasurer
Nonvoting counsel to the Selection Committee: John Ely, County Attorney
Communications between Proposer and any member of the selection committee
during the selection process except when and in the manner expressly authorized
by the Request for Proposals, is prohibited. Violation of this restriction is
grounds for disqualification from the process.
E. CONTRACT
Upon selection of a top - ranked Proposer, negotiations will commence
immediately for a Contract with terms to be consistent with this Request for
Proposals and the information included herewith. The initial contract term will be
3 years. At the expiration of the initial term, the contract may be extended for an
additional term of up to 3 years by the express written consent of both parties.
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Services Contract # 190 -2011 Rev. 8.29.11 jaa/js
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PROPOSAL FORM
Proposal Date:
From:
Phone
E -mail Address:
To: THE PITKIN COUNTY BOARD OF COUNTY COMMISSIONERS
c/o Tom Oken, County Treasurer, tomo @co.pitkin.co.us
For: BANKING SERVICES
Pursuant to a request by the Pitkin County Commissioners, the undersigned Proposer (or
hereinafter, "Bank "), having examined this Request for Proposals (RFP), hereby proposes
to furnish the services listed below and as detailed in this RFP.
MINIMUM QUALIFICATIONS TO BE MAINTAINED DURING THE
CONTRACT TERM
1. The Bank must maintain a location in Aspen, Colorado.
2. The Bank must be certified as an eligible public depository under the Public
Deposit Protection Act ( "PDPA "). Pitkin County deposits are public funds
subject to the requirements of the PDPA. The County's PDPA # is 02 -0048-
0051 -01.
3. The Bank must be rated "three stars" or better by BauerFinancial
( http : / /www.bauerfinancial.com/btc ratings.asp) or have an equivalent rating by
another bank- rating service in the event that BauerFinancial no longer provides
ratings
The Bank shall notify the County immediately if it ceases to be an eligible public
depository or if its rating drops below the minimum specified above.
SCOPE OF BANKING SERVICES TO BE PROVIDED
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Services Contract # 190 -2011 Rev. 8.29.11 jaa /js
Mark an X next to each service that Bank will provide. Please provide an explanation
or alternative if you cannot provide the service as described.
Account executive. An executive must be assigned to the account to coordinate
the account services and expedite the solution of any problems. Provide a brief
biography of the account executive.
Main checking and depository account. The County will deposit almost all daily
activity into this account and the majority of incoming and outgoing wire and ACH
transfers will pass through this account. The majority of checks issued will be drawn on
this account. See the attached spreadsheet, Pitkin County account statistics.xlsx, for
actual monthly activity in this account for 2010. The monthly average balance in this
account during 2010 was approximately $43 million. The maximum balance in this
account during 2010 was approximately $57 million.
Supplemental accounts. The County currently maintains five additional low
volume accounts for various purposes. The County funds most of these accounts with
periodic transfers from its main account. See the attached spreadsheet, Pitkin County
account statistics.xlsx, for actual monthly activity in these accounts for 2010. The
monthly average balance in these accounts during 2010 ranged from less than $1,000 to
approximately $39,000.
Additional supplemental accounts, as required /requested.
Fees, interest rate, and balances on accounts. The Bank will charge no fees for the
services provided except as noted below for merchant account services. Compensation to
the Bank should be figured into the interest rate to be paid on the County's account
balances. The County will maintain a minimum balance of $1 million in its main account
at the Bank.
Alpine Bank currently pays interest on County accounts at a rate that is the greater of 1)
the 91 -day Treasury bill yield rate plus 50 basis points or 2) the highest 7 -day yield on
institutional money market funds and government surplus funds trust funds in which the
County could invest. This rate adjusts weekly based on the prior week's Treasury bill
auction or monthly based on the 7 -day money market fund yield at the end of the prior
month. In normal market conditions the T- bill - plus -50- basis - points rate has been in the
range of what the County could earn on 6 to 13 -month term investments, and
consequently the County has kept most of its short- term/cash management funds on
deposit.
• If the Bank proposes to pay an interest rate in the range of what the County could
earn on 6 to 13 -month term investments, then the County will likely keep an
average balance of $35 to 40 million in the main account with a maximum
balance of approximately $60 million.
• If the Bank proposes to pay a lower interest rate in the range of what the County
could earn on 3 to 6 -month term investments or in institutional money market
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Services Contract # 190 -2011 Rev. 8.29.11 jaa /js /5
funds, then the County will likely keep an average balance of $15 to 20 million in
the main account with a maximum balance of approximately $35 million.
• If the Bank proposes to pay an interest rate below what the County could earn on
3 -month term investments or in institutional money market funds, then the County
will likely keep an average balance of $1 to 2 million in the main account with a
maximum balance of approximately $20 million.
Interest rate on accounts. The Bank shall pay interest monthly on all County
accounts at a rate tied to a market or external interest rate that adjusts at least monthly.
Please specify the interest rate to be paid on the County's accounts in the form of a
"market /external rate" plus or minus so many "basis points" and list an Internet source
for the market or external interest rate. Also specify whether interest will be calculated on
a 360 or 365 -day basis, whether it will be paid on ledger or collected account balances,
and how often the rate will be adjusted. If the market /external interest rate used is other
than the 91 -day or 182 -day Treasury bill yield rate, then the Bank must provide the
County with 4 years of history of the market interest rate in an Excel spreadsheet.
Maximum balance. If the County's main account needs to be limited to a maximum
amount, please specify that amount; otherwise check "No maximum:"
$ Maximum amount
No maximum
In 2011 Alpine Bank requested that the County limit its main account balance to $20
million. To meet its contractual obligation to accommodate a larger amount, however,
Alpine Bank accepted amounts in excess of $20 million and placed them in short-term
CDAR's and/or in a trust account invested in money market funds. Alpine paid
additional interest to equal the contractual rate less the rate on the underlying
investments.
If Bank has indicated a maximum deposit amount above but will accept additional funds
at the proposed interest rate, please specify the amount of additional funds to be accepted
and the method to accommodate them:
$ Additional funds amount
Method:
Courier. Provide a courier to pick up deposits from the Treasurer's Office in the
Courthouse, 530 E. Main Street, Aspen, at approximately 3:30 p.m. each business day.
— or —
Remote Deposit Capture. Treasurer's Office will use an imager to scan paper
checks to create an image cash letter file to send to the bank. Bank to provide equipment,
software, and training for the capture and transmission of check images and MICR
information.
