98-22981 RESO
RESOLUTION NO. 98-22981
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
ADMINISTRATION TO ISSUE A REQUEST FOR PROPOSALS FOR THE
PROVISION OF CUSTODIAL SERVICES FOR THE CITY OF MIAMI
"
BEACH INVESTMENT ACCOUNT, FOR A THREE-YEAR PERIOD, AND
TO EXTEND THE EXISTING CONTRACT WITH FIDUCIARY TRUST
INTERNATIONAL OF THE SOUTH, ON A MONTH-TO-MONTH BASIS
UNTIL A NEW CONTRACT IS EXECUTED.
WHEREAS, on July 1, 1998, the Mayor and City Commission appointed the
Fiduciary Trust International of the South for the City's custodial banking services; and
WHEREAS, the banking service three-year term will expire, and the City is seeking
an institution to provide custodial banking services; and
WHEREAS, the Administration has drafted a Request for Proposals for providing
the said services and set a tentative date of January 4, 1999, as the deadline for receipt of proposals.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND
CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and
City Commission hereby authorize the Administration to issue a Request for Proposals for the
provision of custodial services for the City of Miami Beach Investment Account, for a three-year
period, and extend the existing contract with Fiduciary Trust International of the South, on a month-
to-month basis until a new contract is executed.
PASSED and ADOPTED this ~ day of December , 1998
lJ J!1
MAYOR
i:r f~
CITY CLERK
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
it/1ft#-- l ~~1J9 g
RFP NO.:
DATE:
CITY OF MIAMI BEACH
RFP NO. 13-98/01
REQUEST FOR PROPOSALS FOR
PROVIDING CUSTODIAL SERVICES
TO THE CITY OF MIAMI BEACH
A PRE-PROPOSAL CONFERENCE IS SCHEDULED FOR 10:00 AM
ON DECEMBER 21, 1998 , IN THE FINANCE CONFERENCE ROOM
PROPOSALS ARE DUE AT THE ADDRESS SHOWN BELOW
NO LATER THAN JANUARY 4,1999 AT 2:00 PM
CITY OF MIAMI BEACH
PROCUREMENT DIVISION
1700 CONVENTION CENTER DRIVE, THIRD FLOOR
MIAMI BEACH, FL 33139
PHONE: (305) 673-7490
FAX: (305) 673-7851
13-98/01
12/2/98
CITY OF MIAMI BEACH
1
TABLE OF CONTENTS
I. OVERVIEW AND PROPOSAL PROCEDURES
II. SCOPE OF SERVICES
III. PROPOSAL FORMAT
IV. EVALUATION/SELECTION PROCESS; CRITERIA FOR EVALUATION
V. GENERAL PROVISIONS
VI. SPECIAL TERMS AND CONDITIONS
VII. ATTACHMENTS
VIII. PROPOSAL DOCUMENTS TO BE COMPLETED AND RETURNED
TO CITY
RFP NO.:
DATE:
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CITY OF MIAMI BEACH
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SECTION I - OVERVIEW AND PROPOSAL PROCEDURES:
A. INTRODUCTIONIBACKGROUND
In accordance with the City of Miami Beach Investment Policy and Procedure, all City
investments, except for swap agreements, are maintained in a depository (custodial account)
which is selected through the Request for Proposals (RFP) process. This independent
custodial account must be within the trust department of a major financial institution with
a branch located in Miami-Dade County, Florida. The custodian will not be utilized to buy
or sell investments for the City. All City investments must be registered in the City's name.
B. RFP TIMET ABLE
The anticipated schedule for this RFP and contract approval is as follows:
RFP issued
December 3, 1998
Deadline for receipt of questions
December 21, 1998
Pre-Proposal Conference
December 21,1998, 10:00 AM
Deadline for receipt of proposals
January 4, 1999, 2:00 PM
Evaluation committee meeting
Week of January 11, 1999
Commission approval and authorization
of negotiations
February 3, 1999
Contract negotiations
February 4, 1999
Projected award date
February 17, 1999
Projected contract start date
March 1, 1999
C. PROPOSAL SUBMISSION
An original and six (6) copies of complete proposal must be received by January 4,1999
at 2:00 PM and will be opened on that day at that time. The original and all copies must be
submitted to the Procurement Division in a sealed envelope or container stating on the
outside the proposer's name, address, telephone number, RFP number and title, and proposal
due date.
The responsibility for submitting a response to this RFP to the Procurement Division on or
before the stated time and date will be solely and strictly that of the proposer. The City will
in no way be responsible for delays caused by the V.S, Post Office or caused by any other
entity or by any occurrence. Proposals received after the proposal due date and time will not
be accepted and will not be considered.
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DATE:
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D. PRE-PROPOSAL CONFERENCE
A Pre-proposal conference will be held on December 21, 1998 at 10:00 AM in the Finance
Department Conference Room, 1700 Convention Center Drive, 3rd Floor, Miami Beach, FL
33139
E. CONTACT PERSON/ADDITIONAL INFORMATION/ADDENDA
The contact person for this RFP is the Procurement Director at (305) 673-7490. Proposers
are advised that from the date of release of this RFP until award of the contract, no contact
with City personnel related to this RFP is permitted, except as authorized by the contact
person. Any such unauthorized contact may result in the disqualification of the proposer's
submittal.
