1994 08 10 IAB4 4a
78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
INVESTMENT ADVISORY BOARD
AGENDA
Study Session Room
78-495 Calle Tampico
La Quinta, CA 92253
August 10, 1994 - 5:30 P.M.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II PUBLIC COMMENT
(This is the time set aside for public comment on any matter
not scheduled on the agenda.)
III CONSENT CALENDAR
A. Approval of Minutes from the June 22, 1994 Meeting.
IV BUSINESS SESSION
A. Consideration of Banking Services Request for Proposal.
B. Investment Advisory Board Attendance/Criteria
V STUDY SESSION
VI BOARD MEMBER COMMENTS
VII OTHER
VIII ADJOURNMENT
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 ��
s BU S I NE S S S E S S= ON I T E M: A
CITY OF LA QUINTA
BANKING SERVICES REQUEST FOR PROPOSAL CALENDAR
Date Event Description
7/20 - 8/10 Finance Director prepares a banking services RFP
document with the Investment Advisory Board.
9/13 Staff Report to Council requesting authorization
issuance of RFP submitted to City Clerk's Office.
9/20 Council Approves release of Banking Services RFP
Document.
9/21 RFP documents issued by the Finance Department to
interested banking institutions.
10/14 5:00 p.m. Deadline for submission of proposals by
financial institutions to the Finance receipts
counter.
10/14 - 10/26 Evaluation of submitted proposals performed by
Finance Department.
10/28 A review of the banking services RFP with the City
Manager including selection of a banking
institution.
11/08 Awarding of a banking institution contract by City
Council.
11/09 Banking Supplies ordered by Financial staff.
11/10 Formal agreement entered into with the selected
institution.
12/01 Banking Services inaugural date.
RP/DD/R
CITY OF LA QUINTA BANKING SERVICES
REQUEST FOR PROPOSAL
The City of La Quinta invites qualified local banking
institutions to submit proposals for the providing of basic banking
services and expert assistance as described in the attached
specifications. Written proposals using the official forms
provided herein will be received until 5:00 p.m. on October 14,
1994 at the Finance Cashier's counter, City of La Quinta, 78-495
Calle Tampico, La Quinta, California 92253.
CONDITIONS QUALIFYING A BANKING INSTITUTION TO PROPOSE
1. Report of Capital and Surplus
A proposer shall have on file with the Finance Director the
of f idavit of one of its of f icers of the amount of its capital stock
and surplus. The bank selected to perform banking services shall
maintain a capital structure equal to or greater than the amount
that the City has on deposit with them at any one time during the
term of the agreement. This calculation shall include both demand
deposits and term deposits such as certificates of deposit and
savings accounts.
2. Required Financial Information
Each proposer shall submit wit
quarterly call reports for the past
financial reports for the past three
be used by the City to determine
proposer. The successful proposer
this contract, continue to furnish
each report in a timely manner.
PROCEDURAL INSTRUCTIONS
1. Intent
h
their proposal copies of their
two (2) years and their annual
(3) years. These reports will
the financial strength of the
shall, during the duration of
to the City updated issues of
The intent of this Request for Proposal is to select one
banking institution to provide basic banking services. However,
the City may also elect to award an agreement(s) to the winning
proposer of any or all optional services.
2. Proposal Form
A proposer shall use the attached Proposal Form, Exhibit A,
and Optional Services Proposal Form, Exhibit B, or copies thereof
in submitting a proposal. It is required that the proposal be
completed in its entirety.
3. No Proposal
If a service requirement cannot be met by a proposer, then the
term "No Proposal" should be entered on the Proposal Form for that
specific requirement. In the case of a "No Proposal" remark, the
proposer may offer an alternative equivalent service.
4. Multiple Proposals
A proposer may submit multiple and alternative equivalent
proposals for any and all of the optional banking services.
5. Sealed Proposals
A Proposal must be submitted in a sealed envelope or package
bearing the title "City of La Quinta Banking Services" along with
the proposer's name and address. The proposer shall return two (2)
copies of completed Proposal Forms and other pertinent information
(call reports, annual financial reports, availability schedules,
etc.) to La Quinta City Hall, Attention: Richard Parzonko, Finance
Director, 78-495 Calle Tampico, La Quinta, California 92253, no
later than 5:00 p.m. Friday, October 14, 1994 to the Finance
Cashier's counter. It is the responsibility of the proposer to
ensure that the proposal arrives on time at the right place. Any
proposals received after the above time will be disqualified.