Outgoing Wire Transfers. Outgoing wires require phone confirmation with
another authorized County employee other than the initiator.
6
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js
Incoming Wire Transfers. Advise County Treasurer's Office of incoming wires
within 2 hours of receipt.
Online Capabilities:
Account transfers
Stop payments
ACH file upload and initiation. Please specify your deadline for initiating ACH
batches for next day receipt
Balance and transaction inquiry including current day transactions (real- time).
Please specify the number of prior days for which transactions are available online
Download /export of transactions
Monthly account statements. Please specify the number of months for which
statements are available online
Positive pay
Images of cleared checks. Please specify the number of days /months for which
check images are available
Manage online users: add or delete users, control account access and
functionality.
Merchant account services. Only two County departments currently accept
credit/debit card transactions through a merchant account with the Bank. Both of these
are low volume and small transaction amounts. Please submit your merchant account
services fee schedule for such accounts as an attachment.
Purchasing Cards. Purchasing card services are currently provided to the County by
Wells Fargo Bank and are not included in this RFP.
The right is reserved to waive any informalities and to reject any Proposal.
It is further understood that the right is reserved by the County to reject any and all
proposals, and it is agreed that the proposals may not be withdrawn for a period of sixty
(60) days from specified time for receiving proposals.
The Proposer acknowledges receipt of Addenda Nos.
(Type /Print name under all signatures)
Dated this day of 2011
(Corporate seal) PROPOSER:
7
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Services Contract # 190 -2011 Rev. 8.29.11 jaa /js
•
SIGNATURES: Proposals by corporations must be executed in the corporate name by
the president or a vice - president (or other corporate officer accompanied by evidence of
authority to sign), and the corporate seal must be affixed and attested by the secretary or
an assistant secretary. The corporate address and state of incorporation shall be shown
below the signature.
Proposals by partnerships or limited liability companies ( "LLC ") must be executed in
the partnership or LLC name and signed by a partner or authorized LLC officer, whose
title must appear under the signature, and the official address of the partnership or LLC
must be shown below the signature. The state in which the entity was formed and
whose law governs the entity shall be shown below the signature.
•
8
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js
INSTRUCTIONS TO PROPOSERS FOR PITKIN COUNTY CONTRACTS
For the Project Entitled: BANKING SERVICES
Date of Proposal Opening: October 18
1. a. A "Proposal" is a responsive, conforming, unconditional, complete, legible and
properly executed offer on the Pitkin County Proposal Form to do the work called
for in the Request for Proposals ( "RFP ").
b. Proposals must be submitted in sealed envelopes or electronically in PDF format and
submitted at the time and place designated in the RFP. Proposal envelopes and
electronic submissions must be clearly marked on the front of the envelope or in the
electronic submission as a "sealed proposal" with the project name and the name,
contact person, mailing address and telephone number of the Proposer. For both
paper and electronic submissions, the County reserves the right to request
verification of any original or electronic signature at any time before issuing a
Notice of Award.
c. It shall be the responsibility of the Proposer to ensure that the Proposal is in proper
form and in the County's possession by or before the scheduled time and date of
public Proposal opening. Proposals will not be accepted after the scheduled time
and date of opening. Any Proposals received late will be returned to the Proposer
unopened, if possible. In the event that it is impossible to determine who the late
Proposer is unless the envelope is opened, the envelope will be opened, the address
determined, and the envelope and Proposal returned immediately to the Proposer.
d. If specified in the Request for Proposals, parties who request packages of proposal
documents will be required to pay a fee for the document package. All parties who
request packages must provide the name of the potential Proposer, along with the
name of a contact person, address, telephone number, fax number and email address
for the purpose of dissemination of Addenda or additional proposal information.
e. If a mistake is made or discovered at or after the public opening, the County reserves
the right to determine which party made the mistake and whether the mistake is
material and, after these determinations, the County, in its sole discretion, shall
make the decision whether to accept or reject the Proposal. No advantage shall be
taken by either party of manifest clerical errors or omissions in the Proposal
documents or the Request for Proposals (and plans and specifications). All
Proposers are required to notify the County immediately of any errors or omissions
that may be encountered. (See 2.a. and 2.c., below).
f. The signer of the Proposal must initial any alteration or erasure. If provided on the
required Proposal Form, the proposal price of each item must be stated in numerals
and words; in case of a conflict, the words will control. In case of conflict between
the indicated sum of any addition of figures and the correct sum, the correct sum will
control.
g. No reimbursement will be made by the County for any costs incurred in the
preparation of a statement of qualifications, Proposals, or attendance at a site
inspection, pre -bid conference or interviews.
9
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js / Cf
h. No person, firm, corporation or other entity shall be allowed to make, file or be
interested in more than one Proposal for the same work, unless alternate proposals
are called for. A person, firm, corporation or other entity who has submitted a
subproposal to Proposer, or who has quoted prices on materials to a Proposer, is not
hereby disqualified from submitting a subproposal or quoting prices to other
Proposers.
2. a. If any person contemplating submitting a Proposal is in doubt as to the true meaning
of any part of the Drawings, Specifications or other Proposal or Contract
Documents, or finds discrepancies, errors, ambiguities, inconsistencies,
incompleteness or omissions in the Drawings or Specifications or the proposal
process, he /she must submit to the Procurement Officer a written request for an
amplification, clarification, explanation, interpretation or correction thereof. Failure
to do so shall constitute: (1) acceptance by the Proposer of the Drawings,
Specifications or other Proposal or Contract Documents as is, and (2) a waiver by
the Proposer of any and all claims arising, or that might arise, out of such discre-
pancies, errors, ambiguities, inconsistencies, incompleteness or omissions.
b. Proposers may propose substitute materials or techniques if such substitution is
equal to or better than the materials or techniques described in the RFP and if the
substitution has been submitted in writing at least ten (10) days prior to the public
Proposal opening. The burden of proof of equality or superior quality is on the
Proposer. If accepted as equal by the County in its discretion, the substitute will be
designated as an alternative on a formal addendum distributed to all Proposers at
least three (3) days prior to the deadline for Proposal submission.
c. Any amplification, clarification, explanation, interpretation or correction of the
documents will be made only by written Addendum duly issued and a copy of the
Addendum will be mailed or delivered to each person receiving a set of the Proposal
Documents. Delivery, as used in these Instructions, shall include electronic delivery
through e -mail, facsimile, web - posting or other electronic means. Neither the Owner
nor the Procurement Officer will be responsible for any information, representations,
explanations or interpretations of the Contract Documents not in written addenda.