Requests for additional information or clarifications must be made in writing to the
Procurement Director no later than the date specified in the RFP timetable. Facsimiles will
be accepted at (305) 673-7851.
The City will issue replies to inquiries and any other corrections or amendments it deems
necessary in written addenda issued prior to the deadline for responding to the RFP.
Proposers should not rely on representations, statements, or explanations other than those
made in this RFP or in any addendum to this RFP. Proposers are required to acknowledge
the number of addenda received as part of their proposals. The proposer should verify with
the Procurement Division prior to submitting a proposal that all addenda have been
received.
F. PROPOSAL GUARANTY
Not Applicable
G. MODIFICATION/WITHDRA W ALS OF PROPOSALS
A proposer may submit a modified proposal to replace all or any portion of a previously
submitted proposal up until the proposal due date and time. Modifications received after the
proposal due date and time will not be considered.
Proposals shall be irrevocable until contract award unless withdrawn in writing prior to the
proposal due date or after expiration of 90 calendar days from the opening of proposals
without a contract award, Letters of withdrawal received after the proposal due date and
before said expiration date and letters of withdrawal received after contract award will not
be considered.
RFP NO.:
DATE:
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CITY OF MIAMI BEACH
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H. RFP POSTPONEMENT/CANCELLATION/REJECTION
The City may, at its sole and absolute discretion, reject any and all, or parts of any and all,
proposals; re-advertise this RFP; postpone or cancel, at any time, this RFP process; or waive
any irregularities in this RFP or in any proposals received as a result of this RFP.
I. COST INCURRED BY PROPOSERS
All expenses involved with the preparation and submission of proposals to the City, or any
work performed in connection therewith, shall be the sole responsibility of the proposer(s)
and not be reimbursed by the City,
J. VENDOR APPLICATION
Prospective proposers should register with the City of Miami Beach Procurement Division;
this will facilitate their receipt of future notices of solicitations when they are issued. All
proposer(s) must register prior to award; failure to register will result in the rejection of the
proposal. Potential proposers may contact the Procurement Division at (305) 673-7490 to
request an application.
Registration requires that a business entity complete a vendor application and submit an
annual administrative fee of $20.00. The following documents are required:
1. Vendor registration form
2. Commodity code listing
3. Articles of Incorporation - Copy of Certification page
4. Copy of Business or Occupational License
It is the responsibility of the proposer to inform the City concerning any changes, including
new address, telephone number, services, or commodities,
K. EXCEPTIONS TO RFP
Proposers must clearly indicate any exceptions they wish to take to any of the terms in this
RFP, and outline what alternative is being offered. The City, after completing evaluations,
may accept or reject the exceptions. In cases in which exceptions are rejected, the City may
require the proposer to furnish the services or goods originally described, or nego~iate an
alternative acceptable to the City.
RFP NO.:
DATE:
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CITY OF MIAMI BEACH
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L. SUNSHINE LAW
Proposers are hereby notified that all information submitted as part of a response to this RFP
will be available for public inspection after opening of proposals, in compliance with Chapter
286, Florida Statutes, known as the "Government in the Sunshine Law".
M. NEGOTIATIONS
The City may award a contract on the basis of initial offers received, without discussion, or
may require proposers to give oral presentations based on their proposals. The City reserves
the right to enter into negotiations with the selected proposer, and if the City and the selected
proposer cannot negotiate a mutually acceptable contract, the City may terminate the
negotiations and begin negotiations with the next selected proposer. This process may
continue until a contract has been executed or all proposals have been rejected. No proposer
shall have any rights in the subject project or property or against the City arising from such
negotiations.
N. PROTEST PROCEDURE
Proposers that are not selected may protest any recommendations for contract award by
sending a formal protest letter to the Procurement Director, which letter must be received no
later than 5 calendar days after award by the City Commission. The Procurement Director
will notify the protester of the cost and time necessary for a written reply, and all costs
accruing to an award challenge shall be assumed by the protester. Any protests received after
5 calendar days from contract award by the City Commission will not be considered, and the
basis or bases for said protest shall be deemed to have been waived by the protester.
O. RULES; REGULATIONS; LICENSING REQUIREMENTS
Proposers are expected to be familiar with and comply with all Federal, State and local laws,
ordinances, codes, and regulations that may in any way affect the services offered, including
the Americans with Disabilities Act, Title VII of the Civil Rights Act, the EEOC Uniform
Guidelines, and all EEO regulations and guidelines. Ignorance on the part of the proposer
will in no way relieve it from responsibility for compliance.
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P. DEFAULT
Failure or refusal of a proposer to execute a contract upon award by the City Commission,
or untimely withdrawal of a proposal before such award is made and approved, may result
in forfeiture of that portion of any proposal surety required as liquidated damages to the City;
where surety is not required, such failure may result in a claim for damages by the City and
may be grounds for removing the proposer from the City's vendor list.