6. Public Information
All submitted proposals and information included therein or
attached there to shall become public record upon their delivery to
the Finance Director's office.
7. ResDonses to Proposer Questions
A proposer may submit written questions in order to clarify
any matters relating to this RFP. The proposer's question and the
City's answer will become public records and will be shared with
all proposers to whom the RFP has been sent.
8. Finance Directors Contact Office
The Finance Director, Richard Parzonko, shall be the only
contact office in regards to this RFP.
9. Right to Reject Proposals and Waive Information
The City reserves the right to reject any or all proposals, to
waive any non -material irregularities or information in any RFP,
and to accept or reject any item or combination of items.
10. Execution of Agreement
If a banking institution does not execute an agreement within
twenty (20) days after being notified of selection, the City may
give notice to the bank of the City's intent to select the next
most qualified proposing bank or call for new proposals, whichever
the City deems most appropriate.
SELECTION PROCESS
1. Criteria for Selection
Criteria for evaluation of proposals will be 1) adequately and
completeness of the proposal with regard to the specifications of
this RFP; 2) least total cost to the City; 3) financial strength
and capacity of the banking institutions; 4) availability of
services (both basic and optional) within this RFP; 5) services
proposed beyond RFP requirements. Judgement of criteria listed is
not necessarily in the order presented.
2. Responsiveness to Criteria
Responsiveness to the criteria will be measured as follows:
A check will be made to ensure that the submitted proposal
forms are complete and that the required financial data has been
attached. Financial strength and capacity evaluation will be based
upon the information contained in the annual financial reports and
call reports as required. Tests on these reports shall include but
not be limited to the following:
-Gross loans, as a percentage of Deposits
-Loan loss reserves, as a percentage of gross non-performance
loans
-Core deposits, as a percentage of total assets
-Borrowed funds, as a percentage of total assets
-Equity capital, as a percentage of total assets
-Equity growth
-Return of assets
-Equity growth in relation to asset and deposit growth
Services will be evaluated on availability, time schedules,
reporting, and in the case of interest -bearing demand accounts,
interest rates.
All proposals from qualified public depositories that pass the
completeness test and financial strength/capacity tests and provide
a satisfactory service level will then be ranked based upon least
total cost to the City. Least total cost to the City is defined as
the lowest combination or projected monthly service costs, float
factors, highest earnings factor specified in the bank's proposal
and the resulting direct fee basis or non -interest bearing
certificate of deposit.
The City of La Quinta Finance Director will judge the merit of
the proposals received. The sole object of the evaluation will be
to recommend the entity whose proposal is most responsive to the
City's needs. The specifications of the RFP represent the minimum
performance necessary for response. Additional services proposal's
will be weighed in the final selection.
CONTRACT TERMS
1. Contract Period
The selected institution shall be designated as the City's
depository for an initial three-year term which is anticipated to
commence December 1, 1994. The depository contract shall contain
an automatic renewal clause which may be used for the following one
(1) year under the same terms and conditions, thereby providing for
four (4) years of depository and banking services.
2. Cancellation of Contract
The depository contract shall provide that the City reserves
the right to cancel any agreement at any time upon ninety ( 90 ) days
prior written notice of its intent to terminate any agreement. The
designated depository shall provide the City at least ninety (90)
days prior written notice of its intent to terminate any agreement.
A decision to terminate the depository contract may not be as a
result of an offering of a lower price from another bank during the
contract period.
3. Award of Contract
The contract will be awarded to that entity whose proposal
conforming to the Request for Proposal, is most advantageous to the
City. The City of La Quinta Banking Services Contract is expected
to be awarded at the La Quinta City Council meeting to be held at
3:00 p.m. Tuesday, November 8, 1994 at the La Quinta City Council
Chambers located at 78-495 Calle Tampico, La Quinta, California
92253.
BANKING NEEDS
DESCRIPTION OF OPERATING SYSTEM
1. Background
The City of La Quinta currently has 2 checking ( Petty Cash and
Operations) and 1 demand account at Bank of America's Indio branch.