d. The County reserves the right to call a pre - proposal conference; if called and
conducted, a summary of the pre - proposal conference will be mailed or
electronically delivered to all parties receiving a set of Proposal documents.
e. On request, the County will provide each Proposer access to the site to conduct, at
Proposer's sole cost, such inspections, tests and investigations as each Proposer
deems necessary for submission of a Proposal. No information provided by County
representatives at such a site inspection shall be deemed a waiver of the
requirements of 2.a. and 2.c., above.
f. Any Addenda issued during the time of the Proposal process, or forming a part of
the Proposal Documents, shall be covered in the Proposal, and shall be considered a
part of the RFP. Receipt of each Addendum shall be acknowledged in the Proposal.
g. If specified in the RFP, a request for qualifications may precede the RFP process.
10
Services Contract # 190 -2011 Rev. 8.29.11 jaa /js
3. a. Each Proposal, if required by the Proposal Documents, shall be accompanied by a
certified check or bid bond in a form acceptable to the County Attorney, in an
amount specified, payable without condition to the County as a guarantee that the
Proposer, if awarded the Contract, will promptly execute the Agreement in accord-
ance with the Proposal, and will furnish, if required by the Proposal, good and
sufficient bonds for the faithful performance of the Contract and for the payment to
all persons supplying labor and material for the work (see 10.a., below). The
Proposal guaranties of all parties except the three highest scoring Proposals will be
returned promptly after the opening of Proposals. After execution of the Contract
and issuance of a Notice to Proceed, the remaining two Proposers' guaranties will be
returned.
b. Proposer also, if required by the Proposal Documents, will fully complete and
submit with the Proposal a Pitkin County Qualification Statement or an updated
Statement if one is already on file. Pitkin County reserves the right to pre - qualify
Proposers based on said qualification statements.
c. Proposer also must submit with the Proposal a list of subcontractors, independent
contractors and suppliers to be employed under the Contract. If the County has a
reasonable objection to any such subcontractor, independent contractor or supplier, it
shall notify the Proposer and the Proposer may then: (a) withdraw the Proposal; or
(b) substitute an acceptable contractor or supplier. If required by the Contract
Documents, subcontractors, independent contractors and /or suppliers may be
required to submit a Contractor's Qualification Statement.
d. Proposals by corporations must be executed in the corporate name by the president
or a vice - president (or other corporate officer accompanied by evidence of authority
to sign) and the corporate seal must be affixed and attested by the secretary or an
assistant secretary. The corporate address and state of incorporation shall be shown
below the signature.
e. Proposals by partnerships or limited liability companies ( "LLC ") must be executed
in the partnership or LLC name and signed by a partner, authorized LLC officer,
whose title must appear under the signature and the official address of the
partnership or LLC must be shown below the signature. The state in which the
entity was formed and whose law governs the entity shall be shown below the
signature.
f. All names must be typed or printed below the signature.
4. a. Proposer acknowledges that this proposal is solicited and submitted subject to the
requirements of the "Pitkin County Procurement Code," (Ordinance #026 -2005, as
amended by Ordinance #03 -2007 (copies available on the Pitkin County website at
http: / /www.aspenpitkin.com/Portals /0 /docs/ county /countycode /procurement code 0
7.pdf or upon request for a nominal charge). As such, the Proposer agrees to comply
with all applicable requirements of said Procurement Code relating to proposing,
contract drafting, contract administration and ethics. The requirements of the
Procurement Code are incorporated herein by this reference.
b. The Proposer shall immediately notify the County Manager in writing of any
violation of said Code by the County's employees or agents, which violation is
11
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js
known or should have been known by Proposer, and failure to so notify the County
of violations within five (5) days of knowledge of such violations shall disqualify
the Proposer from award of the Contract being proposed and shall be deemed as a
waiver of any action or defense that the Proposer may have against the County by
reason of such violation of the Procurement Code.
c. The submission of a Proposal shall be conclusive evidence and legal admission that
the Proposer: (1) has no questions, complaints or objections in connection with the
Proposal process and /or documents, subject to any requests made by Proposer for
amplification, clarification, explanation, interpretation or correction pursuant to
Paragraph 2.a. and 2.c., above; (2) has no questions, complaints or objections as to
the completeness, sufficiency, scope or detail of the Proposal Documents; and (3)
has full knowledge of the scope, nature, quality and quantity of work to be per-
formed, the detailed requirements of the Proposal Documents including any and all
contract documents, the plans and specifications, the site and conditions under which
the work is to be performed, the Pitkin County Procurement Code and applicable
Colorado law.
5. a. All Proposals will be opened and read in public by name of Proposer only. No
Proposals may be withdrawn after the beginning of the public opening. The County,
in its sole discretion, may delay a Proposal opening for no longer than two (2) busi-
ness days if weather or other circumstances beyond control of Proposers results in
delay in receipt of Proposals. Proposals may be withdrawn at any time prior to the
beginning of the public opening or modified by a document executed and delivered
in a form substantially similar to the Proposal Form prior to opening.
b. All Proposals submitted must be valid for a minimum period of sixty (60) days after
the date of the Proposal opening. During this time, Proposers are investigated, and
Proposals are evaluated.
6. a. Proposals will be awarded to the highest scoring Proposer complying with the terms,
conditions, guidelines, selection criteria, plans and specifications presented in the
Request For Proposals.. All rights are reserved by the County to determine, in the
County's sole reasonable discretion, whether the Proposal meets the needs or a
purpose intended and is within the project budget.
b. Although price may be a major consideration in the selection of a Proposal, the
County does not award on price alone. The County may also consider the quality of
product as judged by the County; past experience with Proposers, subcontractors,
independent contractors, products or suppliers; qualifications of the Proposers and /or
subcontractors, independent contractors or suppliers; services offered; warranties;
maintenance considerations; long -range costs; delivery; and similar considerations,
all as specified in detail in the RFP.
