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1994 09 14 IABT 4 0 4tyl 4 4(4j A 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 FAX (619) 777-7101 = NVE E3TMENT ADVISORY BOARD AGE NDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 September 14, 1994 I CALL TO ORDER a. Pledge of Allegiance b. Roll Call II CONFIRMATION OF AGENDA III PUBLIC COMMENT (This is the time set aside for public comment on any matter not scheduled on the agenda.) IV CONSENT CALENDAR A. Approval of Investment Advisory Minutes of July 20, 1994, August 17, 1994 and August 31, 1994. V BUSINESS SESSION A. Transmittal of Treasurers Report dated June 30, 1994. VI STUDY SESSION A. Discussion of Investment Strategy Plan. VII BOARD MEMBER COMMENTS VIII ADJOURNMENT 4 MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 �� Board Member Brown Gilreath Lewis Sales Wilson Board Member Brown Gilreath Lewis Sales Wilson Board Member Brown Gilreath Lewis Sales Wilson * Excused Absence INVESTMENT ADVISORY BOARD ATTENDANCE RECORD 7/23/93 P P P P A 9/08/93 10/13/93 P P P P P P P P A P 11/10/93 12/08/93 P P P P P P A P P P 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 6/22/94 7/20/94 8/17/94 8/31/94 9/14/94 P P P P P A* A* A* P P P P P P P P A A A A A - Absent P - Present LOA u _ a -`� OFF INVESTMENT ADVISORY BOARD MEETING: September 14, 1994 BUSINESS SESSION ITEM: A ITEM TITLE TRANSMITTAL OF TREASURER'S REPORT DATED JUNE 30, 1994 FOR THE CITY COUNCIL MEETING OF AUGUST 21 1994 ISSUE AND DISCUSSION: The attached Treasurer's Report of June 30, 1994 transmitted to the La Quinta City Council at the August 2, 1994 City Council Meeting. Additional attachments in the form of correlating statements are included with the copy presented here. RECOMMENDATION: Review, receive, and file. Approved for submission to the Investment Advisory Board: �E e bj ri.�. Rich ParzkAko Finance Director 0) 1� G2 u S C -'�OF tH�O COUNCIL/RDA MEETING DATE: August 2, 1994 ITEM TITLE: Demand Register - August 2, 1994 RECOMMENDATION: Approval of Demand Register. BACKGROUND & OVERVIEW: Prepaid Warrants: 18986-18997) 19000-11907) 18892,18985,18998) P/R 10365-10424) Payable Warrants: 19010-19087) FISCAL IMPLICATIONS: Demand of Cash - City Richard Parzonko, $ 95,424.32 648,644.87 117,323.74 55,585.04 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: City Demands $ 432,555.61 405,180.97 RDA Demands $ 889,603.33 $1,322,158.94 $ 432,555.61 ance Director $1,322,158.94 O1,24U4 7/27/94 WARRANT R E G I S T E R PAGE 1 DATE OF WARRANT IN FAVOR OF CHECK AMOUNT ENCUMB DESCRIPTION ISSUE NUMBER AMOUNT NUMBER 7/13/94 18892* CA DEPT OF CONSERVATION 2,325.74 2,325.74 SMIP FEES COLL 2ND QTR 7/14/94 18985* RIVERSIDE COUNTY EMP. 11,488.00 11,488.00 CREDIT UNION DED 7/15/94 7/20/94 1F998* IOWA TRUST RECEIVERSHIP 103,510.00 103,510.00 MASRSELLTOWN/LA QUINTA 7/27/94 19010 AASLH ORDER BILLING DEPT 25.45 25.45 HISTORIC PRES MAT 7/27/94 19011 ABLE RIBBON TECH 60.65 60.65 LASER CART. 53.27 NUTS & BOLTS 7/27/94 19012 ACE HARDWARE 59.28 6.01 SPRAY PAINT 7/27/94 19013 ALBERTSONS FOOD CNTR 1627 74.98 74.98 SENIOR POTLUCK 7/27/94 19014 AMS 170.63 170.63 BATTERY 7/27/94 19015 ANDERSON TRAVEL SERV 104.00 104.00 PENA-AIRFARE 7/27/94 19016 ARROW PRINTING COMPANY 255.92 255.92 DIVIDERS -BUDGET 7/27/94 19017 ATCO MANUFACTURING CO 471.40 471.40 VANDEX 7/27/94 19018 BANK OF AMERICA 28.28 28.28 CARD FEES-PENA 7/27/94 19019 BANNER AMERICAN PRODUCTS 81.39 81.39 LETTER 7/27/94 19020 BONAS, HARRY 2.00 2.00 OVERPAYMENT 7/27/94 15021 BSI CONSULTANTS INC 5,251.97 5,251.97 FRITS BURNS PARR 7/27/94 15022 CA CODE ENFORCEMENT CNCL 225.00 225.00 SEMINAR 7/27/94 19023 CADET UNIFORM SUPPLY 184.61 184.61 UNIFORMS 7/27/94 19024 CAL WEST ENGINEERING 700.00 700.00 PLAN CHECKING 6/94 7/27/94 15025 CALIFORNIA STREET MAINT. 2,327.05 2,327.05 SWEEPING 05-94 7/27/94 19026 CCAC 50.00 50.00 1994-95 DUES/CCAC 7.31 BINDERS 4.25 INDEX 7/27/94 19027 COACHELLA VALLEY 327.28 315.72 OFFICE SUPPLIES 7/27/94 19028 COAiCHELLA VALLEY 1,250.00 1,250.00 CVCCC SUPPORT 676.67 PAGEMAKER UPGRADE 355.26 DATA EQUIP 7/27/94 19029 CONNECTING POINT 1,677.35 645.42 DESKJET 7/27/94 19030 CVAG 16,558.00 16,558.00 CVAG DUES 94-95 7/27/94 19031 DANNY'S PEST CONTROL 20.00 20.00 MONTHLY SERVICE 96.27 HALOGEN LAMP 7/27/94 19032 DESERT ELECTRIC 142.33 46.06 LIGHTS 2.08 PHOTOS 7/27/94 19033 DOUBLE PRINTS 1 HOUR PROT 14.78 12.70 FILM 7/27/94 19034 ECONOMICS INC 1,494.30 1,494.30 AB939 IMPLM 7/27/94 19035 EISENHOWER IMMEDIATE CARE 178.00 178.00 PHYSICALS 7/27/94 19036 FEDERAL EXPRESS CORP. 412.00 412.00 FEDERAL EXPRESS/JUKE 7/27/94 19037 FIRST INTERSTATE BANK 141.00 141.00 TRUSTEE FEES 4,104.79 SURVEY-ADAMS ST 3,138.00 SURVEY WORK -DUNE PALMS 7/27/94 19038 G.F.B. & ASSOC. 14,235.49 6,992.70 DESIGN-ADAMS CHANNEL 7/27/94 19039 GAMETIME 156.03 156.03 TOT SEAT 7/27/94 19040 GASCARD INC - 30D16 1,521.28 1,521.28 GAS-JUNE 7/27/94 19041 GATEWAY 2000 2,475.20 2,475.20 COMPUTER 209.15 PHONE SVC/JUL 7/27/94 19042 GENERAL TELEPHONE 246.95 37.80 PHONE SVE/JUL 274.24 ROAD SERVICE -YARD 7/27/94 19043 GEORGES GOODYEAR 320.67 46.43 SERVICE 51.27 CIVIC CENTER/STOCK IRRG 7/27/94 19044 HIGH TECH IRRIGATION INC 131.27 80.00 SAFETY GLASSES 236.38 NAME PLATES 7/27/94 19045 HOI,MAN INDUSTRIES 407.13 170.75 DOOR PLATES 7/27/94 19046 HOMISCO 1,908.00 1,908.00 NAINT/PHONE CHARGE SYS 7/27/94 19047 IBM CORPORATION 5T4 229.08 229.08 NAINT.AGR 7/27/94 19048 IMPERIAL IRRIGATION DIST. 9,694.49 9,694.49 ELEC.SVC/JUKE pq GL24U4 7/27/94 WARRANT RE G I S T E R PAGE 2 DATE OF WARRANT IN FAVOR OF CHECK AMOUNT ENCUMB DESCRIPTION ISSUE NL14M AMOUNT NUMBER 7/27/94 19049 JUBILEE POOL & SPA CARE 95.00 95.00 JULY SVC/FOUNTAINS 7/27/94 19050 KELLY TEMPORARY SERVICES 212.80 212.80 CONTRACT LABOR 7/27/94 19051 KINKO'S 257.31 257.31 BUDGET PRINTING 7/27/94 19052 LA VARIEGA, ANDY 4,920.00 4,920.00 PALM TREE TRIM 7/27/94 19053 LOS ANGELES TIMES 15.68 15.68 LA TIMES SUBSCRIPTION 7/27/94 19054 MCDOUGALL,JIM 161.30 161.30 PLAQUES 7/27/94 19055 MOB-&LMEDIA PAGING SERVICE 94.67 94.67 PAGER SVC/JULY 7/27/94 19056 MOTOROLA INC. 966.75 966.75 SERV.AGREF.MENT 2,000.00 ARBITRAGE REBATE SER 50.00 JUDICIAL FORECLOSURE 7/27/94 19057 MUNI FINANCIAL SERVICES 5,394.68 3,344.68 ASSMT DIST ADMIN 7/27/94 19058 NOEL BRUSH AWARDS 24.46 24.46 PLAQUE -EOM 7/27/94 19059 PALM DESERT COUNTRY CLUB 75.00 75.00 EXERCISE RM-8-94 265.00 SYSTEM INSTALLATION 7/27/94 19060 PC TROUBLESHOOTER 552.91 287.91 3.5 MB PRINTER UPGDE 7/27/94 19061 PITNEY BOWES 592.63 592.63 MAILING MACHINE LEASE 7/27/94 19062 PRICE COSTCO 688.31 688.31 OFFICE SUPPLIES 7/27/94 19063 PROFESSIONAL BUSINESS 137.38 137.38 BUSINESS CARDS 7/27/94 19064 RADIO SHACK ACCOUNTS RECV 8.58 8.58 ELEC. SUPPLIES 7/27/94 19065 REALCO CONSULTANTS 450.00 450.00 R/W ACTIVITY 7/27/94 19066 RIVERSIDE COUNTY SHERIFFS 169,347.05 169,347.05 LAW ENFORCE.JUNE 2,018.64 PROF SVC/IMPLEMENTATION 295.00 PROF SVC/HOUSING PLAN 395.00 PROF SVC/BOND REF 3,010.00 PROF SVC/STOCKMAN 350.00 PROF SVC/DSU ADMN CTR 3,729.19 PROF SVC/STOCKMAN 213.75 PROF SVC/MIDLAN PROP 1,350.00 PROF SVC/AMCOR 8,661.50 PROF SVC/WMS DEV 1,875.00 PROF SVC/CVLAND CO 7/27/94 19067 ROSENOW SPEVACEK GROUP 22,448.08 550.00 PROF SVC/DSSCHOOL STE 7/27/94 19068 SMART & FINAL 80.76 80.76 TRASH BAGS 7/27/94 19069 SO CAL ASSN OF GOUT 978.00 978.00 SCAG DUES 7/27/94 19070 SPAFtXLETTS 40.75 40.75 WATER/JUNE 7/27/94 19071 SPIDELL,CRISTAL 25.60 25.60 MILEAGE 7/27/94 19072 STATE CONTROLLER 100.00 100.00 93-94 AUDIT 26.02 2 HOLE PUNCH 76.87 FILE/DISKETTES/TRAY 7/27/94 19073 STBVES OFFICE SUPPLY 108.92 6.03 DISK TRAY 1,842.63 GENERAL 41.59 STOCKMAN 150.00 TURI 1,012.40 CV LAND 657.40 WMS/DST SANDS 1,204.75 PROJECT NO.1 2,121.00 WMS DEV 1,047.86 GENERAL 3.40 NICHOLSON 78.00 CV HOUSING 14,863.80 WILLIAMS DEV 54.00 GENERAL 2,037.32 DESERT SANDS 4,014.08 PROJECT NO. 1 180.00 IMPL 1994 3 3L 4U; 7/27/24 W'ARANT R 2 9 1 STIR PAOR 3 :)k= OF WARRANT IN FAVOR C!8 cum .::, _ AMOUNT EXCUMB DESCRIPTION' 183= NC MSER AMOUNT NUMBER 7/27/94 19074 SZKADLING YOCCA,CARLSON 83�900.26 54,592.03 TAX ALLOC 310698.67 C!A DRAW 414 7/27/94 19075 T D C WASHINGTON ADAMS 46,323.31 14,624.64 CPA DRAW 41S 7/27/94 19076 TOPE i HARRICAD88 INC 153.22 153.22 11111111my STRIPING PT 7/27/94 19077 TR PRINTING INC 565.69 565.69 BUDGET SUPPLIES 7/27/94 19078 TRhCS CORPORATICK, T8E 295.00 295.00 MWINQ.TRAC NEmErm 7/27/94 19079 UNDZRGROUND SERVICE ALERT 95.00 95.00 CBARGEB FOR 15693 310.96 FILES 7/27/94 19080 VIKING 278.07 32.89- RETURN -DESK PAD 7/27/94 19081 VI1Tha LANDSCAPE MAINT. 