Request for Proposal (RFP) for Financial ServicesCity of Dubuque
City Council Meeting
ITEM TITLE:
SUMMARY:
SUGGESTED
DISPOSITION:
ATTACHMENTS:
Description
MVM Memo
Staff Memo
Banking Services RFP
Copyrighted
August 5, 2024
Consent Items # 06.
Request for Proposal (RFP) for Financial Services
City Manager recommending the issuance of a Request for Proposal for
Financial Services for five years for the City of Dubuque.
Suggested Disposition: Receive and File; Approve
Type
City Manager Memo
Staff Memo
Supporting Documentation
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Request for Proposal (RFP) for Financial Services
DATE: August 1, 2024
Dubuque
Itzetzl
All -Merin iee City
111111
2007*2012*2013
2017*2019
Chief Financial Officer Jennifer Larson is recommending the issuance of a Request for
Proposal for Financial Services for five years for the City of Dubuque
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jml/sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Chief Financial Officer
Brian DeMoss, Finance Manager
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Chief Financial Officer
SUBJECT: Request for Proposal (RFP) for Financial Services
DATE: July 30, 2024
INTRODUCTION
Dubuque
All -America City
2007.2012.2013
2017*2019
The purpose of this memorandum is to request approval to release a request for proposals
(RFP) for financial services.
BACKGROUND
The City last went out for proposal for financial services in 2007 and Dubuque Bank and
Trust has held the City of Dubuque's and Dubuque Metropolitan Area Solid Waste Agency's
main accounts since that time.
The financial services landscape has drastically changed in the City of Dubuque since 2007.
In an effort to remain competitive in service fees, interest rates, and have cutting edge
technology for online banking, cyber security, and fraud prevention, it is necessary to request
proposals from financial institutions.
DISCUSSION
A committee will be formed of the following to review proposals:
Jennifer Larson, Chief Financial Officer
Brian DeMoss, Finance Manager
Keith Strey, Project Manager
Joe Pregler, Chief Security Officer
Ken Miller, DMASWA Administrator
The tentative timeframe for the RFP process will be as follows:
August 6, 2024 — Release RFP to Financial Institutions
August 27, 2024- Questions and Request for Clarifications Due
August 28, 2024 — Responses to Questions Posted
September 3, 2024 — Closing Date for Receipt of Proposals
October 7, 2024 — Anticipated Date to Issue Notice of Intent to Award
The RFP will be provided to the following financial institutions that have a staffed physical
location within City of Dubuque corporate limits:
Dubuque Bank & Trust
MidWestOne Bank
Premier Bank
Fidelity Bank & Trust
Capra Bank
U.S. Bank
Dupaco Community Credit Union
DuTrac Community Credit Union
Collins Community Credit Union
GreenState Credit Union
Jason Lehman, Assistant City Attorney has reviewed the Banking Services Request for
Proposal.
REQUEST
I respectfully request your approval to release a request for proposals (RFP) for financial
services.
JML
cc:
Brian DeMoss, Finance Manager
2
REQUEST FOR PROPOSALS
FOR
COMMERCIAL BANKING SERVICES
Masterpiece on the Mississippi
Issue Date
August 6, 2024
Contents
1.0 Introduction 4
1.1 Purpose 4
1.2 Background Information 4
2.0 Administrative Information 6
2.1 Issuing Officer 6
2.2 Restriction on Communication 6
2.3 Downloading the RFP from the Internet 6
2.4 Procurement Timetable 6
2.5 Questions and Requests for Clarification 6
2.6 Amendment to the RFP 7
2.7 Submission of Proposals 7
2.8 Costs of Preparing the Proposal 7
2.9 Rejection of Proposals 7
2.10 Disqualification 7
2.11 Nonmaterial Variances 8
2.12 Reference Checks 8
2.13 Information from Other Sources 8
2.14 Bid Proposal Clarification Process 8
2.15 Public Records and Requests for Confidential Treatment 8
2.16 Copyrights 10
2.17 Release of Claims 10
2.18 Presentations 10
2.19 Evaluation of Proposals Submitted 10
2.20 Definition of Contract 10
2.21 Choice of Law and Forum 10
2.22 Restrictions on Gifts and Activities 10
2.23 No Minimum Guaranteed 11
3.0 Contract 11
3.1 Contract 11
3.2 Resulting Contract 11
3.3 Contract Length 11
City of Dubuque, Iowa RFP for Commercial Banking Services Page 2
4.0 Format and Content of Proposals 11
4.1 Proposal Format 11
4.2 Technical Proposal 11
5.0 Current Commercial Banking Services 13
5.1 Current Accounts and Services 13
6.0 Mandatory Service / Proposal Requirements 14
6.1 Personnel and Account Servicing 14
6.2 General Banking Information 14
6.3 Compensating Balance Credit / Interest Earnings on Account 15
6.4 On -Line Platform Status & Future Upgrades 15
6.5 On -Line Access & Cyber Security 15
6.6 On -Line User Administration 15
6.7 On -Line Check Deposit Services 15
6.8 On -Line Wire Transfer Origination Services 15
6.9 On -Line Automated Clearing House (ACH) Services 16
6.10 ACH Debit Filter 16
6.11 Positive Pay Services 16
6.12 Fraud Monitoring 16
6.13 On -Line Account Information / Reporting (1,095-day or 3 year minimum) 16
6.14 Account Analysis Services 16
6.15 On -Line user defined alerts and messages 17
6.16 Implementation/Conversion Plan 17
6.17 Other Financial Institution Relationships with the City 17
6.18 Other Services and Strategies 17
6.19 References 17
7.0 Evaluation of Bid Proposals 17
7.1 Introduction 17
7.2 Evaluation Committee 17
7.3 Evaluation Criteria 18
8 Disputes/Exceptions 18
Attachment A City of Dubuque Standard Terms and Conditions 19
Attachment B — Fee Proposal 24
Attachment C — Current City Account Analysis Data 27
Attachment D — Sample Month Data to Compute Interest Earnings 28
Attachment E — Insurance Requirements 29
City of Dubuque, Iowa RFP for Commercial Banking Services Page 3
1.0 Introduction
1.1 Purpose
The City of Dubuque, Iowa (the "City"), is requesting proposals from qualified Financial
Institutions ("Financial Institutions") for depository, cash management, and general banking
services. Through this Request for Proposals (this "RFP"), theCityintends
to evaluate its banking opportunities, including costs analysis, as well as explore new services that
could benefit the financial security and efficiencies of City operations.