c. The County reserves the absolute right to conduct such investigations -as it deems
necessary to assist in the evaluation of any Proposal and to establish the experience,
responsibility, reliability, references, reputation, business ethics, history,
qualifications and financial ability of the Proposers and proposed subcontractors,
independent contractors and suppliers. The purpose of such investigation is to
satisfy the County that the Proposer has the experience, resources and commercial
12
Services Contract # 190-2011 Rev. 8.29.1 1 jaa/js
reputation necessary to perform the work and support any warranties in accordance
with the Contract Documents in the prescribed manner and time.
d. The County, at its sole discretion, may require the apparent successful Proposer to
demonstrate, at a place and time designated by the County, that the Proposal meets
the performance criteria specified, or to otherwise provide documented proof from
independent reliable sources acceptable to the County that said performance criteria
will be met prior to final acceptance of the Proposal. The burden of proof of such a
demonstration is on the Proposer. In the event that the apparent successful Proposer
fails to demonstrate or provide acceptable proof of meeting required performance
criteria, that proposal will be rejected and the next eligible Proposer in the selection
ranking will be invited to participate in the same process until a proposal meeting
performance criteria is found within the ranking of eligible Proposers. The County
reserves the rights to reject any or all Proposals or to otherwise accept the Proposal
which in the County's sole discretion is in the best interest of the County.
e. Pitkin County reserves the right, if it deems such action to be in the best interests of
the County, to reject any and all Proposals or to waive any irregularities or
informalities therein. Any incomplete, conclusory, false or misleading information
provided by Proposer shall be grounds for rejection of the proposal. If proposals are
rejected, the County further reserves the right to investigate and accept the next best
proposal in order of ranking or to reject all proposals and re- solicit for additional
proposals.
f. Any questions or disputes involving the documents or procedures not covered by
these Instructions or other Proposal Documents shall be resolved by the Procurement
Officer on the basis of fairness, custom in the industry, maximization of competition
and best interests and convenience of the County.
7. Issuance of Notice of Award, execution of Contract Documents and issuance of a Notice to
Proceed shall be as specified in the Contract Documents.
8. Contracts will be executed on standard Pitkin County Contract documents and/or by
separate agreement with the Proposer. Copies of any applicable standard forms are
included with the Proposal Documents. The County reserves the right to negotiate with the
Proposer for contract terms not specified in the Proposing Documents. Any changes from
the Pitkin County standard form contract may result in a delay in the issuance of a Notice
to Proceed in order to obtain any necessary County Attorney review of changes from the
standard form. Proposer agrees that any such delays shall not be grounds for either
additional compensation or an extension of time to complete the work that is the subject of
the Proposal.
9. If the contract awarded as a result of a Proposal extends beyond the calendar year, nothing
herein shall be construed as an obligation by the County beyond any amounts that may be,
from time to time, appropriated by the County on an annual basis. It is understood that
payment under any Contract is conditional upon annual or supplemental statutory
appropriation of funds by said governing body and that before providing services, the
Proposer, if he /she so requests, will be advised as to the status of funds appropriated for
services or materials and shall not be obligated to provide services or materials for which
funds have not been appropriated.
13
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ADDENDUM #1, dated 10/12/11
TO PITKIN COUNTY'S REQUEST FOR PROPOSALS FOR BANKING SERVICES
(Services Contract # 190 -2011)
Questions submitted regarding the Request for Proposals are shown in black.
Answers provided are shown in red.
1. In the Scope of Banking Services to be Provided section...The instructions read "Mark
an X next to each service that Bank will provide. Please provide an explanation or alternative if
you cannot provide the services as described." The question is, if the bank marks an X and can
provide the services, should a detailed description of the service be included immediately under
the print where the X is marked, or would Pitkin County just like the bank to mark an X and not
include detailed product information?
If the bank can provide the services as described, just mark an X and do not include detailed
product information.
2. With respect to pricing, Pitkin County provided transaction volumes for the past 12
months. Ideally, balances will offset service costs, however the bank would like to disclose all
costs to Pitkin County. How should pricing be provided...Should we take the annual volumes
and divide by 12 for an average monthly snapshot of pricing, and include a high and low month,
or would Pitkin County like the bank to use volumes from one month in particular? If so, which
month?
Pitkin County did not request and does not need to see detailed pricing because the requested
services are to be provided without charge, except for the merchant accounts, and compensation
to the bank should be figured into the interest rate to be paid on the County's account balances.
3. Additionally with respect to pricing, in the document titled "Pitkin County account
statistics," there appears to be 2 sets of information...one perhaps maintained by Pitkin County
(which includes blue shading and account titles and prints in landscape format), and one that
appears to have been provided by a bank (and prints in portrait format). The set of information
that appears to have been provided by a bank includes more transaction types /volumes than the
other document. Should we use information from this one for the pricing?
The entire account statistics spreadsheet was provided by Alpine Bank and edited by Pitkin
County to substitute account names for numbers and to add annual averages. The data in the
"Monthly Data" tab is the raw transaction data downloaded from Alpine's system and the other
tabs summarize some of this data. Bank may use all of the data in the "Monthly Data" tab if it
considers it significant.
4. Is Pitkin County open to suggestions from Bank for additional services that may benefit
the County, such as Fraud Prevention? If so, where in the RFP should this information be
included?
Additional service suggestions may be included as a separate attachment to the Proposal Form.
5. Merchant Card:
In order to provide an accurate attachment for the costs of processing credit card / debit cards
there is additional specific information requested:
Since card transactions are low in volume and small in amount, the RFP only requested a fee
schedule, not a cost estimate, and that fee schedule is weighted only 5% as a evaluation criteria.
Consequently, only readily available answers have been provided to the following questions, and
the unanswered questions will only be addressed if considered essential by the bank and re-
requested in a reply e -mail.
The RFP indicates that credit card / merchant card processing are accepted by only two
departments. Which departments?
Sheriff's Office and Library
and, are the credit cards generally present (provided in person), over the phone, or on the
internet?
Generally present (provided in person)
Please describe how many and what each merchant account is used for.
Various fee payments
How is each Merchant account processing?
•Terminals - How many and what is the make and model for each account?
1 in the Sheriffs Office, 1 in the Library
•Virtual Terminal — What kind and what accounts?
None
•Online — What "Gateway" is Pitkin County using for its online card processing?
None (Pitkin County does use providers other than the bank for online card processing where a
convenience fee is collected by the provider; e.g., Official Payments for property tax, the State's
Payport system for vehicle registration and County Clerk's fees.)
•Card present / card not present / Mix — if so, what ratio for each?
Mostly card present
Can you provide 3 months recent statements from all related merchant accounts?