1,583.00 1,593.00 INSTALL IRRIG TAMPIC:O 7/27/94 19082 WAL-MART STCRiES INC 64.62 64.62 CEFICE SUPPLIES 7/27/94 19083 WELCH'8 UNIFORM RENTAL 35.95 35.95 MATS 7/27/94 19094 WESTON HOTEL SOUTH COAST 167.48 167.48 SEMINAR 7/27/94 19085 WHEiCHEL, DONALD L. 100.00 100.00 SEMINAR 7/27/94 19086 ZUMAR INDUSTRIZS INC. 210.87 210.87 51=8 7/27/94 19087 84 LUMBER & HC3MZ CENTER 18.64 18.64 CURB REPAIR 6 WEST HO -------- ------ SUB TOTAL DEMANDS---------- 522,504.71 ** 7/21/94 DEMANDS 648,644.87 7/18/94 DEMANDS 95,424.32 7/15/94 PAYROLL 55,585.04 GRAND TOTAL DEMANDS -------------- 1,322,158.94 4 3L33U4 7/27/94 WARRANT ACTIVITY BY FUND PAGE 1 DATE WARRANT PAYEE CHECK AMOUNT ENCUMB DESCRIPTION WL74M AMOUNT NUMBER GENERAL FUND 7/13/94 18892* CA DEPT OF CONSERVATION 2,325.74 2,325.74 SKIP FEES COLL 2ND QTR 7/14/94 18985* RIVERSIDE COUNTY EMP. 11,488.00 11,488.00 CREDIT UNION DEC 7/15/94 7/20/94 18998* IOWA TRUST RECEIVERSHIP 103,510.00 103,510.00 MASRSHLLTOWN/LA QUINTA 7/27/94 19010 AASLH ORDER BILLING DEPT 25.45 25.45 HISTORIC PRES MAT 7/27/94 19011 ABLE RIBBON TECH 60.65 60.65 LASER CART. 53.27 NUTS & BOLTS 7/27/94 19012 ACE HARDWARE 59.28 6.01 SPRAY PAINT 7/27/94 19013 ALBERTSONS FOOD CNTR 1627 74.98 74.98 SENIOR POTLUCK 7/27/94 19014 AMS 170.63 170.63 BATTERY 7/27/94 19015 ANDERSON TRAVEL SERV 104.00 104.00 PENA-AIRFARE 7/27/94 19016 ARROW PRINTING COMPANY 255.92 255.92 DIVIDERS -BUDGET 7/27/94 19017 ATCO MANUFACTURING CO 471.40 471.40 VANDEX 7/27/94 19018 BANK OF AMERICA 28.28 28.28 CARD FEES-PENA 7/27/94 19019 BANNER AMERICAN PRODUCTS 81.39 81.39 LETTER 7/27/94 19020 BONAS, HARRY 2.00 2.00 OVERPAYMENT 7/27/94 19022 CA CODE ENFORCEMENT CNCL 225.00 225.00 SEMINAR 7/27/94 19023 CADET UNIFORM SUPPLY 33.40 33.40 UNIFORMS 7/27/94 19024 CAL WEST ENGINEERING 700.00 700.00 PLAN CHECKING 6/94 7/27/94 19026 CCAC 50.00 50.00 1994-95 DUES/CCAC 4.25 INDEX 7.31 BINDERS 29.63 OFFICE SUPPLIES 77.44 OFFICE SUPPLIES 7/27/94 19027 COACHELLA VALLEY 327.28 208.65 OFFICE SUPPLIES 7/27/94 19028 COACHELLA VALLEY 1,250.00 1,250.00 CVCCC SUPPORT 645.42 DESKJET 355.26 DATA EQUIP 7/27/94 19029 CONNECTING POINT 1,677.35 676.67 PAGEMAKER UPGRADE 7/27/94 19030 CVAG 16,558.00 16,558.00 CVAG DUES 94-95 7/27/94 19031 DANNY'S PEST CONTROL 20.00 20.00 MONTHLY SERVICE 96.27 HALOGEN LAMP 7/27/94 19032 DESERT ELECTRIC 142.33 46.06 LIGHTS 7.66 FILM 5.04 FILM 7/27/94 19033 DOUBLE PRINTS 1 HOUR PHOT 14.78 2.08 PHOTOS 7/27/94 19034 ECONOMICS INC 1,494.30 1,494.30 AB939 IMPLM 7/27/94 19035 EISENHOWER IMMEDIATE CARE 178.00 178.00 PHYSICALS 7/27/94 19036 FEDERAL EXPRESS CORP. 412.00 412.00 FEDERAL EXPRESS/JUKE 291.32 GAS-JUNE 7/27/94 19040 GASCARD INC - 30D16 602.03 310.71 GAS-JUNE 7/27/94 19041 GATEWAY 2000 2,475.20 2,475.20 COMPUTER 37.80 PHONE SVC/JUL 37.80 PHONE SVC/JUL 37.80 PHONE SVE/JUL 37.80 PHONE SVC/JUL 7/27/94 19042 GENERAL TELEPHONE 209.62 58.42 PHONE SVC/JUL 7/27/94 19044 HIGH TECH IRRIGATION INC 51.27 51.27 CIVIC CENTER/STOCK IRRG 236.38 NAME PLATES 138.16 DOOR PLATES 7/27/94 19045 HOLMAN INDUSTRIES 407.13 32.59 DOOR PLATES 7/27/94 19046 HCMISCO 1,908.00 1,908.00 MAINT/PHONE CHARGE SYS 7/27/94 19047 IBM CORPORATION 5T4 229.08 229.08 MAINT.AGR 164.80 ELEC.SVC/JUKE 5 ti QL3?A 7/27/91 A*-rxvm By AND !' 2 DES 1BtRRAIIT PAM cum ANW* mcumH D�I1tTZGN MOUNT Ni msm 7/27/94 1904E IMPNIZAL r*UGLT ON DIM. 6,734.12 6,'.W9 32 BLm J=/JMI 7/27/94 19049 JUBILEE POOI. i 'SPA CAM 95 1 0` *.00 JULY WX/F NB 7/27/% 19050 KELLY TEMPoROt SBRVIC28 212.80 212.80 CONTRACT LABfBt 7/27/% 19051 KIM'S 257.31 257.31 BUDGET PRINTING 7/27/% 19053 LOB ANGELES TIMES 15.6E 15.6E LL TIMES SUBSCRIPTION 7/27/94 19054 MCDOUGALL,JIM 161.30 161.30 PLAQUES 52.25 PAGER SVc/DULY 7/27/% 19055 MO®ILMEDIA PAGING SERVICE 62.70 10.45 PAGER SVC/DULY 7/27/% 19056 MOT(fikOLA INC. 966.75 966.75 BEIV.AG[ ZZMZNT 7/27/94 1905E NORL BRUSH AWARDS 24.46 24.46 PLAQUE -ECM 7/27/94 19059 PALM DESERT COUNTRY CLUB 75.00 75.00 EXERCISE RK-8-94 267.91 3.5 MB PRINTER UPGDB 7/27/94 19060 PC TROUBLESHOOTER 552.91 265.00 SYSTEM INSTALLATION 7/27/94 19061 PITNEY BOWES 592.63 592.63 MAILING MACHINE LEASE 6.23 OFFICE SUPPLIES 56.45 OFFICE SUPPLIES 65.17 OFFICE SUPPLIES 7/27/94 19062 PRICE COSTCO 688.31 560.46 OFFICE SUPPLIES 7/27/94 19063 PIOFESSIONAL BUSINESS 137.38 137.38 BUSINESS CARDS 7/27/94 19064 RADIO SHACK ACCOUNTS RBCV 8.58 9.58 ELEC. SUPPLIES 7/27/94 19066 RIVERSIDE COUNTY SHERIFFS 169,347.05 169,347.05 LAW ENFORCE.JUNS 7/27/94 19069 30 CAL ASSN OF GOUT 978.00 979.00 SCAG DUES 7/27/94 19070 SPARKLETTS 40.75 40.75 WATER/JUNE 7/27/94 19071 SPIDELL,CRISTAL 25.60 25.60 MILEAGE 7/27/94 19072 STATE CONTROLLER 100.00 100.00 93-94 AUDIT 26.02 2 HOLE PUNCH 58.39 FILE/DISKE'LTES/TRAY 18.48 FILE/DI3XETPES/TRAY 7/27/94 19073 STEVES OFFICE SUPPLY 108.92 6.03 DISK TRAY 7/27/94 19077 TR PRINTING INC 565.69 565.69 BUDGET SUPPLIES 7127/94 19078 TRACS CORPORATION, THE 295.00 295.00 KEEPING TRAC NEWSLETTER 7/27/94 19079 UNDERGROUND SERVICE ALERT 95.00 95.00 CHARGES FDR 15693 310.96 FILES 7/27/94 19080 VIKING 278.07 32.89- RETURN -DESK PAD 7/27/94 19081 VINTAGE LANDSCAPE MAINT. 1,583.00 1,583.00 INSTALL IRRIG TAMPICO 7/27/94 19082 WAL-MART STORES INC 64.62 64.62 OFFICE SUPPLIES 7/27/94 19083 WELCH'S UNIFORM RENTAL 35.95 35.95 MATS 7/27/94 19084 WESTON HOTEL SOUTH COAST 167.48 167.48 SEMINAR 7/27/94 19085 WHELCHEL, DONALD L. 100.00 100.00 SEMINAR -------- TOTAL GENERAL FUND $332,012.55 STATr GAS TAX FUND 38.84 UNIFORMS 7/27/94 19023 CADET UNIFORM SUPPLY 75.68 36.84 UNIFORMS 7/27/94 19025 CALIFORNIA STREET MAINT. 2,327.05 2,327.05 SWEEPING 05-94 80.80 GAS-JUNE 7/27/94 19040 GASCARD INC - 30D16 496.39 415.59 GAS -JUKE 56.00 ROAD SERVICE -YARD 91.40 ROAD SERVICE -YARD 66.50 ROAD SERVICE -YARD 10.00 ROAD SERVICE -YARD 10.00 ROAD SERVICE -YARD 10.00 ROAD SERVICE -YARD 7/27/94 19043 GEORGES GOODYEAR 253.90 10.00 ROAD SERVICE -YARD 6 3L33U4 7/27/94 WARRANT ACTIVITY BY FUND PAGE 3 DAIS WARRANT PAYEE CHECK AMOUNT ENCUMB DESCRIPTION NUMBER AMOUNT NUMBER 7/27/94 19044 HIGH TECH IRRIGATION INC 36.36 36.36 SAFETY GLASSES 7/27/94 19048 IMPERIAL IRRIGATION DIST. 1,574.53 1,574.53 ELEC.SVC/JUKE 7/27/94 19055 MOBILMEDIA PAGING SERVICE 31.97 31.97 PAGER SVC/JULY 7/27/94 19068 SMART & FINAL 40.38 40.38 TRASH BAGS 7/27/94 19076 TOPS & BARRICADES INC 153.22 153.22 STREET STRIPING PT 7/27/94 19086 ZUMAR INDUSTRIES INC. 210.87 210.87 SIGNS 7/27/94 19087 84 LUMBER & HOME CENTER 18.64 18.64 CURB REPAIR 0 WEST HO -------- TOTAL STATE GAS TAX FUND $5,218.99 * COMMUNITY PROJECT FUND 7/27/94 19021 BSI CONSULTANTS INC 5,251.97 5,251.97 FRITS BURNS PARR -------- TOTAL COMMUNITY PROJECT FUND $5,251.97 * CITY-WIDE ASSESSMENT DIST 89-1 39.99 UNIFORMS 7/27/94 19023 CADET UNIFORM SUPPLY 75.53 35.54 UNIFORMS 7/27/94 19039 GAMETI:ME 156.03 156.03 TOT SEAT 95.64 GAS-JUNE 7/27/94 19040 GASCARD INC - 30D16 422.86 327.22 GAS-JUNE 7/27/94 19042 GENERAL TELEPHONE 37.33 37.33 PHONE SVC/JUL 20.34 ROAD SERVICE -YARD 7/27/94 19043 GEORGES GOODYEAR 66.77 46.43 SERVICE 7/27/94 19044 HIGH TECH IRRIGATION INC 43.64 43.64 SAFETY GLASSES 7/27/94 19048 IMPERIAL IRRIGATION DIST. 1,365.84 1,365.84 ELEC.SVC/JUKE 7/27/94 19052 LA VARIEGA, ANDY 4,920.00 4,920.00 PALM TREE TRIM 7/27/94 19068 SMART & FINAL 40.38 40.38 TRASH BAGS -------- TOTAL CITY-WIDE ASSESSMENT DIST 89 $7,128.38 * 88-1 AGENCY FUND 7/27/94 19057 MUNI FINANCIAL SERVICES 447.10 447.10 ASSMT DIST ADMIN -------- TOTAL 88-1 AGENCY FUND $447.10 * 89-2 AGENCY FUND 50.00 JUDICIAL FORECLOSURE 7/27/94 19057 MUNI FINANCIAL SERVICES 621.66 571.66 ASSMT DIST ADMIX -------- TOTAL 89-2 AGENCY FUND $621.66 * 90-1 AGENCY FUND 7/27/94 19057 MUNI FINANCIAL SERVICES 597.17 597.17 ASSMT DIST ADMIX -------- TOTAL 90-1 AGENCY FUND $597.17 * 91-1 AGENCY FUND 7/27/94 19057 MUNI FINANCIAL SERVICES 965.08 965.08 ASSMT DIST ADMIX -------- TOTAL 91-1 AGENCY FUND $965.08 * 92-1 AGENCY FUND 7/27/94 19057 MUNI FINANCIAL SERVICES 763.67 763.67 ASSMT DIST ADMIN -------- TOTAL 92-1 AGENCY FUND $763.67 * 7 4 77194 w i' ' 4 AN=M Noun 1,304.00 p" sm/v 600.06 PAC's! soc/smemmix 7/2.7/94 19067 A08XPM WXV^%W!kw Grow 5,025.15 395.00 PADS sw/sm REF 963.80 PROM= RD.1 150.00 TitAI 1,253.00 OaNs`JIAL 72.00 im 1994 2,007.04 PRaJYCT NO. 1 352.15 D$SRRP SANDS 1,685.17 cumm SANDS 3.40 NIComSON 1,047.86 GENERAL 540592.03 TAX ALLOC 7/27/94 19074 STRADLING YOCCA C.ARLSON 62,190.46 54.00 GENERAL -------- TOTAL RDA CAPITAL I14QROVEMElITS PA# $67,196.60 RDA LOW/M.00 FUND PA#1 550.00 PROF SVC/D88CHOOL STB 1,875.00 PROF SVC/CVLAND Co 8,661.50 PROF SViC/WNS DEV 1,350.00 PROF SVC/Am= 27.50 PROF SW/STOCKMAN 333.15 PROF SVC/STOCKMAN 326.00 PROF SVC/STOCKMAN 200.00 PROF SVC/STOCKMAN 82.50 PROF SVC/STOCKMAN 7/27/94 19067 ROBENOW SPEVACEK GROUP 13,553.15 147.50 PROF SVC/HO=_NG PLAN 240.95 PROJECT NO.1 657.40 WMB/DST SANDS 1,012.40 CV LAND 41.59 STOCKMAN 2,121.00 WKS DEV 165.83 GENERAL 10.00 I1,01, 1994 2,007.04 PROJECT NO. 1 14,863.60 WILLIAMS DEV 7/27/94 1S074 STRADLING YOCCA CARLSON 21,206.01 78.00 CV HOUSING -------- TOTAL RDA LOW/MOD FUND PA#1 $34,759.16 * RDA DEBT SERVICE FUND PA#2 7/27/94 19037 FIRST INTERSTATE BANK 141.00 141.00 TRUSTEE FEES -------- TOTAL RDA DEBT SERVICE FUND PA#2 $141.00 * RDA CAPITAL PROJECTS PA#2 6,992.70 DESIGN-ADAMS CHANNEL 3,138.00 SURVEY WORK -DUNE PALMS 7127/94 19038 G.F.B. i ASSOC. 