The savings account is earning interest at a moneymarket savings
account rate and the checking account is non -interest bearing
analysis account.
2. Current Needs
The City of La Quinta will in conjunction with this request
for proposal utilize two accounts: one (1) interest bearing
operating sweep account and one (1) petty cash checking account.
3. City of La Quinta Pooled Funds Operating Account
This account is the City's general operating checking/savings
account. This account receives all revenues pertaining to City of
La Quinta. All interest earnings are to be credited to this
account. All investment activity via wire transfers will be
conducted through the operating account. Also, if the City desires
the use of the selected financial institution's investment
services, the interest earning operating account will be used for
disbursement and receipt of investment activity.
All disbursements, are made through this account for the City
with City of La Quinta vouchers. An on -going basis is used in
preparation of computerized checks with reviews performed by the
Accounting Supervisor. Checks on this account must bear two actual
signatures for any amounts. All City Employees are paid bi-weekly
and approximately 70 payroll checks are produced. The City is
currently paying federal taxes bi-weekly and quarterly through
automated payments and is interested in the availability of this
payment method for various expenditures.
4. City of La Quinta Petty Cash Account
This account is utilized for the reimbursement of expenditures
amounting to $50 or less per transaction. The City requests a non -
interest bearing checking account not to exceed $500 be made
available.
5. RFP Needs
It is the City's goal to create one money market interest
bearing operating account in place of a separate savings account
and checking account, and one petty cash checking account.
REQUIRED SERVICES
General Information
The categories listed below are the basic required package of
banking services.
Each proposer shall submit a comprehensive list of service
prices by completing the service cost section of the Proposal Form.
This list will be considered all-inclusive and the prices shown on
the list shall be incorporated into the agreement and will be
effective through the term of the agreement. In completing the
"Interest bearing account proposal" portion of the proposal form,
the "Basis for Determining Rate" section shall specify the money
market instrument upon which proposed rate is based and the method
to be used in calculating the rate (e.g., 90% of prime rate, etc.).
Vague references to "managerial discretion" or "competition" are
not acceptable.
1. Depository Requirements - City of La Quinta Operating Account
A. Pooled Funds Operating Account
This account will be an interest -bearing demand account. It
is anticipated that there will be approximately 400 to 600
individual item deposits per month to this account. It is further
anticipated that there will be 300 to 400 checks issued per month.
Payroll checks are issued on bi-weekly Fridays. Approximately
70 payroll checks are distributed for each payroll period.
Dependent upon the acquisition of a new computer system, the City
would most likely be interested in obtaining payroll direct deposit
services. Please provide cost information and program
requirements.
The bank shall daily notify the City of the level of available
collected funds in the account by 9:00 a.m. If the bank can, in
addition, offer mid -day notification, it should be outlined in the
proposal.
The level of available funds will be determined on the
following schedule:
i. Items on the depository, wire
transfers, ACH deposits, cash SAME DAY
ii. Items on local institutions NEXT DAY
iii. Other Items FEDERAL RESERVE
AVAILABILITY SCHEDULE
The above schedule shall be the maximum clearing schedule. If
the bank can offer faster clearing services, they should be
outlined in the proposal. If a proposer is using an availability
schedule other than the Federal Reserve Schedule, a copy must be
attached to the proposal.
Interest shall be paid on all collected balances in the
account at the end of the business day. Proposals shall include
the type of account (i.e., Sweep, ZBA, Now, Super Now, etc.), the
basis for determining interest rate and fee necessary to cover all
services relating to general operating outlined below.
B. Bags and Night Drop Services
i. The bank shall provide the following depository bags at
no cost to the City. Price lists for additional bank
bags shall be included in the proposal.
5 - 12" x 15" locking
5 - 8" x 11" locking
3 - 5 1/2" x 10" zippered
ii. The bank shall provide night depository services as
needed by the City for those departments receiving
revenues during the weekend.
C. Wire Transfers
It is estimated that the City will have approximately 4
to 8 outgoing and 6 to 10 incoming wire transfers per month.
D. Stop Payments
It is estimated that 0 to 2 stop payments will be issued
per month. All stop payments (including those against payroll
and current expense accounts) shall be against this account.