These are maintained in the Sheriff's Office and Library. Will attempt to obtain and send out
tomorrow, Thursday.
There are no numbers of processed ticket or dollar volumes for cards contained in the RFP. Can
those figures please be provided for an average monthly or annual basis?
The recent statements can be viewed as average /representative.
6. Signatures - The RFP requests that proposals be sent in electronic PDF format, but
further requests a corporate seal be affixed, and attested to by "the secretary or assistant
secretary ".
Do you also then require a paper copy of the proposal to be delivered to the Procurement
Officer?
No, but if the corporate seal is embossed, please ink it so that it shows up on the PDF scan.
Will you accept attestation from a corporate officer other than "secretary or assistant secretary "?
Yes, any officer other than the one signing.
ADDENDUM #2, dated 10/13/11
TO PITKIN COUNTY'S REQUEST FOR PROPOSALS FOR BANKING SERVICES
(Services Contract # 190 -2011)
Questions submitted regarding the Request for Proposals are shown in black.
Answers provided are shown in red.
1) The County is requesting Positive Pay — would you like check and/or ACH Positive Pay?
Check
2) On the spreadsheet titled "Pitkin County Analysis of Main Account for 2010 ", there is a
line item for "ACH Files ". How many individual ACH items are in each file? I am
looking at the month of July, specifically, as an average of monthly activity.
This line item is misleading: looking at the source data in the "Monthly Data" tab it
appears that this line item is the sum of the ACH credits and ACH debits, most of which
are not ACH files that the County has initiated. The County initiates two types of ACH
files: 1) payroll direct deposit, every two weeks with approximately 270 items in each
file; and 2) County Clerk's Office e- recording fees, usually 1 file every business day,
occasionally 2 to 3 files (so approximately 20 — 25 files per month) with only 2 to 3 items
in each file.
3) On the spreadsheet titled "Pitkin County Analysis of Main Account for 2010 ", in the
month of July, for example, it shows 208 deposits. In these deposits, how much cash was
deposited and how many checks? Or do you have a monthly average of cash and checks
deposited?
For July, 2010: 81 cash deposits totaling approximately $66,000; 127 check deposits by
remote deposit, totaling approximately $5,467,000 and 3,637 checks.
4) Does Pitkin County have an official investment policy or do you follow the state PDPA
rules? If you do have an investment policy, may I have a copy?
The County's bank deposits are governed by the PDPA (article 10.5 of title 11, C.R.S.)
and by C.R.S. 24 -75 -603. C.R.S. 24 -75 -601, et.seq, governs County investments. The
County also has an investment policy, copy attached.
5) In addition to the indication of a check mark on the services, is the County open to
additional information about the specific services? Can descriptions of the services be
included in the proposal response, or should they be appendices to the proposal response?
Information about specific services beyond that requested in the RFP will not be
considered initially by the County but may be requested from finalist proposers. If you
wish to include this information with the initial proposal please include it as a separate
attachment to the Proposal Form.
�-7
6) Can you provide 3 months recent statements from all related merchant accounts?
Attached; however, the Sheriff's Office secretary is on vacation so could only find some
statements from 2009 — should be similar to current activity.
Attachment "B"
Contractor's Proposal dated October 17, 2011
Services Contract if 190 -2011 Rev. 8.29.11 jaa/js
c9 f TKIN
�OUNT�
VECTRAB
COLORADO
PROPOSAL FORM
Proposal Date:
From: Vectra Bank Colorado
2000 S. Colorado Blvd. Suite 2 -1100
Denver, CO 80222
Phone: (720) 947 -7791
To: THE PITKIN COUNTY BOARD OF COUNTY COMMISSIONERS
c/o Tom Oken, County Treasurer, tomo @co.pitkin.co.us
For: BANKING SERVICES
Pursuant to a request by the Pitkin County Commissioners, the undersigned Proposer (or
hereinafter, "Bank "), having examined this Request for Proposals (RFP), hereby proposes
to furnish the services listed below and as detailed in this RFP.
MINIMUM QUALIFICATIONS TO BE MAINTAINED DURING THE
CONTRACT TERM
1. The Bank must maintain a location in Aspen, Colorado.
Vectra Bank is pleased to offer two branch offices in Pitkin County:
534 E. Hyman Ave. 16 Kearns Road
Aspen, CO 81611 Snowmass Village, CO 81615
1
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js 0
2. The Bank must be certified as an eligible public depository finder the Public
Deposit Protection Act ( "PDPA "). Pitkin County deposits are public funds
subject to the requirements of the PDPA. The County's PDPA # is 02 -0048-
0051-01.
Vectra Bank is fully compliant with all PDPA requirements.
3. The Bank must be rated "three stars" or better by BauerFinancial
( http : / /www.bauerfinancial.com/btc ratings.asp) or have an equivalent rating by
another bank - rating service in the event that BauerFinancial no longer provides
ratings.
Vectra Bank has a current BauerFinancial rating of "three stars"
The Bank shall notify the County immediately if it ceases to be an eligible public
depository or if its rating drops below the minimum specified above.
SCOPE OF BANKING SERVICES TO BE PROVIDED
Mark an X next to each service that Bank will provide. Please provide an explanation
or alternative if you cannot provide the service as described.
X Account executive. An executive must be assigned to the account to coordinate
the account services and expedite the solution of any problems. Provide a brief
biography of the account executive.
David K. Marshall, Vice President, Corporate Deposit Relationship Manager
David Marshall is responsible for business development and relationship
management for complex treasury management and deposit centric Colorado
based public and private organizations. Marshall has developed and manages
one of the larger depository portfolios at Vectra Bank, generating over $2MM in
annual revenue.
Prior to joining Vectra Bank, Marshall was a Senior Treasury Management
Officer for KeyBank Marshall's banking experience spans 19 years and includes
various positions with Vectra Bank KeyBank and Zions First National Bank
Marshall has served on the Board of Directors for Colorado's Treasury
Management Association and earned the Certified Treasury Professional (CTP)
credential in 1999. He is active in Boy Scouts of American, where he currently
serves as Organization Executive. He has been both a volunteer and coordinator
for Vectra Bank's bankwide volunteer efforts with Junior Achievement. Marshall
has also volunteered with his non-profit clients, and was recognized in 2010 a
Banker of Distriction, by the Colorado Bankers Association.
2
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js
3)
David is a graduate of Utah State University and is finishing a masters degree in
management at Colorado State University.