14,235.49 4,104.79 SURVEY-ADAMS ST 7/27/94 19065 REALCO CONSULTANTS 450.00 450.00 R/W ACTIVITY 213.75 PROF SVC/MIDLAN PROP 8 31,33U4 7/27/94 WARRANT ACTIVITY BY FUND PAGE 5 DATE WARRANT PAYEE CHECK ,--i,UNT ENCUMB DESCRIPTION NUMBER AMOUNT NUMBER 629.29 PROF SVC/STOCKMAN 238.00 PROF SVC/STOCKMAN 7/27/94 19067 ROSENOW SPEVACEK GROUP 2,695.95 1,614.91 PROF SVC/IMPLEMENTATION 313.25 GENERAL 7/27/94 19074 STRADLING YOCCA CARLSON 385.25 72.00 IMPL 1994 31,698.67 OPA DRAW #14 7/27/94 19075 T D C WASHINGTON/ADAMS 46,323.31 14,624.64 OPA DRAW #15 -------- TOTAL RDA CAPITAL PROJECTS PA#2 $64,090.00 RDA LOW/MOD FUND PA#2 350.00 PROF SVC/DSU ADY.N CTR 222.10 PROF SVC/STOCKMAN 59.50 PROF SVC/STOCKMAN 403.73 PROF SVC/IMPLEMENTATION 7/27/94 19067 ROSENOW SPEVACEK GROUP 1,182.83 147.50 PROF SVC/HODS--NG PLAN 110.55 GENERAL 7/27/94 19074 STRADLING YOCCA CARLSON 128.55 18.00 IMPL 1994 -------- TOTAL RDA LOW/MOD FUND PA#2 $1,311.38 LA QUINTA FINANCING AUTHORITY 7/27/94 19057 MUNI FINANCIAL SERVICES 2,000.00 2,000.00 ARBITRAGE REBATE SER -------- TOTAL LA QUINTA FINANCING AUTHORIT $2,000.00 -------- ----- GRAND TOTAL DEMANDS--------- 522,504.71 ** TOTAL DEMANDS - 7/27/94 WARRANTS 522,504.71 TOTAL DEMANDS - 7/21/94 WARRANTS 648,644.87 TOTAL DEMANDS - 7/18/94 WARRANTS 95,424.32 7/15/94 PAYROLL 55,585.04 -------------- 1,322,158.94 TOTAL DEMANDS - CITY FUNDS 376,970.57 PAYROLL 55,585.04 -------------- TOTAL CITY FUNDS 432,555.61 TOTAL DEMANDS - RDA FUNDS 889,603.33 -------------- GRAND TOTAL DEMANDS 1,322,158.94 iiaiiisiiiisi GL24U4 7/18/94 DATE OF WARRANT IN FAVOR OF ISSUE NUMBER WARRANT REGISTER CEM AMOUNT AMOUNT 18/94 18986 CALIFORNIA, STATE OF 2,819.98 7/18/94 18987 DATA -CAL 141.05 7/18/94 18998 FIZLDMAN ROLAPP ASSOCIATE 75,309.32 7/18/94 18989 ICMA YJMYJ04M TRUST-457 1,947.50 7/18/94 18990 1'It YE PROOUCTMTY CENTER 139.00 7/18/94 18991 LA QUINTA CBAMBZR OF 60.00 7/18/94 18992 LA QUINTA CITY EMPLOYEES• 275.00 7/18/94 18993 P.Z.R.S. 14,055.97 7/18/94 18994 PENA, JOBN 250.00 7/18/94 18995 RIVERSIDE CO RECORDERS OF 78.00 7/18/94 18996 STERLING BOMS8 250.00 7/18/94 18997 UNITED WAY OF THE DESERT 90.50 -------- ----- GRAND TOTAL DEMANDS--------- 95,424.32 ** 2,819.98 141.05 75,309.32 1,947.50 139.00 60.00 275.00 53.29 14,002.6E 250.00 78.00 250.00 98.50 PA= 1 ERCUMB DESCRIPTION NUMBER STATE INC TAX WE 7/15/94 KEYBOARD OVERLAYS/WP PROD 94201 TAX ALLOC REP DEFERRED COMP 7/15/94 ORGANIZING SEMINAR MAYORS BRlu"AST ZMP DUES P/R 7/15/94 PUS SURV BNFT 7/15/94 PZRS P/R 7/15/94 LCC CONY ADV/J PENA CNTY ENVRO FEE/WHS DDA REF BLDG PERMIT OVERPMT ZMP CONTRIBUTIONS 7/15 ff8, GL33U4 7/18/94 WARRANT ACTn:L.rC BY FUND PAGE 1 DATE WARRANT PAYEE CHECK AMOUNT ENCUMB DESCRIPTION NUMBER AMOUNT NUMBER 2nMAL FUND 7/18/94 18986 CALIFORNIA, STATE OF 2,819.98 2,819.98 STATE INC TAX W/H 7/15/94 7/18/94 18987 DATA -CAL 141.05 141.05 KEYBOARD OVERLAYS/WP 7/18/94 18989 ICMA RETIREMENT TRUST-457 1,947.50 1,947.50 DEFERRED COMP 7/15/94 7/18/94 18990 KEYS PRODUCTIVITY CENTER 139.00 139.00 ORGANIZING SEMINAR 20.00 MAYORS BREAKFAST 10.00 !MAYORS BREAKFAST 10.00 MAYORS BREAKFAST 10.00 MAYORS BREAKFAST 7/18/94 18991 LA QUINTA CHAMBER OF 60.00 10.00 MAYORS BREAKFAST 7/18/94 18992 LA QUINTA CITY EMPLOYEES` 275.00 275.00 EMP DUES P/R 7/15/94 14,002.68 PERS P/R 7/15/94 7/18/94 18993 P.E.R.S. 14,055.97 53.29 PERS SURV BNFT 7/15/94 7/18/94 18994 PENA, JOHN 250.00 250.00 LCC CONF ADV/J PENA 7/18/94 18995 RIVERSIDE CO RECORDERS OF 78.00 78.00 CNTY ENVRO FEE/WMS DDA 7/18/94 18996 STERLING HOMES 250.00 250.00 REF BLDG PERMIT OVERPMT 7/18/94 18997 UNITED WAY OF THE DESERT 98.50 98.50 ffiMP CONTRIBUTIONS 7/15 -------- TOTAL GENERAL FUND $20,115.00 RDA CAPITAL IMPROVEMENTS PAN1 75,309.32- PRAT 94201 TAX ALLOC REF 75,309.32 PROJ 94201 TAX ALLOC REF 7/18/94 18988 FIELDMAN ROLAPP ASSOCIATE 75,309.32 75,309.32 PROD 94201 TAX ALLOC REF ------ TOTAL RDA CAPITAL IMPROVEMENTS PAN $75,309.32 -------- ----- GRAND TOTAL DEMANDS--------- 95,424.32 ** 11 GL33V4 7/21/94 WARRANT ACTIVITY BY FUND PAGE 1 DARE WARRANT PAYEE NUMBER CHECK AMOUNT AMOUNT ENCUMS NtMBER DESCRIPTION JMRAL FUND 111.00 CULTURAL PLANNING WORKSHP 7/21/94 19000 CALIF ASSEMBLY LOCAL ARTS 211.00 100.00 CALRA DUES 7/21/94 19004 RANDY BACA 1,500.00 1,500.00 PONY LEAGUE WORLD SERIES 7/21/94 19007 SMITE, MARILYN 60.00 60.00 CPRS MTG EXP ADV/M SMITH -------- TOTAL GENERAL FUND $1,771.00 * CAPITAL IMPROVEMENT FUND 7/21/94 19006 RIVERSIDE CO RECORDERS OF 78.00 78.00 MMMPTION FILING/ADAMS ST -------- TOTAL CAPITAL IMPROVEMENT FUND $78.00 * RDA DEBT SERVICE FUND PAil 7/21/94 19001 COACHELLA VALLEY WATER 404,518.61 404,518.61 TAX INCREMENT PASS THRU 7/21/94 19003 CV MOSQUITO ABATEMNT DIST 63,427.47 63,427.47 TAX INCRIIMENT PASS THRU -------- TOTAL RDA DEBT SERVICE FUND PAil $467,946.08 RDA DEBT SERVICE FUND PA82 7/21/94 19001 COACHELLA VALLEY WATER 93,467.35 93,467.35 TAX INCPJ24M PASS THRU 7/21/94 19002 COMMUNITY COLLEGE DIST 47,021.42 47,021.42 TAX INCREMENT PASS THRU 7/21/94 19003 CV MOSQUITO ABATEMNT DIST 13,891.83 13,891.83 TAX INCREMENT PASS THRU 7/21/94 19005 RIV COUNTY SUPERINTENDENT 24,469.19 24,469.19 TAX INCREMENT PASS THRU ----- TOTAL RDA DEBT SERVICE FUND PAN2 $178,849.79 -------- ----- GRAND TOTAL DEMANDS--------- 648,644.87 ** 12 T a 0 411t 4 QU&M AGENDA CATEGORY: ''� of -�►� BUSINESS SESSION: COUNCILIRDA MEETING DATE: August 2, 1994 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Transmittal of Treasurer's Report as of June 30, 1994 RECOMMENDATION: Receive and File. BACKGROUND AND OVERVIEW: PUBLIC HEARING: Transmittal of Treasurer's Report dated June 30, 1994 for the City of La Quinta. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1/1/86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. Richard Parzonko, F' Director Finance Department�nce RP/DD/SR/8-02-94 CITY OF LA QUINTA TREASURER'S REPORT JUNE 30, 1994 ASSETS UNDER THE INVESTKENT DIRECTION OF THE CITY TREASURER. TYPE OF MATURITY INVSSTKENT INSTITUTUION DATE .......... -------------------- POOLED CASH CHECKING BANK OF AKBRICA N/A KOREY KARKET BANK OF AKBRICA N/A LAIF/98-33-434 STATE OF CALIF. DEMAND LAIF/65-33-017 STATE OF CALIF. DBKAND CITY PETTY CASH N/A N/A KOREY KARKET BANK OF THE DESERT N/A DEFERRED COKP ICKA DBKAND RDA RESTRICTED CASH BANK OF AKBRICA RESTRICTED 1ST INTERSTATE RESTRICTED CONSTRUCTION 1ST INTERSTATE DBKAND DISTRIBUTION OF CASH AND INVESTKBNTS CITY GENERAL FUND GAS TAX FUND COKKUNITY PROJECT FUND QUIKBY FUND INFRASTRUCTURE FUND VILLAGE PARKING FUND ASSESSKENT DIST FUNDS TRUST AND AGENCY FUNDS RDA CAPITAL IKPROVEMBNT FUNDS DEBT SERVICE FUNDS LOW/MOD FUNDS PA F1 PA 12 ($2,816,063) $2,695,527 3,533,084 11545,739 21452,450 1,235,598 --------------------------- $3,159,471 $5,476,864 INTEREST RATS AMOUNT RANK N/A (176,499) 1 2.81 467,952 1 4.623 71033,917 N/A 4.623 5,528,135 N/A ------------- $12,853,505 N/A 1,000 1 2.79 9,333 1 7.6 AVG INT 184,890 2 $195,223 2.00 971,718 2 2.13 405,152 2 2.13 4t907t570 2 ............. ;6,284,440 ------------- TOTAL 19,333,168 $19,333,168 $3,894,510 (187,389) 11604,106 175,282 2,392,548 21,854 589,772 2,206,150 $10,696,833 $8,636,335 ------------- $19,333,168 W,333,168 LA QUINTA FINANCING AUTHORITY TREASURER'S REPORT ` JUNE 30, 1994 ASSETS UNDER THE INVBSTKBNT DIRECTION OF THE FINANCING AUTHORITY TREASURER. TYPE OF KATURITY INTEREST INVESTKENT INSTITUTUION ---------- ------------ DATE -------- RATE -------- MOUNT ------ RANK ---- CIVIC CENTER BOND PROCEEDS: CASH-CONSTRUCTIONBANK OF AKERICA DHKAND 2.03 $2,208 2 CASH -RESERVE BANK OF AKHRICA DBKAND 2.03 104,118 2 CASH-REDEKPTIOH BANK OF AKERICA DBKAND 2.03 54,793 2 TOTAL ............. $761,719 CITY OF LA QUINTA BANK RECONCILEMENT JUNB 30, 1994 06/30/94 BANK STATEMENT BALANCES: BANK OF AMIRICA: CHECKING M/N STATE OF CALIF: 98-33-434 65-33-017 06/30/94 TOTAL BANK STATEMENT BALANCES LESS OUTSTANDING CHICKS: A/P P/R ADD OUTSTANDING DEPOSITS: 06/30/94 06/30/94 ADJUSTED BANK STATEMENT BALANCES 06/30/94 G/L BALANCE POOLED CASH & INVESTMENTS ADJ JI'S POSTED IN JULY 94: SRV CHG/BK STMT OUTSTANDING INTEREST 06/30/94 ADJUSTED G/L BAL - CASH & INVESTMINTS CHECKING M/M 39,283.16 467,907.27 LAIF LAIF 98-33-434 65-33-017 7j033t916.73 5,528,134.69 39,283.16 467,907.27 7,033,916.73 5,528,134.69 (256, 533.44) (21621.27) 45,,530.48 ........ - ... - ...... ..... ............ --.......... (174,341,07) 467,907.27 7,033,916.73 5,528,134.69 TOTALS 39,283.16 467,907.27 7,033,916.73 51528,134.69 ....... - ..... 13,069,241.85 (256,533.44) (2,621.27) 45,530.48 12,855,617.62 (176,498.58) 467,952.27 7,033,916.73 5,528,134.69 112,853,505.11 l � 3,519.00 ( 3,519.00 (656.11) (656.11) (703.38) (703.38) 0.00 (2.00) (45.00) (47.00) 0.00 0.00 0.00 ............. .... ...... •........... ------------ I-------------- (174,341.07) 467,907.27 7,033,916.73 5,528,134.69 12,855,617.62 Bank of America tY OF LA QUINTA Statement Period: June 1 through June 30, 1994 Account Number: 09-168-16233 ❑ Account Activity Continued Date Posted Description Reference Number Amount Other Withdrawals 06/10 Telephone/Telegraphic Transfers $2,000,000.00 06/21 Telephone/Telegraphic Transfers 80,000.00 06/24 Telephone/Telegraphic Transfers 1,0.00,000.00 06/28 Telephone/Telegraphic Transfers 311,000.00 Total Other Withdrawals $3,391,000.00 Interest Paid 06/30 Interest Paid From 06/01 /94 Through 06/30/94 $1,345.65 ❑ Daily Balance Date Amount Date .► Amount Date Amount 06/02 $ 941,782.66 06/21 1,172,561.62 06/28 466,561.62 06/09 2,191,782.66 06/24 172,561.62 06/30 467,907.27 06/10 191,782.66 06/27 777,561.62 ❑ Bank of America: In Balance To assist you in reconciling your account, we have prepared 1 Your ending balance from this personalized tool for you to use. Use it each month to this statement balance your statement with your checkbook register. We have filled out certain information to make it even more 2 List deposits and credits that convenient for you! do not appear on this statement Date Amount Date Amount • Mark off each deposit, withdrawal, and check shown on this statement in your checkbook register. • Make sure that all transfers are written in your checkbook register, including automatic deposits, automatic payments, or transfers you made between accounts. • Add $1,345.65 for interest paid to your checkbook register. Total from 2: $ 3 Subtotal by adding 1 and 2 Continued on next page 0016736.002.123 $ $ 467,907.27 Page 2 of 3 0 4 I Bank of America CITY OF LA QUINTA Statement Period: June 1 through June 30, 1994 Account Number: 09160-15464 ❑ Bank of America: In Balance To assist you in reconciling your account, we have prepared 1 Your ending balance from this personalized tool for you to use. Use it each month to this statement balance your statement with your checkbook register. We have filled out certain information to make it even more 2 List deposits and credits that convenient for you! do not appear on this statement • Mark off each deposit, withdrawal, and check shown on this statement in your checkbook register. • Make sure that all transfers are written in your checkbook register, including automatic deposits, automatic payments, or transfers you made between accounts. 