Q. CONFLICT OF INTEREST
All proposers must disclose with their proposal the name(s) of any officer, director, agent,
or immediate family member (spouse, parent, sibling, child) who is also an employee of the
City of Miami Beach. Further, all proposers must disclose the name of any City employee
who owns, either directly or indirectly, an interest of ten (10%) percent or more in the
proposer or any of its affiliates.
R. PROPOSER'S RESPONSIBILITY
Before submitting proposal, each proposer shall make all investigations and examinations
necessary to ascertain all conditions and requirements affecting the full performance of the
contract. Ignorance of such conditions and requirements resulting from failure to make such
investigations and examinations will not relieve the successful proposer from any obligation
to comply with every detail and with all provisions and requirements of the contract
documents, or will be accepted as a basis for any claim whatsoever for any monetary
consideration on the part of the proposer.
S. RELATION OF CITY
It is the intent of the parties hereto that the successful proposer be legally considered to be
an independent contractor and that neither the proposer nor the proposer's employees and
agents shall, under any circumstances, be considered employees or agents of the City.
T. PUBLIC ENTITY CRIME (PEC)
A person or affiliate who has been placed on the convicted vendor list following a conviction
for public entity crimes may not submit a bid on a contract to provide any goods or services
to a public entity, may not submit a bid on a contract with a public entity for the construction
or repair of a public building or public work, may not submit bids on leases of real property
to public entity, may not be awarded or perform work as a contractor, supplier, sub-
contractor, or consultant under a contract with a public entity, and may not transact business
with any public entity in excess of the threshold amount provided in Sec. 287,017, for
CA TEGORY TWO for a period of36 months from the date of being placed on the convicted
vendor list.
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CITY OF MIAMI BEACH
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SECTION II - SCOPE OF SERVICES
A. GENERAL
The banking services detailed in this section are to be performed for the City on a contractual basis
for three years. It is the intent of the City to have one single bank provide the service needs of the
City on all trust services for the City's investments, however the evaluation team may split up these
services or it may exclude any of these services from being awarded at this time if it would be
beneficial to the City,
B. ERRORS AND OMISSIONS INSURANCE
Custodian shall maintain errors and omissions insurance of at least $20,000,000(with a deductible
of not more than $500,000) and a Fidelity Bond of at least $5 million and shall annually provide the
City with proof that such insurance is in force and effect.
C. SAFEKEEPING
The Custodian will hold, on behalf of the City, the Assets delivered to it.
D. PURCHASES
Upon receipt of proper instructions, and only insofar as immediately available funds are in
possession of the Custodian for the purpose, the Custodian will pay for and receive all additional
Assets subsequently purchased or acquired by the City, payment being made to the bank, securities
dealer or broker representing the seller only upon receipt by the Custodian of the securities in form
of transfer satisfactory to the Custodian.
E. INVESTMENT OF CASH BALANCES
Any uninvested cash balance will be held in an interest-bearing sweep account (the "Cash
Management Reserve Fund Sweep Account"), without any further direction from the City.
F. COLLECTIONS
The Custodian will collect, receive and deposit for the account of the City all income and other
payments received by the Custodian with respect to the Assets deposited,
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G. ST A TEMENT AND ADVICE FREQUENCY
All advice affecting a debit or credit memo type transaction must be produced daily and
mailed to the City. Statements on all bank accounts will be produced monthly on a calendar
month basis, and available to the City no later than the 7th working day of the subsequent
month.
H. WIRE TRANSFERS
The custodian must be able to wire transfer funds upon receipt of proper instructions to the
City's depository.
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DATE:
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SECTION III - PROPOSAL FORMAT
Proposals must contain the following documents, each fully completed and signed as required.
Proposals which do not include all required documentation or are not submitted in the required
format, or which do not have the appropriate signatures on each document, may be deemed to be
non-responsive, Non-responsive proposals will receive no further consideration.
A. CONTENTS OF PROPOSAL
1. Table of Contents
Outline in sequential order the major areas of the proposal, including enclosures. All
pages must be consecutively numbered and correspond to the table of contents.
2. Proposal Points to Address:
Proposer must respond to all minimum requirements listed below, and provide
documentation which demonstrates ability to satisfy all of the minimum qualification
requirements. Proposals which do not contain such documentation may be deemed
non-responSIve.
3. Price Proposal
Proposer must include price which will be charged to the City.
3. Acknowledgment of Addenda and Proposer Information forms (Section VIII)
4. Any other document required by this RFP. such as a Questionnaire or Proposal
Guaranty.
B. MINIMUM REQUIREMENTS / QUALIFICATIONS:
The City of Miami Beach, by way of this document , request proposals and competitive
quotations of prices to purchase the banking services as specified herein.