Kristen Knecht, Treasury Management Sales Officer:
Kristen Knecht joined Vectra Bank in November 2007 with several years of
banking experience including operations management, commercial lending,
mortgage lending, and account relationship management. Kristen started with
Vectra as a Deposit Relationship Manager then she moved to the Treasury
Management Department where she served in a customer support role for two
years. In April 2011, Kristen was promoted to the Treasury Management Sales
Team where she supports the Denver metro branches, the Business Banking team
and the Aspen and Steamboat Springs markets. She has a Bachelor's of Business
Administration from the University of San Diego and she has lived in Colorado
since 1995.
X Main checking and depository account. The County will deposit almost all daily
activity into this account and the majority of incoming and outgoing wire and ACH
transfers will pass through this account. The majority of checks issued will be drawn on
this account. See the attached spreadsheet, Pitkin County account statistics.xlsx, for
actual monthly activity in this account for 2010. The monthly average balance in this
account during 2010 was approximately $43 million. The maximum balance in this
account during 2010 was approximately $57 million.
X Supplemental accounts. The County currently maintains five additional low
volume accounts for various purposes. The County funds most of these accounts with
periodic transfers from its main account. See the attached spreadsheet, Pitkin County
account statistics.xlsx, for actual monthly activity in these accounts for 2010. The
monthly average balance in these accounts during 2010 ranged from less than $1,000 to
approximately $39,000.
X Additional supplemental accounts, as required /requested.
Fees, interest rate, and balances on accounts. The Bank will charge no fees for the
services provided except as noted below for merchant account services. Compensation to
the Bank should be figured into the interest rate to be paid on the County's account
balances. The County will maintain a minimum balance of $1 million in its main account
at the Bank.
Alpine Bank currently pays interest on County accounts at a rate that is the greater of 1)
the 91 -day Treasury bill yield rate plus 50 basis points or 2) the highest 7 -day yield on
institutional money market funds and government surplus funds trust funds in which the
County could invest. This rate adjusts weekly based on the prior week's Treasury bill
3
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js 3
auction or monthly based on the 7 -day money market fund yield at the end of the prior
month. In normal market conditions the T- bill - plus -50- basis - points rate has been in the
range of what the County could earn on 6 to 13 -month term investments, and
consequently the County has kept most of its short - term/cash management funds on
deposit.
• If the Bank proposes to pay an interest rate in the range of what the County could
earn on 6 to 13 -month term investments, then the County will likely keep an
average balance of $35 to 40 million in the main account with a maximum
balance of approximately $60 million.
• If the Bank proposes to pay a lower interest rate in the range of what the County
could earn on 3 to 6 -month term investments or in institutional money market
funds, then the County will likely keep an average balance of $15 to 20 million in
the main account with a maximum balance of approximately $35 million.
• If the Bank proposes to pay an interest rate below what the County could earn on
3 -month term investments or in institutional money market funds, then the County
will likely keep an average balance of $1 to 2 million in the main account with a
maximum balance of approximately $20 million.
X Interest rate on accounts. The Bank shall pay interest monthly on all County
accounts at a rate tied to a market or external interest rate that adjusts at least monthly.
Please specify the interest rate to be paid on the County's accounts in the form of a
"market /external rate" plus or minus so many "basis points" and list an Internet source
for the market or external interest rate. Also specify whether interest will be calculated on
a 360 or 365 -day basis, whether it will be paid on ledger or collected account balances,
and how often the rate will be adjusted. If the market /external interest rate used is other
than the 91 -day or 182 -day Treasury bill yield rate, then the Bank must provide the
County with 4 years of history of the market interest rate in an Excel spreadsheet.
Recommendation #1:
- Maintain $2 Million balance in main checking account with 100% FDIC
coverage; earning 1% Earnings Credit Rate. This account will have full
liquidity and access by simply writing checks or initiating other
transactions.
- Balances between $2 Million to $12 Million to be kept in a Repurchase
Sweep Account tied to the targeted Fed Funds Rate, currently at 25 basis
points. These balances are backed by government securities meeting PDPA
requirements of 102% collateralization. This account will also have full
liquidity and access by simply writing checks or initiating other transactions
through the main checking account.
- Balances over $12 Million to be kept in a Vectra Bank Public Funds Money
Market Account; the rate will also be tied to the targeted Fed Funds Rate,
currently at 25 basis points.
4
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js -j3
Recommendation #2:
- Maintain $2 Million balance in Operating Checking account with 100%
FDIC coverage earning 1% Earnings Credit Rate. This account will have
full liquidity and access by simply writing checks or initiating other
transactions.
- Balances between $2 Million to $12 Million to be kept in a Repurchase
Sweep Account tied to the targeted Fed Funds Rate, currently at 25 basis
points. These balances are backed by government securities meeting PDPA
requirements of 102% collateralization. This account will also have fiull
liquidity and access by simply writing checks or initiating other transactions
through the main checking account.
- Vectra Bank recognizes the importance of maximizing returns while
maintaining liquidity. As such, we would recommend consideration of our
Institutional Liquidity Management team for your additional investment
needs over $12 Million.
In order to diversify the counter party risk of carrying large cash balances
as a deposit at a single institution or bank, Vectra Bank offers cash
investment services through it's affiliate Institutional Liquidity
Management.
Institutional Liquidity Management portfolio managers have experience
managing portfolios for cities, counties, school districts, and special districts
that are subject to the money management regulations of several western
states.
Institutional Liquidity Management portfolio managers create a customized
portfolio of diversified highly liquid and short -term investment grade, fixed-
income securities for each client. Our managed portfolio's are established
to achieve the following objectives (in order of importance): preservation of
principle, provide liquidity, and optimize investment returns
Maximum balance. If the County's main account needs to be limited to a maximum
amount, please specify that amount; otherwise check "No maximum:"
$ 12,000,000 Maximum amount
No maximum
In 2011 Alpine Bank requested that the County limit its main account balance to $20
million. To meet its contractual obligation to accommodate a larger amount, however,
Alpine Bank accepted amounts in excess of $20 million and placed them in short-term
CDAR's and /or in a trust account invested in money market funds. Alpine paid
additional interest to equal the contractual rate less the rate on the underlying
investments.