0030953.005.123 Date Amount Date Amount Total from 2: $ #1 3 Subtotal by adding 1 and 2 7 t-10L MU&OLQlnallly WMR.M0, WIU 1%A1 QW 010, Ql lu debits that do not appear on this statement Check # Amount Check # Amount Total from 4: $ 5 Subtract 4 from 3. This should match the balance in your checkbook register $ 39,283.16 Page 5 of 5 co, BUS = NE S S S E S S= ON I TE 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 affidavit of one of its officers 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 with their proposal copies of their quarterly call reports for the past two (2) years and their annual financial reports for the past three (3) years. These reports will be used by the City to determine the financial strength of the proposer. The successful proposer shall, during the duration of this contract, continue to furnish to the City updated issues of each report in a timely manner. PROCEDURAL INSTRUCTIONS 1. Intent 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. Responses 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 Ouinta Pettv 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 Quinta, 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) BANKING SERVICES COMPENSATION We compute a required compensating balance for the forth quarter of 1994 as follows: DIRECT FEE PROPOSAL Monthly Annual Unit Units Units Cost I. 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 Annual 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 Suggested Standards Proposed Daily Account Balance Reporting 9:00 a.m. next banking day Weekly Statements Monthly Statements Cost of Operating City Service Charge Statement 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 11500,000 Cost per warrant or trip service EXH=E3=T A I NVE S THE NT POL = CY Fiscal Policy No. 3.1 PURPOSE: Primary objective of the Investment Policy is to ensure the preservation of public funds by providing guidance to management in administering the City's cash management program. SECTION I. POLICY Areas covered by this policy include: II. Scope of Financial Funds to be Invested III. Investment Policy Objectives IV. Delegation of Authority for Investment Decisions V. Conflict of Interest VI. Investment Prudence VII. Investment Instruments in which the City may Invest, Diversification of the Investment Portfolio, and Minimum Maturity Portfolio Schedules VIII. Management of Joint Resources and Distribution of Interest Earnings IX. Financial Institutions in which the City may Invest X. Investment Strategy and Results Monitoring XI. Provisions for Interim and Annual Reporting B. Percentage of Return (Yield). A target yield should be stated as a goal. ................... C. Total Dollar Return Goal. Combines the i objectives of percentage of cash available and the percentage of yield to obtain a total dollar return goal. FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 1 I NVE S THE NT POL = CY Fiscal Policy No. 3.1 SECTION II. Scope This investment policy applies to all financial funds of the City of La Quinta, La Quinta Redevelopment Agency and La Quinta Financing Authority (hereby referred to as the "City"). These funds are accounted for in the City's comprehensive Annual Financial Report and currently include the: Operating Funds: General Fund La Quinta Financing JPA - Operation Fund La Quinta Financing JPA - Debt Service Fund Redevelopment Agency, P.A. #1 Debt Service Fund Redevelopment Agency, P.A. #2 Debt Service Fund Special Revenue Funds: Gas Tax Fund Community Service Projects Community Development Block Grant Fund Lighting and Landscape Special Assessment District 89-1 Fund Quimby fund Infrastructure Fee Fund Village Parking Fund Capital Improvement Project Fund South Coast Air Quality Fund Redevelopment Agency, P.A. #1 Low and Moderate Income Housing Fund Redevelopment Agency, P.A. #2 Low and Moderate Income Housing Fund Trust and Agency Funds: Arts in Public Places Fund I.C.M.A. Deferred Compensation Fund Special Assessment District 88-1 Fund Special Assessment District 89-2 Fund Trust and Agency Funds (Continued): Special Assessment District 90-1 Fund Special Assessment District 91-1 Fund Special Assessment District 92-1 Fund FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July.19, 1994 2 = NVE S THE NT POL = CY Fiscal Policy No. 3.1 Monies held by the California Board of Equalization and Riverside County Treasurer for the City or Redevelopment Agency during tax collection periods shall be governed by the State of California and Riverside County investment policies and are not subject to the provisions of this policy. Investments made with state or county governmental investment pools shall only be allowed where pool investments are consistent with the City's investment policy. The City's investment policy shall also govern Bond proceeds and Bond reserve fund investments. California Government Code Section 5922(d) governs the investment of bond proceeds and reserve funds in accordance with bond indenture provisions which shall be structured in accordance with the City's investment policy. SECTION III. Investment Policy Objectives ...................... The foremost objective of the City is to ensure the s preservation of principal. Each investment transaction shall first seek to ensure capital losses are avoided, whether they are from default of securities or erosion of market value. The City., as ; :;;::.:::::..::....:...:..::...:....;:: ;...,:..:::.:...::..; a secondary objective, seeks to attain yields that are Iin indi ces. Market rate consistent��....�wt��appropr�ate��prevai g objectives must be consistent with constraints imposed by the primary objective of the safety of principal, internal cash flow considerations and any City of La Quinta ordinance, restricting the placement of public monies. The intent of any investment purchase is to hold it to maturity. Speculative trading is not permitted. ...................................... Speculative :'::` ::::;':::::"'::::. trading are those attempting to gain market premium apprec!i:at:ion :through short term market volatility resulting in increased risk and loss exposure to the City. In addition the City, as a prudent practice, will periodically (every 3 - 4 years) conduct a bid process for banking and/or custodian services. SECTION IV. Delegation of Authority Management responsibility for the investment program is held by the City Manager and appointed designees. No employee may engage in an investment transaction except as provided under the terms of this policy and any procedures which may be established by the City. The City Manager or designees shall approve investments made through current market documentation. It shall be the duty of the Finance Director to manage the day -to - FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 3 I NVE S THE NT POL = CY day operations of the portfolio orders with institutions. In the the City Clerk shall assume these City Clerk and Finance Director, these duties. SECTION V. Conflict of Interest Fiscal Policy No. 3.1 and place actual purchase/sell absence of the Finance Director, duties. In the absence of the the City Manager shall assume The investment responsibility carries with it the added duties of insuring that investments placed are done so without the appearance of improper influence. The City Clerk is involved in the investment function shall adhere to the State's Code of Economic Interest and to the following: 1. All persons authorized to place or approve investments shall not personally or through a close relative maintain any accounts, interest, or private dealings with any firm with which the City places investments, with the exception of regular savings, checking and money market accounts, or other similar transactions that are offered on a non-negotiable basis to the general public. Such accounts shall be disclosed annually to the City Clerk in conjunction with annual disclosure statements of economic interest. 2. All persons authorized to place or approve investments shall report to the City Clerk kinship relations with principal employees of firms with which the City places investments. SECTION VI. Prudence Investments shall be made with reasonable financial judgement and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the primary objective of safety of principal as well as the secondary objective of the obtainment of market rates of return. The Administrative Services Personnel involved in the investment function shall adhere to the following: 1. Return on Investment: The investment portfolio of the City of La Quinta shall be designed to attain a market average rate of return during budgetary and economic cycles, taking into account the City's investment risk constraint and the cash flow characteristics of the portfolio. 