Placement of services will be for a three year period of time. To be eligible to submit a
proposal for consideration by the City, the Bank must be:
1. A Trust Banking Facility with a branch located in Miami-Dade County with the
ability to provide a Demand Account for payments
2. Able to provide Errors and Omissions insurance coverage of a minimum of $20
million
3. A member of the Federal Reserve System
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DATE:
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CITY OF MIAMI BEACH
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SECTION IV - EV ALVATION/SELECTION PROCESS: CRITERIA FOR EV ALVA TION
The procedure for proposal evaluation and selection is as follows:
1. Request for Proposals issued.
2, Receipt of proposals.
3. Opening and listing of all proposals received,
4, An Evaluation Committee, appointed by the City Manager, shall meet to evaluate each
proposal in accordance with the requirements of this RFP. If further information is desired,
proposers may be requested to make additional written submissions or oral presentations to
the Evaluation Committee.
5. The Evaluation Committee shall recommend to the City Manager the proposal or proposals
acceptance of which the Evaluation Committee deems to be in the best interest of the City.
The Evaluation Committee shall base its recommendations on the following factors:
The evaluation process will consist of the following criteria:
a. Completeness of the proposal as specified in Section II,
b. Proposed prices per unit.
c. Willingness and capability to meet required services.
6. After considering the recommendation(s) of the Evaluation Committee, the City Manager
shall recommend to the City Commission the proposal or proposals acceptance of which the
City Manager deems to be in the best interest of the City,
7. The City Commission shall consider the City Manager's recommendation(s) in light of the
recommendation(s) and evaluation of the Evaluation Committee and, if appropriate, approve
the City Manager's recommendation(s), The City Commission may reject City Manager's
recommendation(s) and select another proposal or proposals. In any case, City Commission
shall select the proposal or proposals acceptance of which the City Commission deems to be
in the best interest of the City. The City Commission may also reject all proposals,
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8. Negotiations between the selected proposer and the City Manager take place to arrive at a
contract. If the City Commission has so directed, the City Manager may proceed to negotiate
a contract with a proposer other than the top-ranked proposer if the negotiations with the top-
ranked proposer fail to produce a mutually acceptable contract within a reasonable period of
time,
9. A proposed contract or contracts are presented to the City Commission for approval,
modification and approval, or rejection.
10. If and when a contract or contracts acceptable to the respective parties is approved by the
City Commission, the Mayor and City Clerk sign the contract(s) after the selected
proposer(s) has (or have) done so,
Important Note:
By submitting a proposal, all proposers shall be deemed to understand and agree that no
property interest or legal right of any kind shall be created at any point during the aforesaid
evaluation/selection process until and unless a contract has been agreed to and signed by both
parties.
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SECTION V - GENERAL PROVISIONS
A. ASSIGNMENT
The successful proposer shall not enter into any sub-contract, retain consultants, or
assign, transfer, convey, sublet, or otherwise dispose of this contract, or of any or all
of its right, title, or interest therein, or its power to execute such contract to any
person, firm, or corporation without prior written consent of the City. Any
unauthorized assignment shall constitute a default by the successful proposer.
B. INDEMNIFICATION
The successful proposer shall be required to agree to indemnify and hold harmless
the City of Miami Beach and its officers, employees, and agents, from and against
any and all actions, claims, liabilities, losses and expenses, including but not limited
to attorneys' fees, for personal, economic or bodily injury, wrongful death, loss of
or damage to property, in law or in equity, which may arise or be alleged to have
arisen from the negligent acts or omissions or other wrongful conduct of the
successful proposer, its employees, or agents in connection with the performance of
service pursuant to the resultant Contract; the successful proposer shall pay all such
claims and losses and shall pay all such costs and judgments which may issue from
any lawsuit arising from such claims and losses, and shall pay all costs expended by
the City in the defense of such claims and losses, including appeals.
C. TERMINATION FOR DEFAULT
If through any cause within the reasonable control of the successful proposer, it shall
fail to fulfill in a timely manner, or otherwise violate any of the covenants,
agreements, or stipulations material to the Agreement, the City shall thereupon have
the right to terminate the services then remaining to be performed by giving written
notice to the successful proposer of such termination which shall become effective
upon receipt by the successful proposer of the written termination notice.
In that event, the City shall compensate the successful proposer in accordance with
the Agreement for all services performed by the proposer prior to termination, net of
any costs incurred by the City as a consequence of the default.
Notwithstanding the above, the successful proposer shall not be relieved of liability
to the City for damages sustained by the City by virtue of any breach of the
Agreement by the proposer, and the City may reasonably withhold payments to the
successful proposer for the purposes of set off until such time as the exact amount of
damages due the City from the successful proposer is determined,
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RFP NO.:
DATE:
D. TERMINA TION FOR CONVENIENCE OF CITY
The City may, for its convenience, terminate the services then remaining to be
performed at any time without cause by giving written notice to successful proposer
of such termination, which shall become effective thirty (30) days following receipt
by proposer of such notice. In that event, all finished or unfinished documents and
other materials shall be properly delivered to the City. If the Agreement is
terminated by the City as provided in this section, the City shall compensate the
successful proposer in accordance with the Agreement for all services actually
performed by the successful proposer and reasonable direct costs of successful
proposer for assembling and delivering to City all documents. No compensation
shall be due to the successful proposer for any profits that the successful proposer
expected to earn on the balanced of the Agreement. Such payments shall be the total
extent of the City's liability to the successful proposer upon a termination as provided
for in this section.