E. Traveler's Checks and Cashier's Checks
The Bank will provide traveler's checks and cashier's
checks for use on City business for City employees at no cost
to the City.
F. Printing
The City will provide checks and the bank is to supply
deposit slips printed in conformity with City specifications
at no additional cost to the City. Approximately 10-15
deposit slip books in duplicate form are needed.
G. Direct Sends
From time to time the City receives out -of -town checks in
amounts large enough to justify same day clearing at the
Federal Reserve. Proposers shall indicate whether they are
able to provide direct delivery to the Fed and the price for
which this service is available. If the bank can offer faster
special clearing services they should be outlined in the
proposal along with the cost of such services.
H. Other
Proposers are requested to list any other services that
will be provided to the City at no cost.
I. Courier Service
Proposers are requested to submit the monthly cost of a
daily courier service made available through the institution.
No cash will be transported through the courier service.
ACCOUNT MAINTENANCE
GENERAL INFORMATION
Each proposal shall include specific times when the
information and material requested below will be provided to the
Finance Director. The Finance Director has established suggested
standards which are set forth in parentheses, (-); although
proposers can propose earlier times which best fit individual
banks.
1. Daily Reports
The daily balance in each account will be communicated to the
Finance Director's staff during the morning of the next banking day
at 9:00 a.m. When this information. is not available at the
specific time, the finance department personnel will estimate the
account balances and make investments according to their best
estimates of the account balances. The City shall not be charged
or penalized over the rate of compensation if an overdraft results
because of the account balance information not being available at
the specific time.
2. Weekly Statements
A Weekly summary statement of the City of La Quinta and
Operating Account showing all credit and debit transactions and the
ending balance will be made available on the second banking day
following each week at 11:00 a.m.
3. Monthly Statements
Monthly statements for all accounts are to be provided to the
Finance Director with documentation supporting all entries on the
statement within five ( 5 ) business days after the last calendar day
of each month. Canceled checks shall be sorted in numerical order
and returned in boxes suitable for storage. The statement shall
have checks listed in numerical order with any breaks in the order
noted.
A monthly analysis report showing overall activity in the City
accounts shall also be provided to the Finance Director within ten
(10) business days after the end of each calendar month. This
report shall include a monthly analysis of the bank's cost of
operating the City accounts.
4. Resource Personnel
The bank shall identify a principal representative in its
operations department who is available to answer questions
pertaining to transactions which require more detailed explanation
and have the ability to commit substantial periods of time to the
City's accounts if requested. Qualifications and experience must
be listed of the names principal representative.
5. Deposit Services
The bank shall give all deposits received by 5:00 p.m. credit
as good ledger balance funds for the same day. The bank shall
similarly identify the time and branch(es) where a final daily
deposit(s) will be accepted.
6. Wire Transfer Services
The bank shall maintain wire transfer facilities to the
Federal Reserve Bank for investment purchases or sales and other
transactions with commercial banks.
7. Access to Records and Cooperation
The bank shall, upon authorization from the City's Finance
Director, allow reasonable access to bank records by the City's
Financial Officers, the City's independent auditors, and where
state or federal assistance is involved, to state and federal
auditors, to examine records relating to the use of funds. The
bank shall also cooperate in any prosecution for misuse of checks
and misappropriation of funds.
8. New Accounts
If the City develops a need for additional accounts or
services during the life of the depository agreement, those new
accounts or services shall be provided with the same conditions as
apply to existing accounts at the time. If the Federal Reserve,
Depository Institutions Deregulation Committee or other regulatory
bodies provide for the establishment of new accounts or other
regulations which are favorable to the City the bank shall make
those new services available to the City.
COMPENSATION
1. General Information
Compensation shall be provided either in the form of a direct
fee basis, or a non -interest bearing certificate of deposit.
A. Direct Fee Proposal. Each proposer shall specify direct
monthly fees of each account for services performed in maintaining
each account. Under this method of compensation, interest will be
paid to the City on the basis of ledger balances before float and
fees will be deducted from interest income automatically.