2. Maintaining the Public Trust: All participants in the FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 El I NVE S THENT P'OL I CY Fiscal Policy No. 3.1 investment process shall seek to act responsibly as custodians of the public trust. Investment officials shall avoid any transaction that might impair public confidence in the City of La Quintas' ability to govern effectively. Investment officers acting in accordance with written procedures and exercising due prudence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectation are reported in an timely fashion, and appropriate action is taken to control adverse developments. SECTION VII. Investment Instruments As a unit of local government in the State of California the City of La Quinta is restricting itself to the investments authorized by Government code, Sections 53600 through 53635: 1. Savings accounts and other time accounts of commercial banks or savings and loans commercial banks insured by the Federal Deposit Insurance Corporation. 2. Certificate of Deposits of Commercial Banks or Savings and Loans insured by the Federal Deposit Insurance Corporation. Certificate of Deposit purchases are limited to $99,000 with interest earnings paid monthly to the City to ensure F.D.I.C. $100,000 insurance coverage. 3. Treasury Bills, Treasury Notes, Treasury bonds and Federal agencies' securities which are guaranteed by the full faith and credit of the United States of America. U.S. Government or securities, such as Federal National Mortgage Association Securities, which are not backed by the full faith and credit of the United States, are also permitted investments. All securities must be purchased on a full delivery vs. payment basis where the securities are delivered at the time the City releases funds for their purchase. Each Investment Purchase is limited to a maximum amount of $1,000,000. FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 5 = NVE S THE NT POL I CY Fiscal Policy No. 3.1 4. Local Agency Investment Fund (L.A.I.F.) Pool. The City may participate in a California Investment Pool or other similar local government pools organized in conformity with Part 53654 or Article 1 of Title 5, which provides specific authority for pooling of local government funds. Each L.A.I.F. account is restricted to a maximum investable limit of $15,000,000. 5. Money Market funds or short intermediate term bond funds investing in U.S. Agency Securities maintaining a par value per share. In addition, the City may participate in repurchase agreements provided the securities for the agreement are included in 1 through 5 above. As a matter of policy, the City must take delivery of the securities purchased through a repurchase agreement or have required collateralized securities in a restricted account located at the Federal Reserve Bank if the terms of the agreement is greater than 14 days. Repurchase agreements with terms less than 14 days shall be held in safekeeping by a banker or broker in a designated trust department. Repurchase agreements involving non -deliverable securities shall only be held by the Federal Reserve Bank or by another commercial banking institution's trust department which is not owned or controlled by the borrowing institution. Pledged securities under repurchase agreements must be based on market value, not face value. Repurchase agreements involving pooled collateral shall be avoided. Repurchase agreements shall only be purchased from banking institutions or primary brokerage firms. Any repurchase agreement exceeding three days shall be transacted on a full delivery vs payment basis. Investment Agreements may be used as an investment option for insured bond proceeds and/or reserve funds. Investment Agreements are not to be confused with Money Managers who are contracted to manage a pre -determined amount of funds for the City. A bid process must be administered by the City or its designee in determining the selected institution. The informal bid process, used for both construction and reserve fund proceeds must have a minimum of three responses to meet the City's selection criteria. Bond indenture provisions govern the use of investment agreements which are also subjected to further approval by a bond insurance firm if the debt issue has been insured. FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 6 S NVE S THE NT POL S CY Fiscal Policy No. 3.1 It is the general policy of the City to concentrate its investment efforts in, but not to be limited to, U.S. Treasury obligations, Certificates of Deposit and Money Market Accounts issued by financial institutions located in the State of California. Investments will be selected on the following basis: 1. The institution offering the investment must meet all the criteria as stated in the "Financial Institutions", Section IX of this policy statement. 2. The duration of the investment must coincide with cash requirements determined by the Finance Director of the City to meet short term or long term needs. 3. The rate of interest on the investment must be at least equivalent to the average rate of return available in the market place. BID PROCESS investments -in the amount of $100,000 or less shall have a yield analysis performed in comparing the selected investment to others similar in nature. U.S. Treasury gand Agency .'::::...:...::::...::...:.......:..:...;:..:... investments ... :.....:::.:...::.::::.:....::::::..:.................... shall use a formal biddi .g....procedure''wwhd e� rates w 11* be received from at least two institutions with the investment placed with the highest yielding bidder provided the institution meets the City's investment criteria. Short Term (2 years or less) U.S. Treasury - bills or notes which do not exceed $250, 000 are not required to use the aforementioned bidding process due to the limited variation of yields for such instruments. However, bid comparisons are to be chosen randomly, to ensure that quality pricing is being obtained by the City on instruments not requiring a bid process. All investment securities will be held in safekeeping at the City's designated financial institution or in shares with mutual funds complying with Governmental Accounting Standards Board's requirements. Safekeeping account receipts will be held by the City's Finance Department. It is the responsibility of the Finance Director to demonstrate compliance with this section. FINANCE DD:POLICIES/INVEST PORTFOLIO DIVERSIFICATION APPROVED BY: CITY COUNCIL July 19, 1994 7 = NVE S THE NT POLICY Fiscal Policy No. 3.1 The City will diversify use of investment instruments to avoid incurring unreasonable risks inherent in overinvesting in specific instruments, individual financial institutions or investment maturities. It shall be the duty of the Finance Director to manage a diversified City investment portfolio supported by current financial market conditions. The diversification of investment types will be in accordance with the following maximum percentage compliance limits: Investment Type Savings/Operating Accounts Certificates of Deposit U.S. Government and Agency Securities Government Pool Money Market and Short Intermediate Term Bond Funds MATURITY SCHEDULING Investment maturities for operating funds shall be coincide with projected cash flow needs, taking into routine expenditures (payroll, bond payments) considering sizeable blocks of anticipated revenue property tax). Maturities in this category shall comply with the following guidelines. TARGETS MATURITY SCHEDULE Under 12 Months Under 24 Months Maximum % 85% 60% 75% 90% 60% scheduled to account large as well as (sales tax, be timed to PORTFOLIO 75% 85% The City shall adhere to Government Code State Statutes which require each individual investment to have a maximum maturity of five years unless specific approval is authorized by City Council. SECTION VIII. Resource Management and Interest Distribution All investments will be in the name of the City of La Quinta, La Quinta Redevelopment Agency and La Quinta Financing Authority and in most cases it will be a general policy of the City to pool all available operating cash into a Treasury Cash Management investment portfolio. However, a specific investment purchased by a specific fund shall incur all earnings and expenses to that particular fund. Interest earnings from pooled funds shall be allocated to all participating funds in the following order: FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 8 = NVE S THE NT POL = CY Fiscal Policy No. 3.1 A. Payment of interest earnings shall be allocated to designated funds from its specific investments. B. Payment to the General Fund of an amount equal to the total annual bank service charges as incurred by the general fund for all operating funds as included in the annual operating budget. C. Payment to the General Fund of a management fee equal to 5% of the annual pooled cash fund investment earnings. D. Payment to each fund of an amount based on the average computerized daily cash balance included in the common portfolio for the earning period. SECTION IX. Financial Institutions and Dealer Authorization As stated in Section VII it is the general policy of the City to purchase Money Market accounts, U.S. Treasury and Agency Securities, certificates of deposit and other time accounts primarily from financial institutions located in the City of La Quinta and/or Riverside County. United States government securities are to be purchased through the facilities of commercial banks or a securities institution as designated by the Securities Exchange Commission (S.E.C.). The Treasurer will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness, who maintain an office in the State of California. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (uniform net capital rule) . No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the treasurer with the following: • Audited financial statements • Proof of National Association of Security Dealers certification • Trading Resolution • Proof of State/Province registration • Certification of having read entity's Investment Policy • Resume of Financial Broker • Evidence of Professional Liability Insurance FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 9 = NVE S THE NT POL = CY Fiscal Policy No. 3.1 A current audited financial statement is required to be on file for each financial institution and broker/dealer in which the City invests. In addition, the City shall research the National Association of Security Dealer's Public Disclosure Report File to review existing reports on file for any firm and individual conducting investment related business with the City. Financial institutions will be required to meet the following criteria in order to receive City funds for investment: 1. Insurance - Public Funds shall be deposited only in financial institutions insured by the Federal Deposit Insurance Corporation. 2. Collateral - The amount of City of La Quinta deposits or investments not insured by agency of the federal government shall be 110% collateralized by securities' or 150% mortgages' market values of that amount of invested funds plus unpaid interest earnings. 3. Size - The amount of City of La Quinta deposits or investments must be collateralized or insured by an agency of the federal government. 4. Disclosure - A) Each financial institution maintaining invested funds in excess of $100,000 shall furnish corporate authorities a copy of all statements of resources and liabilities which it is required to furnish to the State banking or savings and loan commissioners as required by the California Financial Code. The City shall not invest in excess of $100000 in banking institutions which do not disclose to the City a current listing of securities pledged for collateralization of public monies. B) Each securities dealer shall provide monthly and quarterly reports filed pursuant to U.s. Treasury Department regulations. Each mutual fund shall provide a prospectus and statement of additional information. SECTION X. Investment Strategy and Results Monitoring Investment strategies and results shall be reviewed by the Investment Advisory Board (IAB). The City Manager will be subsequently apprised of the IAB's investment strategy. A review will be held at least quarterly to determine general strategies and to monitor results. Documented summaries of Investment meetings FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 10 = NVE S THE NT POL = CY Fiscal Policy No. 3.1 shall be kept on file in the Finance Director's Office. Included in the review and deliberations will be topics such as: cash flow projections, potential risks, authorized depositories, rate of return, maturity structure and investment transactions. SECTION XI. Reporting - Interim and Annual A standard treasurer's report for City Council, and the IAB and Staff shall be produced each month listing pertinent current investment portfolio information. The Finance Director will also submit a quarterly investment report to the City Manager for distribution to the City Council, providing investment information regarding the City's investment portfolio's financial position. The effective date of this policy shall be the day of , 19 . FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 11 C I TY O F LA QU I NTA Banking and Custodian Services Request for Proposal ISSUE DATE: September 20, 1994 PROPOSALS DUE: October 14, 1994 TABLE OF CONTENTS Banking Services Request for Proposal Calendar Section 1. Introduction Section 2. Bidding Instructions Section 3. Bank Credit Evaluation Section 4. Scope of Banking Services I. Contract Terms II. Current City Operations III. Required Banking services IV. Account Maintenance Services Section 5. Optional Services Section 6. Bidding Forms 2 Page No. 4 5 7 9 9 10 11 14 17 25 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. 3 SECTION 1. CITY OF LA QUINTA BANKING SERVICES REQUEST FOR PROPOSAL INTRODUCTION A. General Requirements The City of La Quinta (hereinafter referred to as City) requests proposals and competitive quotations to purchase banking services as specified herein. 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 Quintal California 92253. Responses to the Request for Proposal (RFP) must conform to the format provided in Section 6 of this document. Financial institutions wishing to provide alternative proposals are encouraged to do so. Alternative proposals should demonstrate the financial institutions' unique, cost effective, or innovative approach to not only today' s banking needs but also to the rapidly changing demands of the banking industry and its clients. City will not reimburse the respondents to this RFP for any costs involved in the preparation and submission of proposals or in the preparation for and attendance at interviews. Furthermore, this RFP does not obligate City to accept or contract for any expressed or implied services. The City reserves the right to request any organization submitting a proposal to clarify its proposal or to supply additional material deemed necessary to assist in the selection of a bank, and to modify or alter any or all of the requirements herein. In the event that the proposal guidelines change materially, all respondents who submit a proposal will be given an opportunity to modify their proposal in the specific areas that are impacted. B. Mandatory Conditions During the Contract Period 1. Non -Discrimination. The bidder must agree that it will not engage in any discrimination on the basis of sex, race, color, creed, national origin, age (except minimum age and retirement provisions), marital status, sexual orientation, or the presence of any sensory, mental, or physical handicap, in its dealings with the City, employees or tenants, or in its dealings with bidder's employees. Any violations of this provision shall be grounds for cancellation, termination, or suspension in whole or in part of the agreement with The City. The 4 bidder shall at all times in the bidding and contracting process comply with all applicable city, county, state, and federal anti -discrimination laws, rules, regulations, and requirements. The City affirms, and will continue to comply with, Executive Order 11246 as amended by Executive Order 11375; Section III of the 1968 Housing Act; and Title VI of the 1964 Civil Rights Act. It is City policy to maintain a positive program of equal employment opportunity for all employees and applicants regardless of race, sex, creed, color, national origin or handicap. By signature on the bid document, the proposing banking institution affirms the same. 2. Automated Clearing House Capabilities. The bidder must have and maintain Automated Clearing House (ACH) originating bank capabilities. The bidder must conform with National Automated clearing House Association (NACHA) and Uniform Commercial Code Article 4A (UCC4A) rules. 3. Bank Charter. The bidder must be a federal or State or California chartered bank with branch banking facilities located within the Coachella Valley. If the headquarters of the proposer is not located within the city limits, a branch bank(s) of the proposer located within the Coachella Valley must be able to offer the full range of banking services required by this RFP. The proposer must also be a member of the Federal Reserve System. SECTION 2. BIDDING INSTRUCTIONS 1. Intent 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. 5 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. Responses 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. Contact Office The Finance Director, Richard Parzonko, shall be the only contact office in regards to this RFP. 9. Right to Reiect 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. L 10. Execution of Agreement If a banking institution does not execute an agreement within ten (10) 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. 11. Incorporation of RFP and Proposal in Agreement. This RFP and the bank's response, including all promises, warranties, commitments and representations made in the successful proposal shall be binding and shall become contractual obligations, and will be incorporated by reference in the Authority's agreement with the bank. ACH and wire transfer agreements will be signed in conjunction with the execution of the banking services contract. 12. Amendments to Agreement. Parties hereto reserve the right to make amendments or modifications to the agreement by written amendment signed by both parties. No amendment shall be effective unless signed by both a bank representative authorized to bind and corporation. 