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SECTION VI - SPECIAL TERMS AND CONDITIONS
The Custodian shall maintain errors and omissions insurance of at least $20 million (with a
deductible of not more than $500,000) and a Fidelity Bond of at least $5 million and shall
annually provide the City with proof that such insurance is in force and effect.
SECTION VII - A TT ACHMENTS
Copy of current Custody Agreement
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RFP NO.:
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SECTION VIII - PROPOSAL DOCUMENTS TO BE COMPLETED
AND RETURNED TO CITY
13-98/01
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PROPOSER INFORMATION
Submitted by:
Proposer (Entity):
Signature:
Name (Typed):
Address:
City/State:
Telephone:
Fax:
It is understood and agreed by proposer that the City reserves the right to reject any and all
proposals, to make awards on all items or any items according to the best interest of the City,
and to waive any irregularities in the RFP or in the proposals received as a result of the RFP.
It is also understood and agreed by the proposer that by submitting a proposal, proposer shall
be deemed to understand and agree than no property interest or legal right of any kind shall
be created at any point during the aforesaid evaluation/selection process until and unless a
contract has been agreed to and signed by both parties.
(Authorized Signature)
(Date)
(Printed Name)
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DATE:
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CITY OF MIAMI BEACH
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REQUEST FOR PROPOSALS NO. 13-98/01
ACKNOWLEDGMENT OF ADDENDA
Directions: Complete Part I or Part II, whichever applies.
Part I: Listed below are the dates of issue for each Addendum received in connection with
this RFP:
Addendum No, 1, Dated
Addendum No.2, Dated
Addendum No.3, Dated
Addendum No.4, Dated
Addendum No.5, Dated
Part II:
No addendum was received in connection with this RFP.
Verified with Procurement staff
Name of staff
Date
(Proposer - Name)
(Date)
(Signature)
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CITY OF MIAMI BEACH
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DECLARATION
TO: Sergio Rodriguez
City Manager
City of Miami Beach, Florida
Submitted this
day of
,1998.
The undersigned, as proposer, declares that the only persons interested in this proposal are named
herein; that no other person has any interest in this proposal or in the Contract to which this proposal
pertains; that this proposal is made without connection or arrangement with any other person; and
that this proposal is in every respect fair and made in good faith, without collusion or fraud.
The proposer agrees if this proposal is accepted, to execute an appropriate City of Miami Beach
document for the purpose of establishing a formal contractual relationship between the proposer and
the City of Miami Beach, Florida, for the performance of all requirements to which the proposal
pertains.
The proposer states that the proposal is based upon the documents identified by the following
number: RFP No. 13-98/01
SIGNATURE
PRINTED NAME
TITLE (IF CORPORATION)
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DATE:
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CITY OF MIAMI BEACH
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Proposer's Name:
Principal Office Address:
Official Representative:
Individual
Partnership (Circle One)
Corporation
If a Corporation. answer this:
When Incorporated:
In what State:
If Forei~n Corporation:
Date of Registration with
Florida Secretary of State:
Name of Resident Agent:
Address of Resident Agent:
President's Name:
Vice-President's Name:
Treasurer's Name:
Members of Board of Directors:
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QUESTIONNAIRE
CITY OF MIAMI BEACH
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Ouestionnaire (continued)
If a Partnership:
Date of organization:
General or Limited Partnership*:
Name and Address of Each Partner:
NAME
ADDRESS
* Designate general partners in a Limited Partnership
I. Number of years of relevant experience in operating similar business:
2. Have any similar agreements held by proposer for a project similar to the proposed
project ever been canceled?
Yes ( )
No ( )
If yes, give details on a separate sheet.
3. Has the proposer or any principals of the applicant organization failed to qualify as a
responsible bidder, refused to enter into a contract after an award has been made,
failed to complete a contract during the past five (5) years, or been declared to be in
default in any contract in the last 5 years?
If yes, please explain:
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Ouestionnaire (continued)
4. Has the proposer or any of its principals ever been declared bankrupt or reorganized
under Chapter 11 or put into receivership?
If yes, give date, court jurisdiction, action taken, and any other explanation deemed
necessary.
5. Person or persons interested In this bid and Qualification Form
(have) (have not) been convicted by a Federal, State, County, or
Municipal Court of any violation of law, other than traffic violations. To include
stockholders over ten percent (10%). (Strike out inappropriate words)
Explain any convictions:
6. Lawsuits (any) pending or completed involving the corporation, partnership or
individuals with more than ten percent (10%) interest:
A. List all pending lawsuits:
B. List all judgments from lawsuits in the last five (5) years:
C. List any criminal violations and/or convictions of the proposer and/or any of its
principals:
7. Conflicts of Interest. The following relationships are the only potential, actual, or
perceived conflicts of interest in connection with this proposal:
(If none, so state.)