5
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js 3�
If Bank has indicated a maximum deposit amount above but will accept additional funds
at the proposed interest rate, please specify the amount of additional funds to be accepted
and the method to accommodate them:
$ 40,000.000* Additional funds amount
Method: Public Funds Money Market Account
*On days when the maximum balance with Vectra Bank exceeds $52,000,000,
we would appreciate having a conversation with the County to discuss options
to further meet your depository needs.
Courier. Provide a courier to pick up deposits from the Treasurer's Office in the
Courthouse, 530 E. Main Street, Aspen, at approximately 3:30 p.m. each business day.
— or —
X Remote Deposit Capture. Treasurer's Office will use an imager to scan paper
checks to create an image cash letter file to send to the bank. Bank to provide equipment,
software, and training for the capture and transmission of check images and MICR -
information.
X Outgoing Wire Transfers. Outgoing wires require phone confirmation with
another authorized County employee other than the initiator.
X Incoming Wire Transfers. Advise County Treasurer's Office of incoming wires
within 2 hours of receipt.
Online Capabilities:
X Account transfers
X Stop payments
X ACH file upload and initiation. Please specify your deadline for initiating ACH
batches for next day receipt:
The deadline is 6:OOpm MST however when creating credit transactions such as
payroll, it is recommended that the file be submitted 48 hours prior to your
scheduled pay date to ensure funds are available in your employee accounts the
morning of pay day.
X Balance and transaction inquiry including current day transactions (real- time).
Please specify the number of prior days for which transactions are available online:
Previous Day transactions are available for 180 days and Same Day transaction
are available for 60 days.
X Download /export of transactions
X Monthly account statements. Please specify the number of months for which
statements are available online:
Cycle and Analysis statements are availabe online for 18 months.
6
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js 35
X Positive pay.
Vectra Bank recommends the use of ACH Positive Pay as additional fraud
protection at no additional cost to the County. Please see Attachment 2 for
information about ACH Positive Pay
X Images of cleared checks. Please specify the number of days /months for which
check images are available:
Check images are available for 180 days.
X Manage online users: add or delete users, control account access and
functionality.
X Merchant account services. Only two County departments currently accept
credit/debit card transactions through a. merchant account with the Bank. Both of these
are low volume and small transaction amounts. Please submit your merchant account
services fee schedule for such accounts as an attachment.
Please see Attachment 1
Purchasing Cards. Purchasing card services are currently provided to the County by
Wells Fargo Bank and are not included in this RFP.
The right is reserved to waive any informalities and to reject any Proposal.
It is further understood that the right is reserved by the County to reject any and all
proposals, and it is agreed that the proposals may not be withdrawn for a period of sixty
(60) days from specified time for receiving proposals.
The Proposer acknowledges receipt of Addenda Nos. 1 and 2.
� ; rt
. 'Y. " 9 1C rm a.
CI i J.H....-w.ti i
Dated this 17 day of October, 2011 ?� *
F ,, •
(Corporate seal) PROPOSER: r 4 ' `
David K. Marshall, 6TP
J Ir�K.
Vice President Y`"" •
Vectra Bank Colorado Q� r
2000 South Colorado Blvd., Suite 2- 1200ft-
Denver, Colorado 80222
7
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js 3
SIGNATURES: Proposals by corporations must be executed in the corporate name by
the president or a vice - president (or other corporate officer accompanied by evidence of
authority to sign), and the corporate seal must be affixed and attested by the secretary or
an assistant secretary. The corporate address and state of incorporation shall be shown
below the signature.
Proposals by partnerships or limited liability companies ( "LLC ") must be executed in
the partnership or LLC name and signed by a partner or authorized LLC officer, whose
title must appear under the signature, and the official address of the partnership or LLC
must be shown below the signature. The state in which the entity was formed and
whose law governs the entity shall be shown below the signature.
•
8
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js 57
ECTRA NK
COLORADO
Pitkin County
Merchant Services Proposal from Vectra Bank Colorado
Processing Fees:
• V/MC/D credit card rate: .10% + Interchange
• V/MC/D per auth fee: $0.18
• PIN Based Debit per item: (if applicable) $1.05
• American Express rate & Per Item: 2.89% + $0.15
Fees:
• Application/Setup: $0
• Payment Card Industry Assessment: (quarterly)
• Data Security Breach Insurance: (monthly) $8.95 ($100,000 coverage
option to opt out but not
recommended)
• Monthly minimum: $20
• Chargeback Fee (per instance): $15
• TransLink online reporting: (monthly & optional) $8
• Voice Authorization (per instance): $0.30
• Supplies: FREE (minimal shipping
charges apply)
Full List of interchange categories can be found for Visa and MasterCard at the following
Links:
Visa's website: http: / /usa.visa.com/ merchants / operations /interchange_rates.html
MasterCard's website:
http: / /www.mastercard.com /us/ merchant /how works / interchange_rates.html
Benefits to doing merchant services with Vectra Bank:
• Vectra does not have a contract/term we offer our service on a month to month basis
• We offer very competitive pricing
• We have a 24/7/365 technical support help desk
• Gift cards and check guarantee programs available
• You have 60 days free access to an online reporting tool to see statements, transaction
history, chargeback letter, etc.... After 60 days it's only $8 a month
• Customer services group within Treasury Management
• 2 business day settlement
9
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js '3 g
ACH POSITIVE PAY
Electronic payments are becoming more widely used, and with increased usage
come an increase in incidents of ACH fraud. Vectra Bank Colorado's VectraView
ACH Positive Pay service helps protect Pitkin County's accounts from
unauthorized electronic debits.
You can view ACH exceptions through ACH Positive Pay. In addition, you can
view your list of established ACH filters, add new ones and edit or delete existing
ones.
You retain control and manage business with our administration module. Grant
permissions to users, manage accounts, reinstate passwords and audit activity
Home . Pest** Pay ACH Positive Pry Faltranshr Support Help - bpOH
> Incamhs AQISurrcmry Incoming ACH List
Incoming ACH List
PDenist listed bolaw are incoming ACH items that require authorization in order to be paid Once you Authorize or Reject an item, a check mark
. heels flier will appear in the Resolved column and the item swill be moved to the end of the list. Authorizations can be made during the limes listed
ACH Ernst MEWL= berm Ita decision is not made for an item, then the item will lake the scheduled default pay /Ietum action listed in the Scheduled Action
column.
User: Frank Decisions can be entered between the hours (AM AM and 1:30 PM.
