CC Resolution No. 3996 RESOLUTION N0. 3996
, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
~ ADOPTING GUIDELINES FOR DESIGNATION OF BANK AS DEPOSITORY
FOR CITY'S COMMERCIAL ACCOUNT
WHEREAS, the City Council heretofor has adopted its Resolution No. 3721
containing Statements of Policy Relating to City Treasury Functions as a means
toward successful administration of good financial planning; and
WHEREAS, it has been deemed to be in the best interest of the City to establish
a formal policy on the method by which banks are designated as the depository for the
City's commercial account; and
WHEREAS, guidelines have been developed as an aide in the evaluation of proposals
and in the designation of such banks:
NOW, THEREFORE, BE IT RESOLVED that the Guidelines attached hereto are hereby
adopted by the City Council of the City of Cupertino with the same to remain in
effect until modified by Council action:
BE IT FURTHER RESOLVED that adoption of said Guidelines does not constitute
Modification of Resolution No. 3721 and that the Statements of_Eolicy Relating to
Treasury Functions contained therein continue to remain in effect.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 2nd day of September , 1975, by the following vote:
Vote Members of the City Council
AYES: Meyers, Nellis, Sparks, Jackson
NOES: None
ABSENT: Frolich
ABSTAIN: None
APPROVED:
/s/ James E. Jackson
Mayor, City of Cupertino
ATTEST:
/s/ Wm. E. Ryder
City Clerk
~ -
. , . .
• ' . ~ • Attachment~,
. " Resolution No. 3996 •
;.'r ' • CITY OF CUPERTINO •
,1
GUIDELINES FOR DESIGNATION~OF BANK AS•DEPOSITORY FOR
i, , ~ CITY'S COMNNIERCIAL CHECKING ACCOUNT . ~
Definition
~ The term bank hereinafter used means that which has been designated to be
the depository for.moneys received by the City and against which checks or
warrants are drawn in payment of incurred obligations. Excluded therefrom are
such banks which by separaCe~agreement have beeri designated to act ori behalf of the
' City as a'FiscaL Agent or'a Paying.Agent with.respect to bonded indebtedness and
other similar.financial transactioris. . :
, . . .
Policy ' . ,
- • - . , : ~
Non-preferential treatment shall be the policy of the City in the selection
of which bank will be used for the servicing of the City`s account consistent with
; equality and convenience of such•service being~provided.. ' ~
Designation of the bank shall remain the prerogative of the City'Council.~
~ " .
Acceptance of proposals from any bank whether solicited or otherwise re-
ceived will be limited to those submitted in writing. Presentations or discussions
for further'elaboration.or clarification may subsequently be made,before the City
Council or.with City staff representative. .
The term of association between.the City and a designated bank shall be two
~ years before requesting and giving consideration.to such.and other proposals for
a transfer of the account;,pro'vided, however, that quality and levels.of service. ~
remain acceptable and consistent with the proposal submitted and used as the basis
of.the award. No maximum time limit shall be established for a designated bank but
' consideration withou~ prejudice will be given for a transfer of account not later .
than five years subsequent to.the orginal award. ~
Basis ~for Designation. ~ '
~ Evaluation of any,proposal for.becoining a designated bank will be made on the ~
• basis of availability.and.levels of service.to,be provided. The;.award as a designated
' bank will be on the basis.of what is.in the best interest of the'City in terms of
cost,. type and level of service to be provided. ~
. In the~ absence of ~,any other. cr'iterion, or. mitigating circumstance •as the basis ~
for designation of .a bank the award will be~mad'e in order of length of residency~ •
within the City as.a~'commercial enterprise.- ~
Consideratiors . ' ~ ~
, In evaluation•proposals corisideration will be given:to~the,•availability and levels
of the following services and the cost impact, if any, each~has~.on the City._ Considera- '
tion also may be given to other types of service not~specifically listed but which may
comprise a part of any proposal. ~
' =1- ~
1 . ~ . ^,fT - - _ . . _ ' . _I.."_.,~,._ . .
. . ~ " . . . w.e... . . . ~ . . . . . . ~ " ' ~ ' . . ~ . . . ' . • . . . 1..~:~ ' ' `
, . . . . . . . ..nr . . . n. . . . ;
. Attachement
~ • ~ ~ ~ Resolution No. 3996
- Consideration.(continued) ~ ' ~ ~
~ ~ .
Minimum balance to be.maintained in the account in lieu of the imposition of
any service charges. • ~
:r ~ Assurarice for the handling, collection~and payment of checks,.drafts and other
. " ~ items of exchange . ~
i
~ Availability of repurchase agreements and conditions thereof for short term
' investments as well as.the method of implementation. ,
;'r, • . ,
~ Terms and conditions under which alternatives to repurchase agreements~as
short term investments may be made available.
r ' ,
. Same day crediting to City's account of depostis of State subventions and
~ . grants made in Sacramento.
~ Acceptance and receipt of withheld payroll taxes.
~ Printing'to City.specifications of checks or warrants for payroll~and general
purposes.
~ Submission immediateTy after the end of each calendar month qf itemized bank
statements accompanied by pre-sorted cancelled checks. •
'r, . , . .
' Ava'ilability of a passbook savings account and the limitations thereon with
' " waiver of service~charges.
~ "Hours of bankirig operations and accessibility consistent with the needs of
the.City. ~ , . ' .
Availability of other:services as neededs
~ Credit investigations ~ ~ ' ' '
, ~ Equipment leasing .
' ~ 'Economic research . •
Fiscal agent :for trust funds .
i . . ~ . . ~
i ' .
~ . ~
' , - -2-
~ ' . . ~ 't. ' . ~ . . . . . . . . . . . . . , ' • , . ' ni .'i!'9~'.~4. i~,e. • • •