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The proposer understands that information contained in this Questionnaire will be relied upon by the City in
awarding the proposed Agreement and such information is warranted by the proposer to be true. The
undersigned proposer agrees to furnish such additional information, prior to acceptance of any proposal
relating to the qualifications of the proposer, as may be required by the City Manager.
The proposer further understands that the information contained in this questionnaire may be confirmed
through a background investigation conducted by the Miami Beach Police pepartment. By submitting this
questionnaire the proposer agrees to cooperate with this investigation, including but not necessarily limited to
fingerprinting and providing information for credit check.
WITNESSES:
IF INDIVID U AL:
Signature
Signature
Print Name
Print Name
WITNESSES:
IF PARTNERSHIP:
Signature
Print Name of Firm
Print Name
Address
By:
Signature
(General Partner)
(print Name)
(print Name)
WITNESSES:
IF CORPORATION:
Signature
Print Name of Corporation
Print Name
Address
By:
President
Attest:
Secretary
(CORPORATE SEAL)
RFP NO.:
DATE:
13-98/01
12/2/98
CITY OF MIAMI BEACH
23
CUSTODY AGREEMENT
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THIS AGREEMENT, entered into and effective this day of ,1998,
by and between: The City of Miami Beach, Florida (hereinafter the ity") and Fiduciary
Trust International of the South (hereinafter the "Custodian"), wherein the City and the
Custodian agree to perform such duties and functions on the terms and conditions
hereinafter set forth.
WHEREAS, the City of Miami Beach has established an investment account known
as the City of Miami Beach Investment Account (the "Account"); and
WHEREAS, the City desires to appoint and designate the Custodian as custodian
for the assets from time to time held in the account, including additions and changes
therein; and
WHEREAS, the Custodian has agreed to serve as custodian for the assets pursuant
to the terms of this Agreement.
;'
NOW, THEREFORE, in consideration of the foregoing and the promises and
covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Delivery of assets. The City will deliver to the Custodian, at locations to be mutually
agreed, certain securities, property and funds owned by the City as of this date (the
"Assets") all as listed on Exhibit "A", which is attached hereto and made a part
hereof. The Custodian shall accept the Assets under the terms of this Agreement
from time of receipt, such receipt to be given by a properly authorized officer( s) of
the Custodian. In addition, the City will deliver, or cause to be delivered, such other
Assets from time to time coming into possession of the City, and such Assets shall
be held by the Custodian pursuant to the terms of this Agreement.
2. Safekeeping. The Custodian will hold, on behalf of the City, the Assets delivered
to it. The Custodian will not deliver any part of the Assets to any person except in
accordance with the provisions of this Agreement and only pursuant to Proper
Instructions. The Custodian may deliver all or any part of the Assets, including
registerable securities, to an agent of the Custodian appointed by the Custodian for
such purpose, provided that the Custodian's agent is a financial institution.
3, Purchases. Upon receipt of Proper Instructions, and only insofar as immediately
available funds are in possession of the Custodian for the purpose, the Custodian
will pay for and receive all additional Assets subsequently purchased or acquired
by the City, payment being made to the bank, securities dealer or broker
representing the seller only upon receipt by the Custodian of the securities in form
of transfer satisfactory to the Custodian.
4. Exchanges. Upon receipt of Proper Instructions, the Custodian will exchange any
securities comprising part of the Assets held on behalf of the City in connection with
any reorganization, merger, consolidation, stock split, change in par value,
conversion or otherwise. The Custodian will deposit any Assets when required by
the terms of any reorganization or protective plan. Without the need for further
instructions, the Custodian is authorized to exchange securities comprising part of
the Assets in temporary form for securities in definitive form, to effect an exchange
of shares when a par value of stock has changed, and upon receiving payment in
current funds therefore, to surrender bonds or other securities at maturity or when
advised of earlier call for redemption.
5. Sales. Upon receipt of Proper Instructions, the Custodian or its agent will deliver
securities comprising part of the Assets sold for the account of the City, such
delivery to be made only upon payment therefor in lawful money of the United
States paid to the Custodian.
6. Investment of cash balances. Any uninvested cash balance will be held in an
interest-bearing sweep account (the "Cash Management Reserve Fund Sweep
Account"), without any further direction from the City.
;
7. Non-discretionary dealings in portfolio securities. The Custodian will attend to all
non-discretionary matters and make all non-discretionary decisions in connection
with the sale, exchange, substitution, purchase, or other dealings with the Assets,
except as may be otherwise provided in this Agreement or as may be directed from
time to time by the City by the use of Proper Instructions. This includes, but is not
limited to:
a) Selling any fractional interest in stock received from a stock dividend or
stock split, and to deposit the proceeds to the principal of the Assets.
b) Selling subscription rights at then prevailing market rates in sufficient time
before expiration to permit delivery and to deposit the proceeds to the
principal of the Assets.
