Loading...
HomeMy WebLinkAboutRes 32-88 09/06/1988 I~ I RESOLUTION NO. 32-88 A REßOLUTION ACCEPTING BANKING SERVICE PROPOSAL FROM FIRST NATIONAL BANK OF MOUNT PROSPECT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the 6th day of September, 1988 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 7th day of September, 1988. RESOLUTION NO. 32-88 A RESOLUTION ACCEPTING THE BANKING PROPOSAL OF THE FIRST NATIONAL BANK OF MOUNT PROSPECT WHEREAS, the Village of Mount Prospect did request proposals for banking services from the three çommercial banks located within the corporate boundaries of the village of Mount Prospect¡ and WHEREAS, the First National Bank of Mount prospect has submitted the proposal which offers the overall lowest costs and the highest credit for the Village fund on deposit¡ and WHEREAS, the Mayor and Board of Trustees of the village of Mount Prospect have determined that the best interest of the Village would be served in accepting the banking Service proposal from the First National Bank of Mount Prospect. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Mayor and Board of accept the proposal received from the First Mount Prospect, to provide banking services Mount Prospect, a copy of said proposal is Exhibit "An. Trustees do hereby National Bank of for the Village of attached hereto as SECTION TWO: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Arthur, Farley, Floros, Van Geem, Wattenberg, Murauskis NAYS: None ABSENT: None PASSED and APPROVED this ~ day of Sppt-pmhPr , 1988. ~ )I ~Lu~ Carol~ H. Krause Mayor 7~f~ Carol A. Fields Village Clerk " ."-- ._~ ,- FIRST NATIONAL BANK OF MO4NT PROPSECT'S PROPOSAL REQUIRED BANK QUALIFICATIONS 1. The designated Bank Officer is John G. Eilering, Executive Vice President and the back up Officer is Joan Walters, Vice President. 2. There are two (2) commercial teller windows at the main office for Village deposits. The commercial windows are staffed by senior level personnel and the teller manager is Barbara Swanson, Vice President. 3. Monthly statements will be delivered to the Village within five (5) business days of month end. office 4. Quarterly offices. Village will be delivered to the call reports 5. First National Bank of Mount Prospect is closed on only holidays. They are as follows: six New Years Day Memorial Day Independence Day Labor Day Thanksgiving Christmas Day I. II. III. r"\ SCOPE OF SERVICES Bank Accounts First National Bank of Mount Prospect will open eight Business Checklng Accounts and eight Money Market Accounts for the Village. All Village funds will be maintained in the money market accounts. All deposits will be made into the money market accounts. All checks will be written on the business checklng accounts which maintain a zero balance. Funds are swept from the related money market accounts as checks are drawn. An example is attached in Appendix I. Account Reconciliation SerVlces 1. Combined business checking and money market account statements will be provided per your speciflcations. 2. Debit and credit specifications. your provided memos wi 11 be per 3. All cancelled checks and deposit slips returned ln your monthly statements. be wi 11 4. An analysis for each related account will be monthly. provided Investment of Account Balances All funds in the money market deposit accounts will earn daily compounded interest on available funds (see schedule; Appendlx II) at a rate pegged equally to the seven day Donahue Fund yield (published weekly in the Sunday Chicago Trlbune) or one hundred basls points over our published money fund rate for individuals. This week's rate is 6.91%. Last week's rate was 6.81%. The prlor week's rate was 6.70%. Either of these rates wi 11 be appl ied to Vi 11 age accounts when the combined average aval1able balances exceed $500,000.00. Should the combined balances fall below $500.000.00, the rate wl11 be flfty basis points over our published money fund rate for individuals. The rate is changed weekly on Tuesday. There is no floor or ceiling on interest rates for money market accounts. Under this scenerlO the Vi Ilage rate for this week and preVlOUS months are as follows: This week's rate is 6.2%.. Last week's rate was 6.1%. The prlor week's rate was 6.0%. Previous two month's rate was 6.0%. 2 IV. V. Other Services 1 . The Bank accepts tax deposits at no charge. 2. called our Bookkeeplng to Stop payments Department. ln are 3. All NSF checks will be re-deposited a second time. 4. Account balances are available at 8:45 a.m. daily. 5. Two 3" x 10" Safe Deposit boxes will be provided at cost of $45.00 each per year. a Remittances for wat~r bill and vehicle licenses will be mailed to the Village of Mount Prospect, P.O. Box XXXX, Mount Prospect, Illinois 60056. The Bank will pick up from the lockbox twice a day, Monday through Friday and once on Saturday. Payments will also be taken at our facilities or main office if this is acceptable to you. Payment stubs will be verlfied to the amount of each check and descrepancies will be recorded on each stub. Photocopies of descrepancies will be delivered to the Village. Checks will be batched. endorsed and added. A deposit slip will be prepared for the total of the batched checks and the deposit will be made to your account by 4:00 p.m. daily. A copy of the deposit slip, adding machine tape and the actual stubs will be returned to the Village by 8:30 a.m. the following business day. Charges for this service are outlined in the Banking Proposal Form. New Services Should the Village require additional accounts or services during the term of this agreement, the Bank will provide these with the same conditions as apply to existing accounts at the time. The Bank is willing to provide government required services to the village within our means. 