55E - RESO - AGMT - DEPOSITORY SRVS

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REQUEST FOR PROPOSALS Banking Services 1. INTRODUCTION A. Purpose. The City of Santa Ana Finance & Management Services Agency, Treasury & Customer Service Division ( "City ") is soliciting proposals for banking services from qualified financial institutions with full service branches within the City of Santa Ana. It is the City's intent to maintain all commercial banking services with one financial institution to maximize cash flow and minimize administrative costs; however, the City reserves the right to award multiple banking services contracts if it is deemed in the best interest of the City to do so. The primary objective of requesting proposals is for the City to identify which financial banking institution (the "Bank" or the "Proposer ") can provide the highest quality of service at the most reasonable cost. This process also provides the City the opportunity to explore alternative procedural methods that could improve its banking, cash management, customer services capabilities, and take advantage of new technologies. The City intends to enter into a contract for a three (3) year term beginning from the commencement of depository banking services with an option to renew for an additional two one (1) year periods. The pricing of the proposal must remain fixed for a minimum contract term of three years. Any price changes for years four and five must be agreed upon by the both parties during the third year. All proposals shall be submitted in accordance with the format and information listed in Section VI, Proposal Format — Data Required. B. Deadline. Proposals are to be received by 5:00 p.m. (PST) on October 14, 2016, as described in Section IX, Proposal Submittal Requirements of this Request for Proposals (RFP). C. Background. The City of Santa Ana is a Charter City operating under a Council- Manager form of Government. Policy- making and legislative authority are vested in a City Council consisting of the mayor and seven council members. Santa Ana encompasses an area of 27 square miles and is the eleventh largest city in California with a diverse population of over 343,000. The City's fiscal year 2016 -17 operating budget is $513 887 000. The City's primary banking relationship is currently with JP Morgan Chase, N.A. The present Agreement will reach the end of its term on December 31, 2016. In the event that the City contracts with a new Banking Services Provider the existing contract will be extended a further six (6) months to allow for a smooth transition to a new Provider. Effective January 1, 2017, the City anticipates opening /maintaining four (4) open deposit acounts: 1. General Account 2. Housing Account (ZBA) 3. Commissary Account 4. Flex Benefit Spending Account City of Santa Ana — Banking Services Page 1 55E -35