13. Electronic Data Interchange Option. The successful bank must have Electronic Data Interchange (EDI) capabilities as they are developed. The City expects technical support for EDI at no additional cost to the City. SECTION 3. BANK CREDIT EVALUATION 1. Report of Capital and Surplus A proposer shall have on file with the Finance Director the affidavit of one of its officers 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 with their proposal copies of their quarterly call reports for the past two (2) years and their annual financial reports for the past three ( 3 ) years. If the proposing bank is owned by a holding company, submit financial statements for both proposing bank and holding company bank. Disclosure of any regulatory agreement (Memorandum of Understanding, formal agrement or cease and desist order) an 7 institution is under is also required. These reports will be used by the City to determine the financial strength of the proposer. The successful proposer shall, during the duration of this contract, continue to furnish to the City updated issues of each report in a timely manner. 3. 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. 4. 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: -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. 8 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. 5. Collateral The selected provider of banking services is required to adhere to State of California Government ; rode Section 53652 requiring public funds to be collateralized at least 10 percent in excess of total deposits. SECTION 4. SCOPE OF BANKING SERVICES I. CONTRACT TERMS I. Contract Period The selected institution shall be designated as the City Is 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. 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, Novemb----� 1994 at the La Quinta City Council Chambers located a 78-495 Calle Tampico, La Quinta, California 92253. 9 II CURRENT CITY OPERATIONS 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 demand account is earning interest at a moneymarket savings account rate and the checking account is non -interest bearing analysis account. 2. Current Needs 3. 4. The City of La Quinta will in conjunction with this request for proposal, requests usage of two accounts: one (1) interest bearing operating sweep account and one (1) petty cash checking account. 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 or safekeeping services, the interest earning operating account will be used for disbursement and receipt of investment activity. All disbursements are made through this account City of La Quinta vouchers. An on -going basis is used in preparation of processed computerized checks are reviewed by the Accounting Supervisor. Prior to distribution to signors 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. 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. 10 III REQUIRED BANKING 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 O eratinq 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 notify the City daily of the level of available collected funds in the account by 9:00 a.m. The level of available funds will be determined on the following schedule: 11 i. Items on the depository, wire transfers, ACH deposits, cash SAME DAY ii. Items on local institutions iii. Other Items B. C. D. E. NEXT DAY 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. Bags and Night Drop Services i. The bank shall provide the appropriate number of adequately sized locking depository bags at no cost. ii. The bank shall provide night depository services as needed by the City for those departments receiving revenues during the weekend. Wire Transfers It is estimated that the City will have approximately 4 to 8 outgoing and 6 to 10 incoming wire transfers per month. 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. 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. 12 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. 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. I. Safety Deposit Box The City requests a safety deposit box be allocated for storage of legal documents. J. Account Reconciliation For the Operating Account the City requires the bank to provide a paid check listing and tape in a format acceptable to the City within three (3) business days after the month -end cut-off. Proposing banks should provide a detailed description of their standard reconciliation product as well as any differentiating characteristics. Please provide the full range of modes of communication possible with your product and any enhancements that are available to reduce costs, improve check fraud prevention, streamline data presentation, etc. This information should be submitted as a separate addendum to Section 6. Numerical check storting is also requrested to be completed by the banking staff. 13 K. Other Proposers are requested to list any other services that will be provided to the City at no cost. IV. ACCOUNT MAINTENANCE SERVICES 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. 14 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, 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. 15 COMPENSATION 1. General Information Compensation shall be provided in the form of a direct fee basis. 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. 16 SECTION 5. OPTIONAL 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. However, the goal is to obtain the most efficient solution for the City regarding Banking and custodial Services. The "Selection Criteria" set forth previously herein applies to the selection of a bank for an additional banking service (s). Listed below are services the City requires and requests responses to be included in the RFP package or as a separate optional service. Responses to optional services are to complete "Exhibit B" Forms. I. 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 to obtaining warrants from the State Revenue Department by your affiliated bank may be arranged and then wired directly to the City's operating account. 17 2. II CUSTODIAL SERVICES FOR INVESTMENTS 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. Issuing Office The City of La Quintal (City), is soliciting proposals from state or federally charted commercial banks (the "Bank"), located within the State of California, having insurance of accounts through the appropriate federal issuing agency of the United States interested in providing safekeeping, clearance and reporting services for securities purchased and sold by the city for its own portfolio. Purpose The City has an immediate need for the establishment of independent safekeeping, clearing and reporting services in order to insure protection of its security interest in portfolio investments, standardize safekeeping of portfolio investments and simplify the reconciliation of safekeeping accounts. Accordingly, prospective respondents are advised that upon implementation with the selected Bank for these services requested herein, the Bank shall be restricted from acting as counterpart with the City on any investment transaction for the purchase of investments described in Section 2.A. A. This Request for Proposal is to solicit proposals from banking institutions capable of clearing and safekeeping the following: I. Obligations of, or obligations insured or guaranteed by, the United States or any agency or instrumentality of the United States. 18 II. Repurchase agreements secured by obligations issued or guaranteed by the United States or agencies or instrumentalities of the United States. III. Negotiable certificates of deposit Additionally, the Bank must report daily clearing and safekeeping activity and summarize activity on a monthly basis. These services are to meet the requirements, purposes and capabilities per terms, conditions and specifications contained herein. This document, subsequently referred to as the Request for Proposal (RFP), explains the service requirements, the RFP selection criteria and proposal documentation required to respond to this RFP. 3. Current System Currently, government and agency securities and money market instruments purchased by the City of La Quinta are held by Banking and security Broker Institutions who offered the securities. The number of transactions, volume, and type of security subject to safekeeping will vary from time to time depending on the City's investment activity, but should not differ from types described in paragraph 2. 