Account:I —All Accounts- If Search
BENEFITS AND FEATURES
• Improved Control and Security for your account: Pitkin County has the
option to approve payment and to return unauthorized transactions. If you
choose to pay a transaction, you can also instruct the Bank to create a new
filter with the origination information.
• Lower Costs: Timely return of unauthorized transactions saves you many
times the cost of the service in potential losses and legal fees.
• Easy -to -Use: The screens and menus are intuitive and easy to navigate.
• ACH Filter Management: Edit or delete existing ACH filters and, add new
ones. The color coded status field quickly informs you if an ACH filter is
active, pending or about to expire.
• Security: The online session is protected by Secure Socket Layer (SSL)
128- bit encryption.
• Restricted Access: Sign -on requires three levels of identification: Company
ID, User ID, and Password.
• Email Notification: Notifications are sent to one or more email addresses
when daily exception items are available for review.
10
Services Contract # 190 -2011 Rev. 8.29.11 jaa/js (7
OPERATIONS
ACH Positive Pay is easy to use and individualized user IDs and passwords
increase security.
Log-In:
Enter your Company Code, ID Nemo and Password below
Company Code
ID Nomo'
)
Pass
rloner ID S r Yess word ore CASE SEPIDTIVE.
Sign On
If you have forgotten your ID name or password, ptoase sea your company** Administrator N you are the Administrator for your company and you need assistance,
cell Technical Support at
Item Authorization Review
Account xxx5555
Review exceptions and Company: 9999999999 - Spyder Distribut
make pay /return Amount: $9,900,001.0 (Debit)
Effective Date: 5/42007
decisions before 1.30 Decision: Pay - Default (if no decision)
p.m. MST. Decision By: —
Status: Awaiting Decision'.
r Authorize Once
[' Authorize a
Setup a new ACH filter
and Setup Recurring Filter •
1
while authorizing an Max Amount I (e.g. 1000.01)
exception. ! Expiration Date: I (e.g. 07/19/2007) I:OR -�;1] Return item I
(Optional) I.
Natal inc g
arcing ACH received from this originator after the filter
expiration date will NOT be outomatfcaly authorized.
J , Authorize
Return to Decision List I
11
�D
Attachment "C"
Contractor's clarification of its Proposal via two e -mails from Kristen Knecht to Tom Oken
dated October 18, 2011
Tom Oken
From: Kristen Knecht [Kristen. Knecht @ vectrabank.com]
Sent: Tuesday, October 18, 2011 3:44 PM
To: Tom Oken
Cc: David Marshall
Subject: RE: Sealed Proposal for Banking Services
Hello Tom,
Again, my answers are in blue below. Please let me know if you have any other questions.
Thank you!
Kristen A. Knecht
Treasury Management Sales Officer
Vectra Bank Colorado
2000 S. Colorado Blvd., Suite 2 -1100
Denver, CO 80222
(720) 947 -7791 office
(720) 947 -7762 fax
(800) 341 -8156 Treasury Management Support
From: Tom Oken [ mailto :Tom.Oken @co.pitkin.co.us]
Sent: Tuesday, October 18, 2011 3:34 PM
To: Kristen Knecht
Subject: RE: Sealed Proposal for Banking Services
Kristen,
Thanks for the quick reply. More questions:
• What type of accounts would our 5 "supplemental" accounts be: non - interest bearing FDIC covered,
Repurchase Sweep at .25 %, Public Funds Money Market at .25 %, or something else? The supplemental accounts
would be non - interest bearing FDIC insured accounts, earning 1% Earnings Credit Rate and grouped with the
main operating account.
• Will we have on -line access to all types of accounts and to transfer between all types of accounts? Yes, we
would provide you with Vectra View which is our Treasury Internet Banking platform that allows users to view
transactions, transfer funds, initiate ACH transactions, initiate wires, pull reports, export data, etc. I would be
happy to demo this service to show you the capabilities if you are interested.
Tom Oken
From: Kristen Knecht [mailto:Kristen.Knecht @vectrabank.com]
Sent: Tuesday, October 18, 2011 2:37 PM
To: Tom Oken
Cc: David Marshall
Subject: RE: Sealed Proposal for Banking Services
Hello Tom,
Thank you for giving us the opportunity to clarify our answers to the RFP questions.
1
- l �
We look forward to hearing from you again soon!
Kristen A. Knecht
Treasury Management Sales Officer
Vectra Bank Colorado
2000 S. Colorado Blvd., Suite 2 -1100
Denver, CO 80222 •
(720) 947 -7791 office
(720) 947 -7762 fax
(800) 341 -8156 Treasury Management Support
From: Tom Oken [ mailto :Tom.Oken @co.pitkin.co.us]
Sent: Tuesday, October 18, 2011 1:55 PM
To: Kristen Knecht
Cc: David Marshall
Subject: RE: Sealed Proposal for Banking Services
Kristen and David,
I have some questions to clarify your proposal:
1. Since neither of you work at the Aspen branch, could you designate an additional account executive that does
work in Aspen?
Your main contact as the Aspen Branch will be:
Lisa Bugner, Vice President, Branch Manger
534 E. Hyman
Aspen, CO 81611
(970) 544 -2217
2. For the main checking account you mention maintaining a $2 million balance with a 1% Earnings Credit Rate.
Earnings credits are usually applied to offset fees, however, the RFP states that no fees will be charged for the
proposed services except for the merchant account services, Can you confirm that if the County maintains a $2
million minimum balance in the main checking account then no fees will be charged for the proposed services
except for the merchant account services?
Yes, any fees not covered by the $2 Million balance will be waived by Vectra Bank.
3. Please provide more information on the Repurchase Sweep Account, for example:
a. Who is the repo with, Vectra? Yes the repo sweep is with Vectra Bank
b. What is used as repo collateral? Government Securities
c. What is the minimum margin of collateral to the account balance? 102% collateral coverage is provided
d. What is the term of the repo, open or overnight? Overnight
e. Can you provide a sample repo agreement? Please see attached Master Repurchase Agreement
4. On ACH for our payroll, we usually upload and initiate the file by 1 pm on Thursday for deposit to employees
accounts on Friday. Is that soon enough to guarantee deposit to employees accounts on Friday? If not, what is
the guaranteed deadline? Yes we can accommodate the 1pm submission time.
If you could please respond this afternoon, the selection committee is meeting tomorrow morning to rank proposals.
Thank you.
Tom Oken
Treasurer
2