OPTIONAL BANKING SERVICES
A proposer may, under separate cover, submit optional
proposals for other services that the proposer feels would be in
the best interest of the City. Any optional proposal will be
considered separately from the basic service proposal. Each
proposal is to be made separate, so that each can be considered as
a complete entity. The "Selection Criteria" set forth previously
herein applies to the selection of a bank for an additional banking
service(s). Listed below are suggested areas the City is currently
involved in and can be included in the RFP package or as an
optional service.
1. Custodian
The selected bank of the safekeeping optional service shall be
the City's custodial agent in charge of safekeeping its investment
securities. The agent bank shall control the securities through
its own safekeeping department. All proposals should identify
where safekeeping facilities will be located and what banks are
used as correspondent banks. Proposals shall clearly specify
services to be performed and the cost on a monthly basis. The
objective of the City is to obtain a category 1 GASB audit rating
for investment held by third parties.
Proposals of custodian services which provide a significantly
greater amount of service for the City's investments shall be
seriously considered.
2. City of La Quinta State Warrants
The City of La Quinta receives three state warrants per month
form the State of California for sales and other taxes. Gross
amount of these checks exceed $2.2 million annually. A courier
service of obtaining warrants from the State Revenue Department by
your affiliated bank may be arranged and then wired directly to the
City's operating account.
EXHIBIT A
PROPOSAL FORM
Richard Parzonko
Finance Director
78-495 Calle Tampico
La Quintal CA 92253
Dear Mr. Parzonko:
We have read the Finance Director's Request for Proposal and
fully understand its intent. We certify that we have adequate
personnel, equipment and facilities to fulfill the requirements
thereto. We understand that our ability to meet the criteria and
provide the required services shall be judged solely by the Finance
Director's Office.
We have attached the following:
1. Call reports for the past two years.
2. Annual financial reports for the past three years.
We further certify that we have filed with the Finance
Director an affidavit of one of our officers of the amount of this
institution's capital stock and surplus.
It is understood that above information will be used as
evidence of our ability to meet the capital structure requirements
necessary to service this account.
It is further understood that all information included in,
attached to, or required by this Request for Proposal shall become
public record upon their delivery to the City's Finance Director.
Submitted by:
(Bank)
(Authorized Signature/Title)
(Authorized Signature/Title)
(Telephone)
(Date)
I.
BANKING SERVICES COMPENSATION
We compute a required compensating balance for the forth
quarter of 1994 as follows:
DIRECT FEE PROPOSAL
Monthly Annual
Units Units
City of La Quinta Operating Account
A. Deposits
1. Deposits 21 480
2. Items Deposited 260 6,000
3. Returned Checks 4 48
(NSFs)
4. Wire Transfer In 5 72
B. Withdrawals
1. Checks Written 400 3,600
2. Stop Payments 2 24
3. Wire Transfers Out 7 72
II. Other Charges
A. ACH Items
B. Account Maintenance
C. Courier Service
D. Direct Deposit
E.
F.
G.
Estimated
Unit Annual
Cost Cost
INTEREST EARNINGS PROPOSAL
Interest bearing account proposals:
Average Interest Basis for
Type of Rate for the Determining
Account Account Month of July 1994 Rate*
Operating
* (i.e. percent of federal funds rate, percent of Prime, percent of T-Bill,
discount rate, etc.)
ACCOUNT MAINTENANCE INFORMATION
We agree to furnish the following account maintenance information at the
time specified below. We understand that the times are general standards
established by the Finance Director and that any other time may be proposed
for furnishing the information.
Service Description
Daily Account Balance Reporting
Weekly Statements
Monthly Statements
Cost of Operating City Service
Charge Statement
Suggested Standards Proposed
9:00 a.m. next banking day
11:00 a.m. 2 days after
end of week
5 days after end of month
10 business days after
end of month
OPTIONAL SERVICE
PROPOSAL FORM
Richard Parzonko
78-495 Calle Tampico
La Quinta, CA 92253
Dear Mr. Parzonko:
We have read the City of La Quintas' Finance Director's Request for
Proposal and fully understand its intent. We certify that we have adequate
personnel, equipment, and facilities to fulfill the requirements thereto. We
understand that our ability to meet the criteria and provide the required
services shall be judged solely by the Finance Director's Office.
We have attached the following:
1. Call reports for the past two years.
2. Annual financial reports for the past two years.
We further certify that we have filed with the Finance Director the
affidavit of one of our officers of the amount of this institution's capital
stock and surplus.