8. Collections. The Custodian will collect, receive and deposit for the account of the
City all income and other payments received by the Custodian with respect to the
Assets deposited under this Agreement, and will execute ownership and other
certificates and affidavits for the collection of bond and note coupons, and will take
all other action necessary and proper in connection with the collection, receipt and
deposit of such income and other payments including, but not limited to the
presentation for payment of all coupons and all other income items requiring
presentation on all securities which may mature or be called, redeemed, retired or
otherwise become payable, and the endorsement for collection in the name of the
City of all checks, drafts and other negotiable instruments. The Custodian will
receive and collect all stock dividends, rights and other similar items and will deal
with the same pursuant to and upon receipt of Proper Instructions. All income
received will be reinvested by the Custodian pursuant to Proper Instructions and
all income received will be remitted pursuant to Proper Instructions,
"
9. Proxies. notices. etc. The Custodian will promptly deliver or mail to the City, or to
such person(s) as the City shall from time to time direct pursuant to Proper
Instructions, all forms or proxies, all notices of meetings, all proxy statements and
all other notices, requests or announcements affecting or relating to any Assets
held by the Custodian for the City and will, upon receipt of Proper Instructions,
execute or deliver or cause the Custodian to execute or deliver such proxies or
other authorizations as may be required. Except as provided by this Agreement,
or pursuant to Proper Instructions hereafter received, the Custodian shall not
exercise any power inherent in any such Assets, including any power to vote
securities, or execute any proxy by power of attorney or any similar instrument or
give any consent, approval or waiver with respect thereto, or take any other actions.
In the event the Custodian does not receive Proper Instructions from the City, the
Custodian will be under no obligation to use its own discretion in the handling of
proxies received on securities or other property comprising part of the Assets and
the .Custodian $halllikewise by under no obligation whatsoever with respect to the
vo(jng of, or the failure to vote any securities or property, or take any action
whatsoever without receipt of Proper Instructions.
10. Disbursements. The Custodian will pay, or cause to be paid, only insofar as
immediately available funds are in the possession of the Custodian for the purpose,
such bills, statements and other obligations of the City (including but not limited to
obligations in connection with the conversion, exchange or surrender of securities
owned by the City, interest charges, mail or insurance expenses, dividend
disbursements, taxes, management fees, and other similar expenses) that may be
approved either generally or from time to time by the City through Proper
Instructions. In the event the City instructs the Custodian to make a payment, and
the Custodian does not have sufficient funds to effect the payment, the City shall
provide the Custodian the necessary funds.
11. Books. records. and accounts, The Custodian will maintain proper and complete
records of all transactions in the account or accounts of the City affecting the
Assets, and will render statements or copies thereof from time to time and at the
reasonable request of the City.
12. Proper Instructions. The term "Proper Instructions" as used herein, shall include
written instructions signed by such one or more persons as the City shall have from
time to time by written direction of the Finance Director authorized to give
instructions of the particular character involved. A resolution of the City may be
received and accepted by the Custodian as conclusive evidence of the authority of
any person or persons to act, and may be considered to be in full force and effect
until receipt by the custodian of written notice to the contrary.
"
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13. Compensation of the Custodian. Unless and until changed by mutual consent, the
Custodian's compensation shall be 2.5 basis points on the market value of the
account, computed as of the end of each quarter, and charged quarterly in arrears,
subject to a minimum annual fee of $2,500. Said schedule of fees will be
guaranteed for a period of three (3) years from the date of this agreement. Interest
paid on funds invested in the Cash Management Reserve Fund Sweep Account will
be net of the 25 basis points fee paid to the Custodian. Reasonable additional
charges may be made by the Custodian for special services, provided however, that
any such additional charges for special services shall have the prior approval of the
City,
14, Termination. The Custodian may terminate this Agreement by notice in writing,
delivered or mailed postage prepaid to the City not less than thirty (30) days prior
to the date upon which such termination shall take effect. The City may terminate
this Agreement at any time by notice in writing, delivered to the Custodian and
providing the effective date of termination in such notice. Upon termination of this
Agreement, the City shall pay to the Custodian such compensation as may be due
a~ of the date of such termination, and pursuant to Proper Instructions from the
City, the Custodian shall use its best efforts to deliver the Assets which are in its
custody to a successor custodian designated by the City. The Custodian shall,
upon termination of this Agreement, deliver to the successor custodian all securities
being held by the Custodian hereunder after registration into correct name, and all
other Assets of the City deposited with the Custodian.
15. Notices. All notices, requests, instructions and other writings shall be delivered to
the following addresses:
the City:
City of Miami Beach
1700 Convention Center Drive
Miami Beach. FL 33134
Attn: Finance Director
if to Custodian:
Ms. Ann Orsek. Vice President
Fiduciary Trust International or the South
100 S, E. Second Street. Suite 2300
Miami. Florida 33131-1101
or such other address as either party may have designated to the other In
writing.