3 () COLLATERALIZAflON The Bank agrees to the collateralizaion terms outlined in the Village's Request for Proposal. Collateral is held by a third party in a safekeeping account. A quarterly statement of pledged collateral valuation will be provided to the Village. BANKING PROPOSAL FORM The prices quoted in the Banking Proposal Form are valld for one year from the date the Bank commences services. The Bank reserves the right to adJust these prices at the beginning of years two and three of the contract. However, this annual adjustment, if necessary, wi! be limited to 5% (five percent) for all deposit services and 3% (three percent) for lockbox services. 4 ADDITIONAL SERVICES Although not outlined in your Request for Proposal, Bank is interested in providing additional services to Village as follows: the the 1 . The Bank will count and deposit parking meter coin at a negotiated rate. 2. Investment services are available through our full service brokerage operation. The Village's account executive, John Eilering, is a registered representative of a securities firm. 3. The Bank will provide an alternative to Treasurer's Investment Pool as follows: Public the a. Funds will be deposited in a one year, collateralized certificate of deposit. fully b. Balances of 2 - 4 million dollars interest at a rate equal to: paid will be 1. Our money market deposit account monthly yield from the previous month. 2. The previous monthly average 182 day Treasury Bi 11 yield. 3. The preVl0US month's Treasurer's Investment Pool average. Interest will be posted 5 days after month end on higher of the three indexes. the c. Balances in excess of 4 million dollars - Five basis points over the highest of the three indexes above. d. Balances of 1 - 2 million dollars - Five basis points below the highest of the three indexes above. 4. Payroll services nominal price. are available for the Village a at 5. The Bank has demonstrated an interest in purchasing the Village's municipal debt in the past at competitive rates and will continue to bid on these in the future. 6. FNW Bancorp, Incorporated's leasing subsidiary, NSB Finance, is available to the Village to assist in the purchase of equipment. 5 C) INSTITUTION SUBMITTING PROPOSAL Depository Services Account Maintenance: Checks Paid Items Deposited Returned Checks (NSF) Stop Payments Wire Transfers - Incoming Outgoing Inter Account Transfers Monthly Service Charge Other: . Deposits Currency Other Banking Services VILLAGE Of MOUNT PROSPECT BANKING PROPOSAL FORM {~ Alternate 1 ' First National Bank of Mt.-Prospect Estimated Annual Volume Bid Charge Per Item Annual Service Charges 30,000 15,000 240 20 30 120 250 96 2.700 1.500 -0- 300 Oq .10 -0- 15.00 No charge 10.00 No char£e 8.00 1.200 768 2.700 .30 810 .15 (per $100) Subtotal $7,278.00 600.00 8,640.00 2,640.00 Lockbox Service Annual Maintenance Water Bills Vehicle licenses Indicate number of days when monthly statements will be provided Type of Instrument to be utilized for overnight investment of Excess Funds 36,000 12,000 . .24 .22 Total Estimated Annual Cost $19,158.00 4 business days, after end of month. Money Market Deposit Account Term of Contract: November 1,1988 through October 31, 1991, as set forth within this contract. First National Bank of Mt. Prospect John Eilering, Executive V.P. & Cashier Name 55 E. Euclid Street Mt. Prospect, IL 60056 City, State, Zip with option to renew, (Signature) Submitted by: 392-1600 Phone Number I !A VILLAGE Of MOUNT PROSPECT BANKING PROPOSAL fORM INSTITUTION SUBMITTING PROPOSAL First National Bank of Mt. ProsDect Depository Services Account Maintenance: Checks Paid Items Deposited Re-deposite~eturned Checks (NSF) Stop Payments Wire Transfers- Incoming Outgoing Inter Account Transfers Monthly Service Charge Other: Deposits Currency Other Banking Services lockbox Service Water Bills Vehicle licenses Indicate number of days when monthly statements will be provided Type of Instrument to be utilized for overnight investment of Excess Funds Estimated Annual Volume 30,000 63,000 240 20 30 120 250 2700 Bid Charge Per Item Annual Service Charges .09 .10 No charge 15.00 ? tnn . ¡:; 1nn - 1no No ,charge 10.00 No charge 8.00 1,200 768 810 .30 .15 {per $100) Total Estimated Annual Cost $12,078.00 4 business days, after end of month. Money Market Deposit Account First National Bank of Mt. Prospect , John Eilering. Executive V.P. & Cashier Name 55 E. Euclid Street Mt. Prospect, IL 60056 City, State,; Zip Term of Contract: November 1,1988 through October 31,1991, as set forth within this contract. with option to renew, " " E(/f 392-1600 Phone Number