4. Service Requirements 4.1 The Bank, with offices located within the State of California, which provides safekeeping, clearance, and reporting services must: A. Be a member of the Federal Reserve Bank and be a state or federally chartered commercial bank having insurance of accounts through the appropriate federal insuring agency of the United States. B. Safekeep and clear securities as agent for the city on a delivery versus payment basis. However, upon implementation of the services, securities already owned by the City will be delivered into safekeeping on a free delivery basis. C. Provide confirmation documentation to the City for each receipt and delivery of securities or funds as they occur, identifying asset description, purchase, sale, maturity, call or transfer date, accrued interest, total cost, 19 5. par value, coupon/basis, and purchased yield as may be applicable to the transaction. Confirmations must be postmarked no later than one (1) working day following transaction occurrence. D. Provide a monthly statement of assets and cash receipts and disbursements, detailing each transaction during the month and describing each asset completely. Assets shall be reported at cost and market value as of the end of each month. Monthly statements must be postmarked no later than three (3) working days following month's end. E. Promptly notify the City by telephone no later than 11:30 a.m. Pacific Standard Time or Pacific Daylight Savings Time (whichever is appropriate) of any failure to deliver or failure to receive securities or funds in connection with any transaction. F. Collect and receive interest income, maturity and sale proceeds from the securities held by the Bank in safekeeping and wire transfer funds on the same day. This will be done in accordance with instructions, to be delivered into safekeeping which will be wired to the Bank on the settlement day. G. Wire transfer and receive funds by wire transfer in accordance with instructions from the City. H. Maintain all City assets in the City's name in the Bank's vault, the Bank's account at the Federal Reserve, or a correspondent depository acceptable to the City. 4.2. The City shall have the right, exercisable directly or through its auditors, to examine and audit securities and cash held by the Bank for the city and records pertaining thereto during the Bank's normal business hours without notice. Response Data In order to facilitate a fair and selection of the most respondents must adhere to the of responses: 20 and equitable evaluation responsive proposal, all following format and order A. A statement of the Bank's experience and capability to provide security safekeeping, clearance and reporting services similar in nature and activity volume to the City. Included in this statement should be: The technical resources utilized by the Bank, its associated "down time" during the past six months, and the approximate number of clients whose safekeeping, clearance and reporting services are comparable to or greater in size than the City's prospective accounts. The statement must be signed by an officer of the Bank authorized to bind the Bank to all commitments made in the proposal. B. The name and title of the person who will be responsible for the City's account and transactions and a brief description of that person's qualifications and experience relative to the services required by the City. C. A statement identifying the Federal Reserve District of which it is a member, the "down time" of said district during the past six months, and the security transfer and money transfer cut-off times for the transaction of business, stated in Pacific Standard Time or Pacific Daylight Savings Time, whichever is appropriate. D. A copy of the Bank's most recent audited annual report and a copy of the Bank's most recent quarterly (June 1994) Uniform Bank Performance Report prepared by the Federal Financial Institution Examination Council. E. A minimum of two references of customers currently receiving safekeeping, clearance and reporting services similar in nature and volume to those required by the City. F. The name and location of the place where each type of security will be held. G. Samples of transaction confirmations or safekeeping and clearance receipts and monthly statements. H. Description of the Bank's policy regarding failed transactions and methodology for compensation. Including a description of formula of the method used to determine compensation. 21 6. I. Number of calendar days after issuance of Notice to Proceed when services will commence. It is the intention of the City to enter into a contract for three years, but which may be renewable each year for one year. J. Service fees should be segregated as follows. With the exception of the monthly Basic Service Fee, compensation proposed on any basis other than as specified below will not be accepted. Fee for Years Two and Three shall not exceed 5% of the Contract's initial year of service without City review and approval. K. The term of this agreement shall be for three years awarded in one year increments. Any extension will be for a period of one year and based on the approval of funds by the City Council for that purpose. Evaluation Criteria A proposal selection committee will review all proposals and will analyze the proposals for responsiveness to the RFP, assign point values based on evaluation criteria, and recommend award. Written proposals will be evaluated on the following criteria: Maximum Number of Points Experience, Capability, and Technical resources 5 Experience with Accounts of Similar Size 5* Staff Qualifications and Experience 10 Absence of Performance Constraints 10 Client References F1 Reports and Transaction Documentation in Accordance with 4.1.C. and D.(page 2) 5 Fail Policy and gampensation Methodology 15 Service Fee 35 Overall Compliance with Service Requirements 10 Total 100 22 7. General Conditions A. Any costs incurred in the preparation of a proposal, presentation to the city, travel in conjunction with such presentations, or samples of items shall be the responsibility of the respondent. The City shall not be liable for any costs incurred by the respondent in proposal preparation. The City assumes no responsibility and no liability for costs incurred by respondents prior to issuance of an agreement contract or purchase order. B. Prices are to be stated in units specified by this RFP. Prices quoted shall be in U.S. dollars. C. The City will enter into a contract for safekeeping, clearing and reporting services in response to a satisfactory proposal. The contract award will be made after selection of one (1) respondent's proposal from competition among all respondents with implementation of the services to follow. However, this RFP does not indicate a commitment by the City to award a contract to the successful respondent. The award of a professional service contract shall be contingent on the availability of funds and the appropriate approvals including City Council, if required. Anticipated award will occur following the above referenced approvals within 60 calendar days after receipt of proposals. The City intends to evaluate the proposed services based upon the data presented in response to this RFP. The ability of the respondent to provide concise yet thorough response to all of the information requested herein will be one measure of apparent qualifications. D. Any questions or inquiries must be directed to the Finance Director. Richard Parzonko Finance Director 78-495 Calle Tampico La Quinta, CA. 92253 Contact Phone: (619) 777-7054 E. Four (4) copies of the proposal shall be submitted to the Finance Director, each of which should be bound separately in a single document. submission must be in a sealed envelope or container which must be marked "Security Safekeeping, Clearance and 23 Reporting Services." Late submissions will not be considered and will be returned unopened to the respondent after contract award. F. At the discretion of the City any or all parts of the respondent's proposal shall be made a binding part of the selected Bank's contract and agreement. G. Although the service cost will be a factor used by the evaluation committee to determine project budget feasibility, the contract will not necessarily be awarded to the respondent with the lowest proposed cost. It is understood that all pricing provided is firm for the period of sixty (60) days from the proposal due date. 24 SECTION 6. BIDDING FORMS 25 BANKING SERVICES PROPOSAL FORM Richard Parzonko Finance Director 78-495 Calle Tampico La Quinta, CA 92253 Dear Mr. Parzonko: EXHIBIT A 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) 26 EXHIBIT A BANKING SERVICES CONSOLIDATED BID FORM Bank Submitting Bid Bank Depository Services Checks Paid: Accounts Payable Payroll Items Deposited: Other Returned Checks Wire Transfer: Incoming Outgoing Daily Balance Reporting Monthly Service Charge Report Account Reconciliation: Computer Tape Checks Sorted Daily Courier Service Stop Payments II. Other Banking Services: A. ACH Items B. ACH Transmissions C. DDA Account Maintenance D. Direct Deposit E. Branch Service Charges F. G. Estimated Annual Unit Annual Units Cost Cost 4,000 1,820 6,000 48 96 72 252 12 5,820 5,820 250 Days 24 $ Each $ Each $ Annually Each 27 INTEREST EARNINGS PROPOSAL Interest bearing account proposals: Type of Account Account Operating Average Interest Rate for the Month of July 1994 EXHIBIT A Basis for Determining Rate* Please identify the particular investment City funds will be invested with if the bank elects to provide an investment option not directly related to the bank. The "external" investment needs to comply with the City's Investment Policy regarding permitted investments. * (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 28 OPTIONAL SERVICES PROPOSAL FORM Richard Parzonko 78-495 Calle Tampico La Quintal CA 92253 Dear Mr. Parzonko: EXHIBIT B 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) 29 EXHIBIT B I. STATE TAX WARRANTS COURIER SERVICE Proposal Form 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 be a flat fee or percentage of warrant amount. Identify all other fees and their costs associated with this service. 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 Other Fees Service Description Amount 30 EXHIBIT B II. CUSTODIAL SERVICES PROPOSAL FORM Per Item Cost Account Maintenance Fee Monthly Basis Service Fee Safekeeping Charges Book Entry Physical Clearance Charges Receive Book Entry Asset Receive Physical Asset Deliver Book Entry Asset Deliver Physical Asset Redeem Book Entry Asset Wire Transfer Fees Incoming Outgoing 31