It is understood the above information will be used as evidence of our
ability to meet the capital, structure requirements necessary to service this
account.
It is further understood that all information included in, attached to,
or required by this Request for Proposal shall become public record upon
their delivery to the City's Finance Director.
Submitted by:
(Bank)
(Authorized Signature/Title)
(Authorized Signature/Title)
(Telephone)
(Date)
SAFEKEEPING
We agree to furnish custodial services for the City of La Quinta.
The City of La Quinta will select a bank as its safekeeping, or
custodial agent for its security investments.
The following services, and costs are proposed:
Custodial Account Annual Maintenance Fee
Securities Held in safekeeping:
Cost Per $100,000
Cost Per $1,000,000
Cost Per Transaction
Check -List
Items to submit for completeness criteria -optional services.
Safekeeping Option
A. Location of safekeeping facilities.
B. List of safekeeping correspondent banks.
C. Specific services performed.
D. Estimated monthly service cost.
E. Cost per item.
STATE TAX WARRANTS
We agree to furnish "Instant Deposit" services for the City of La
Quinta.
The City of La Quinta will select a bank to act as its agent in
receiving warrants from the State of California office located at
. The bank selected will provide courier service for
receipt of warrants upon notification that the warrants are indeed ready for
issuance. Cost of services should be either a flat fee or percentage of
warrant amount.
Amount of Warrant Percent of Warrant Flat Fee
$ 50,000
100,000
200,000
300,000
400,000
500,000
750,000
11000,000
1,250,000
1,500,000
Cost per warrant or trip service
COW
� - a
r.-
OF TNti
INVESTMENT ADVISORY BOARD August 10, 1994
MEETING DATE:
ITEM TITLE:
Investment Advisory Board
Attendance and Criteria
SUMMARY:
AGENDA CATEGORY:
CONSENT CALENDAR•
BUSINESS SESSION:
STUDY SESSION:
A schedule of the Investment Advisory Board Attendance Record
(Attachment 1) and a excerpt of Ordinance No. 237 (Attachment 2)
has been attached for the Board's review.
RECOMMENDATION:
Approved for submission to the Investment Advisory Board:
Richard Parzonko - Finance Director
At--tacl-.merit 1
INVESTMENT ADVISORY BOARD
ATTENDANCE RECORD
A - Absent
P - Present
Board Member
Date
Date
Date
Date
Date
7/23/93
9/08/93
10/13/93
11/10/93
12/08/93
Brown
P
P
P
P
P
Gilreath
P
P
P
P
P
Lewis
P
P
P
P
P
Sales
P
P
P
A
P
Wilson
A
A
P
P
P
Board Member
Brown
Gilreath
Lewis
Sales
Wilson
Date
Date
Date
Date
Date
1/12/94
2/09/94
3/08/94
4/13/94
5/11/94
A
P
P
P
P
P
P
P
P
P
P
P
P
A
P
P
P
A
P
P
P
A
P
A
P
Board Member
Date
6/22/94
Brown
P
Gilreath
P
Lewis
P
Sales
P
Wilson
A
* Excused Absence
Date Date Date
7/20/94 8/10/94 9/14/94
P
A*
P
P
A
Date
10/12/94
Attachment 2
B. Board: a group of Council appointed persons who provide advise on City issues.
C. Committee: a temporary group of persons chosen by the Council to give special
consideration, investigation, and prepare a report on a pending City issue.
2.06.020 General Rules Regarding Appointments, Terms, and Vacancies.
A. Unless otherwise provided by law, ordinance, resolution, or unless by the very
nature of a situation the provisions of this Section may not be made applicable, all members of
boards and commissions of the City shall be appointed for three year terms commencing on July
1st of the year of appointment, and all members of a committee shall be appointed to terms as
determined by the Council; provided that interim vacancies shall be filled by appointment for
the unexpired term of the member replaced. These rules shall not, however, apply in regard to
a newly established board or commission to which initial appointments are made on a staggered
term basis.
B. Any member of a board or commission of this City may be removed from office
at any time with or without cause, by a majority vote of the City Council. If a member absents
him/herself from three consecutive regular meetings or from twenty-five percent (25 %) of the
scheduled meetings of the board, commission, or committee, in which he/she serves, within any
fiscal year without advance permission from that board, commission, or committee or the
appointment authority, his/her office shall become vacant and shall be filled as any other
vacancy.
