R-2012-114-2012-08-13RESOLUTION NO. R2012-114
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AWARDING A CONTRACT FOR BANK DEPOSITORY SERVICES.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City has reviewed Requests For Proposals(RFP's) for Bank
Depository Services, and such RFP's have been reviewed and tabulated.
Section 2. That the City Council hereby awards a contract for Bank Depository
Services to Wells Fargo in accordance with Exhibit "A", attached hereto.
Section 3. The City Manager or his designee is hereby authorized to execute a
contract for Bank Depository Services.
PASSED, APPROVED and ADOPTED this the 13th day of August, A.D., 2012.
ATTEST:
YO
CIT*7• ECARY
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
REID
MAYOR
Annual Fees
Minus Incentives ($)
Armored Car Service
Four Months Fees Waived
Offset Conversion Costs
Three Months Fees Waived
1st Year
2nd Year
3rd Year
4th Year
5th Year
Avg/Mo for 3 years
Avg/Mo for 5 years
104,714
15,000
89,714
89,714
89,714
89,714
89,714
7,476
7,476
67999
67;993
67;999
67,99:9
67;99:9
67.999
5,667
5;667
74,030 $ 32,110
24,677
49,354
74,030
74,030
74,030
74,030
5,484
5,758
15,000
17,110
32,110
32,110
32,110
32,110
2,259
2,426
73;62'(
18.405
216
62
73;62
Rates (Average past 12 Months)
ECR
Interest Bearing Checking
Money Market
Sweep
0.678%
0.150%
0.150%
0.150%
6:292%
0 093%
0 250%
0010%
0.433%
0.100%
0.193%
0.010%
0.289%
0.010%
0.045% :
0.020%
050f3�q
;ANN
460%
G 400%
BANK RFP ANALYSIS
....................
Wells Fargo $arik'of America
JP Morgan Chase
Exhibit "A"
Resolution R2012-114
Frost
Capital one
Avg Balance Maintained(Avg. 12 Months) $
95,789,589 '$, 95,789:,589:: $
95,789,589 $ 95,789,589
:95;789489::
Compensating Balance Basis
Mo. Balance Required
Balance Avail for Investment
Earnings
Earnings in Interest Accounts
Earnings in MMA (50%)
Earnings in Sweep Accounts
13,241,985
95,789,589
143,684
71,842
143,6841
23;313,80
72;475;78
5
4
67,040
::90.89:6
15,944,977
79,844,612
79,845
77,183
7,984
10,066,876
85,722,713
8,572
19,288
17,145
327;207
163,603
327,207
Fee Basis
Annual Fees (5 year average)
Earnings in Int Bearing
Money Market (50%)
Earnings in Sweep
Best Net Earnngs (Earnings -Fees)
89,714
143,684
71,842
143,684
53,970
S8 605
19,737
9,579
51,738
69,095
95,790
92,597
9,579
26,695
29,110
9,579
21,553
19,158
-7,557
3
13;219
Notes:
Automatic Sweep.
Rate is for all
accounts and on
total balance, not
just excess.MMA
not collaterialized.
k;ow sweep rate'
........ ...........
Current ie p
rate is 00,1;:iiibtitii
can auto transfer.:::
excess finis ti'•
GheCkrj:.::.:.....
Low sweep rate.
Current sweep rate
is 0%. MMA has a
limit of 6
transactions per
month. MM Mutual
Fund limited to
50% of portfolio
per Investment
Policy, as not
collateralized..
Low sweep rate
and MMAs. MM
Mutual Fund
limited to 50% of
portfolio per
Investment Policy,
as not
collaterialized.
No branch in City::
Banks outside�.
...... ............
.... .......... ..
...... ............
C ty i;imits needed
prior approval by
Coi ncil to die:
........ ..........
.......... . . ....
........ ..........
co sidered Local:
............ ......
..... .............
............ ......
..... .............
Govt dCoe::
......... .. ......
..... .............
......... .. ......
Sectioi 10511;
........... .......
ECR 50% first:
year the i sei by
mgmt, but:can :.
Switch to fee
based if below
40%;; '.