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16. Miscellaneous. This Agreement is executed and delivered in the State of Florida
and shall be governed by the laws of such state. All terms and provisions of this
Agreement shall be binding upon, and shall inure to the benefit of and be
enforceable by the respective successors and assigns of the parties hereto, No
agreement or provision of this Agreement may be changed except by an instrument.
in writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought. The captions of this Agreement are for
convenience of reference only, and in no way define or limit any of the provisions
hereof or otherwise affect their construction or effect. This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.
17. Indemnification, The Custodian will not be responsible in any way for the purpose
or propriety of .any investment of the Assets, it being expressly understood that the
Custodian has no discretion of any kind whatsoever in the management or
distribution of the Assets.
The Custodian shall be under no duty to take any action other than as specified in
this Agreement or pursuant to Proper Instructions received by the Custodian.
18. Attorney's Fees: Applicable Law. In the event a suit or proceeding is brought by a
party to this Agreement, the prevailing party shall be entitled to receive its
reasonable attorney's fees and disbursements incurred in connection with such
suite or proceedings. The validity, interpretation and enforcement of this
Agreement and all other instruments and documents executed in connection
herewith shall be governed by the laws of the State of Florida, and Miami-Dade
County shall be the venue of any suit or proceeding brought hereunder.
19. Acknowledgment of Fiduciary. Custodian acknowledges that it is a Fiduciary with
respect to the Fund Assets, and is a named Fiduciary within the meaning of Section
112.656, Florida Statutes.
5
20. Errors and Omissions Insurance. Custodian shall maintain errors and omissions
insurance of at least $20,000,000 (with a deductible of not more than $500,000) and
a Fidelity Bond of at least $5 million and shall annually provide the City with proof
that such insurance is in force and effect.
ATTEST:
City of Miami Beach
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BY:
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ATTEST:
Fiduciary Trust International of the South
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APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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RESOLUTION NO.
98-22801
A RESO' 'l"TTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEA(;H, FLORIDA, AUTHORIZING TJIE MAYOR AND
CITY CLERK TO EXECUTE A CONTRACT WITH FIDUCIARY TRUST
INTERNATIONAL OF THE SOUTH FOR CUSTODIAL SERVICES FOR
THE CITY OF MIAMI BEACH INVESTMENT ACCOUNT.
WHEREAS, the City's long term investments are currently maintained in a custodial
account with Barnett Bank of South Florida, N.A. ("Barnett Bank"); and
WHEREAS, Barnett Bank has advised the City that it will discontinue institutional
trust and custody services in July 1998, and will transfer all such accounts to NationsBank in Dallas,
Texas; and
WHEREAS, since there is not enough time to issue a Request for Proposals (RFP)
before Barnett Bank transfers the custodial account for the City's investments to NationsBank; and
WHEREAS, there is currently a contract in place with Fiduciary Trust International
of the South for custodial services for Pension Fund assets, which was awarded pursuant to RFP No.
93-94/97; and
WHEREAS, it appears to be in the City's best interest to utilize this existing contract
until such time as a new RFP is issued and a new contract is executed; and
WHEREAS, the Fiduciary Trust International of the South has proposed a favorable
rate of 2.5 basis points on the market value of all assets in the account for providing the required
services;
NOW THEREFORE BE IT DULY RESOL YED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and the City
Clerk are authorized to execute the attached contract with Fiduciary Trust International of the South
for Custodial Services for the City of Miami Beach Investment Account.
PASSED AND ADOPTED this ~ day of July, 199~
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MAYOR
ATTEST:
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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Date
CITY CLERK
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\cLmiami-beach,fl.us
COMMISSION MEMORANDUM NO.
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TO:
IVlayor Neisen O. Kasdin and
Members of the City Commission
DATE: December 2, 1998
FROM: Sergio Rodriguez
City Manager
SUBJECT: A Resolution f e Mayor and City Commission of the City of Miami
Beach, Florida, Authorizing the Administration to Issue a Request for
Proposals for the Provision of Custodial Services for the City of Miami
Beach Investment Account, for a Three-Year Period, and to Extend the
Existing Contract with Fiduciary Trust International of the South, on a
Month-to-Month Basis Until a New Contract is Executed.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
CONTRACT AMOUNT AND FUNDING
Funds are available through offset against interest income.
BACKGROUND
On July 1, 1998, the Mayor and City Commission appointed Fiduciary Trust International
of the South, to provide custodial services for the City's investments. Barnett Bank-Trust
Services no longer offered institutional custodial services subsequent to their merger with
Nations Bank.
In accordance with the City of Miami Beach Investment Policy and Procedure every three
years the City issues an RFP seeking competitive pricing for custodial services involving the
City's investment account. All City investments, except for swap agreements, must be held
in an independent custodial account within the trust department of a major financial
institution with a branch located in Miami-Dade County, Florida. The City's current account
averages $100 million of invested funds at any given time.
AGENDA ITEM ~ 1 D
DATE -2-'1S
CONCLUSION:
The issuance of an RFP will allow the City to move forward with the selection of an
institution that will provide custodial services for the ensuing three-year period.
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