C. Unless otherwise provided by law, ordinance, or resolution of the City Council,
all members of boards, commissions, and committees of the City appointed by the City Council
shall be initially, and during their incumbencies, bona fide residents and registered voters of the
City, and no such member at or during such time shall be an employee of the City.
2.06.030. Chairperson, Vice Chairperson, Selection and Terms.
Unless otherwise provided by law, ordinance, or resolution of the City Council, each
board, commission, or committee of the City shall annually at its first meeting held after June
30th, except for committees who shall at their first meeting, choose one of its number as
chairperson and one as vice chairperson. Each chairperson and vice chairperson shall have
authority and perform such duties as are commonly associated with their respective titles, or as
may be specially prescribed by law or by the bylaws or other rules of the board, commission,
or committee. Vacancies in either such position occurring prior to July 1st for boards and
commissions and anytime for committees, may be filled as in the first instance, and a new
chairperson or vice chairperson may be chosen at anytime by majority vote of all members of
the board, commission, or committee.
SECTION 3. EFFECTIVE DATE. This Ordinance shall be in full force and
effect thirty (30) days after its adoption.
ORDDRFT.037
4
MEMORANDUM
TO: Investment Advisory Board
FROM: Richard Parzonko, Finance Director
DATE: July 28, 1994
Our revised Investment Policy was approved by the City Manager and
City Attorney without any changes for Council's August 2nd Agenda.
This month's meeting will focus on the City's Banking Service
needs.
A draft banking service RFP document has been prepared for the
Board's review. A banking service RFP calendar has also been
drafted. Our objective is to edit the present RFP document and
submit the revised document to Council for approval on the
September 20th Agenda.
Board Member meeting attendance is an item to discuss and take
formal action on. Attendance records for each Board Member are
detailed on an attached report.
Enclosed for your reading pleasure, is the July '94 "TRACs"
Newsletter. Author Jeff Flynn provides an independent candid
monthly update on the credit markets. I have found his predictions
to be quite accurate as well as informative. The newsletter's
annual cost is $200.00 and the City is a current subscriber.
Future copies will be forwarded upon receipt.
The City Clerk also forwarded copies of the material distributed at
the presentation made by the City Attorney on Tuesday, July 26th,
1994 regarding the Brown Act. If you have any questions concerning
the information, please feel free to call me.
BANK O F AME R I CA - F E E AMALY S= S
U.I Bank of America
Corporate Account Analysis Statement
r
ACCOUNT NUMBER: 1-03850-99999
PAGE: 1 OF 3
000916
CITY OF LA QUINTA
PO BOX 1504
LA QUINTA CA 92253-1504
- - - - - COMBINED PARENT ANALYSIS STATEMENT - - - - -
FOR THE PERIOD 05/01/94 THRU 05/31/94
---------------- BALANCE COMPUTATION -----------------
AVERAGE DAILY LEDGER BALANCE 574,006.18
LESS AVERAGE DAILY FLOAT 40p483.48
AVERAGE DAILY COLLECTED BALANCE 533,522.70
- - - - - - - - - - - ACCOUNT POSITION - - - - - - - - - - - - - -
.......BASIS..........
PRICE BALANCE
EARNINGS ALLOWANCE (3.71%) 1P513.00 533,522.70
LESS INTEREST CHARGES .00 .00
LESS ACTIVITY CHARGES 117.68 41r497.06
FREE COLLECTED BALANCE 492,025.64
- - - - - - - - - - - INTEREST CHARGE DETAIL - - - - - - - - - - -
CHARGE BAL REQ
INT ON UNCOLL FUNDS (8.10%) •00 0
TOTAL INTEREST CHARGES •00 0
ACTIVITY CHARGE DETAIL
UNITS
CHARGE
BAL REQ
ACCOUNT MAINTENANCE
1
15.00
5289
--BRANCH PROCESSED DEPOSIT
'16
22.40
7899
DEPOSIT -REGULAR HOURS
9
9.90
3491
_VAULT
COIN DEPOSITED-MISC LOOSE, ROLLS
.,11
.33
116
BRANCH CURRENCY DEPOSITED/5100
_20
2.40
846
CENTRAL/VAULT CURRENCY DEPOSIT
.6
.72
254
CHECKS DEPOSITED-BOFA ITEMS
3.83
1351
CHECKS DEPOSITED NON -SOFA ITEMS
188
17.86
6298
CHECKS PAID AGAINST ACCOUNT
377
45.24
15953
TOTAL ACTIVITY CHARGES
117.68
41497
TOTAL CHARGES
117,.68
41497
APX-813c AFP tr•v'a 2/92)
0002397
EDP-384OR 9-91 (Reprint t 2-93) Bank of America NT&SA • Member FDIC
Mw - --11- —t A --- — --T— -
%-p'■ Damn cal 14merlcd
e Account Analvsls Statement
ACCOUNT NUMBER: 1-03850-99999
PAGE: 2 OF 3
000916
CITY OF LA QUINTA
$3512.6262 XN COLLECTED BALANCE WILL OFFSET $1.00 OF CHARGE
-'THIS FACTOR INCLUDES A PROVISION FOR RESERVES
10.0000 IS THE FEDERAL RESERVE REQUIREMENT FOR THIS PERIOD
IF YOU HAVE QUESTIONS REGARDING YOUR ANALYSIS STATEMENT,
PLEASE CALL ACCOUNT ANALYSIS CUSTOMER SERVICE AT
1-800-355-2012, MONDAY THROUGH FRIDAY# 8:00 AM TO 6:00 PM.
APX-813c AFP (rev'd 2/92)
0002397
EDP-384OR 9-91 (Reprint t 2.93) Bank of America NTSSA • Member FDIC
mQ.mr%li w4 A rweriw•�
%.orporaie iwcount Hnmysis wiatemem
ACCOUNT NUMBER: 0916-0-15464
PAGE: 3 OF 3
000916
CITY OF LA QUINTA
- - - - - DETAIL ACCOUNT ANALYSIS STATEMENT - - - - -
PARENT -SUBSIDIARY ACCOUNT IS 1-03850-00000
FOR THE PERIOD 05/01/94 THRU 05/31/94
---------------- BALANCE COMPUTATION -----------------
AVERAGE DAILY LEDGER BALANCE 574,006.18
LESS AVERAGE DAILY FLOAT 40,483.48
AVERAGE DAILY COLLECTED BALANCE 533,522.70
- - - - - - - - - - - ACCOUNT POSITION - - - - - - - - - - - - - -
.......BASIS..........
PRICE BALANCE
EARNINGS ALLOWANCE (3.71%) 1,513.00 533,522.70
LESS INTEREST CHARGES .00 .00
LESS ACTIVITY CHARGES 117.68 41,497.06
FREE COLLECTED BALANCE 492,025.64
INTEREST CHARGE DETAIL
CHARGE BAL REQ
INT ON UNCOLL FUNDS (8.10%) .00 0
TOTAL INTEREST CHARGES .00 0
- - - - - - - - - - - ACTIVITY CHARGE DETAIL - - - - - - - - - - -
IINTTS PRTr;: rwaPr_; Rei Qcn
ACCOUNT MAINTENANCE
BRANCH PROCESSED DEPOSIT
VAULT DEPOSIT -REGULAR HOURS
COIN DEPOSITED-MISC LOOSE, ROLLS
BRANCH CURRENCY DEPOSITED/$100
CENTRAL/VAULT CURRENCY DEPOSIT
CHECKS DEPOSITED-BOFA ITEMS
CHECKS DEPOSITED NON-BOFA ITEMS
CHECKS PAID AGAINST ACCOUNT
TOTAL ACTIVITY CHARGES
TOTAL CHARGES
ArA—G13C AFP trev'd 2/92)
1
15.0000
15.00
5289
16
1.4000
22.40
7899
9
1.1000
9.90
3491
11
.0300
.33
116
20
.1200
2.40
846
6
.1200
.72
254
45
.0850
3.83
1351
188
.0950
17.86
6298
377
.1200
45.24
15953
117.68 41497
117_AR G1G97
EDP-384OR 9-91 (Reprint 12-93) Bank of America NT&SA • Membe, -JiC