1.2 Background Information
This RFP is designed to provide firms with the information necessary for the preparation of a
competitive bid proposal. The RFP process is for the City's benefit and is intended to provide
the City with competitive information to assist in the selections process.
The City constitutes a political subdivision of the State of Iowa (the "State"). Dubuque 2038
is a sustainable and resilient city, an inclusive and equitable community where ALL are
welcome. The City's Vision Statement is: Dubuque 2038 has preserved our Masterpiece on
the Mississippi, has a strong, diverse economy and expanding connectivity. Our residents
experience healthy living and active lifestyles; have choices of quality, affordable, livable
neighborhoods; have an abundance of diverse, fun things to do; and are successfully and
actively engaged in the community. The City's Mission Statement is: Dubuque city
government is progressive and financially sound with residents receiving value for their tax
dollars and achieving goals through partnerships. Dubuque city government's mission is to
deliver excellent municipal services that support urban living; contribute to an equitable,
sustainable city; plan for the community's future; and facilitate access to critical human
services.
A High -Performance Organization (and Community) with Engaged Employees and Residents
that is Data -Driven and Outcome -Focused built on the five pillars of: Creating an Equitable
Community (and Organization) of Choice, Resiliency, Sustainability, Equity, Compassion, and
Transparency.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 4
A1a'terl►iece 011 the ,17iciti,:i pi
Creating an Equitable Community
(and Organization) of Choice
A High -Performance Organization (and Community) with
Engaged Employees and Residents that is Data -Driven and
Outcome -Focused built on the five pillars of:
4 1
Resiliency Sustainability
s ,
Equity
Transparency z Compassion
Through Partnerships, Planning, Et People
www.cityofdubuque.org
Adopted by City Council on January 16, 2024
City of Dubuque, Iowa RFP for Commercial Banking Services
Page 5
Because the City is a local governmental unit of the State, the City is exempt from federal
excise taxes and state and local sales and use taxes on the services requested within this RFP.
The successful Financial Institution shall be responsible for paying any taxes incurred by the
Financial Institution in connection with its performance should it be awarded the contract.
2.0 Administrative Information
2.1 Issuing Officer
The Issuing Officer, identified below, is the sole point of contact regarding the RFP from the
date of issuance until selection of the successful Financial Institution.
Jenny Larson
Chief Financial Officer
City of Dubuque
50 W. 13th St.
Dubuque, IA 52001
E-mail: Jlarson@cityofdubuque.org
2.2 Restriction on Communication
From the issue date of this RFP until announcement of the successful Financial Institution,
Financial Institutions shall not discuss the RFP with or contact any other representative of the
City or any of the Selection Committee members except as expressly authorized by the Issuing
Officer. Violation of this restriction will be considered a violation of the rules and be grounds
for disqualification of the Financial Institution's proposal.
2.3 Downloading the RFP from the Internet
The RFP and any addenda to the RFP will be posted on the City's website at
www.cityofdubuque.org/bids. Financial Institutions are advised to check periodically for addenda to
this RFP, particularly if the Financial Institution downloaded the RFP from the Internet as the
Financial Institution may not automatically receive addenda. It is the Financial Institution's sole
responsibility to check as frequently as the Financial Institution deems prudent for addenda to posted
documents.
2.4 Procurement Timetable
The following dates are set forth for informational and planning purposes; however, the City
reserves the right to change the dates to meet the City's needs.
Post notice of RFP on City website
Questions and Requests for Clarification due
Response to Questions
Closing Date for Receipt of Proposals
Anticipated Date to issue Notice of Intent to Award:
Anticipated Date to Begin Services:
August 6, 2024
August 27, 2024 4:00 PM CDT
August 28, 2024 4:00 PM CDT
September 3, 2024 4:00 PM CDT
October 7, 2024
To Be Determined
2.5 Questions and Requests for Clarification
Financial Institutions are invited to submit questions and requests for clarifications regarding
the RFP. Questions or requests for clarifications must be submitted via email and received by
the Issuing Officer before 4:00 PM CDT on August 27, 2024. Verbal questions will not be
City of Dubuque, Iowa RFP for Commercial Banking Services Page 6
permitted. If the questions or requests for clarifications pertain to a specific section of the RFP,
the page and section number(s) must be referenced. Written responses to questions and
requests for clarifications will be posted as needed to the City's website via an addenda at
www.cityofdubuque.org/bids on or before 4:00 PM CDT on August 28, 2024. The written
responses will be considered part of the RFP.
2.6 Amendment to the RFP
The City reserves the right to amend the RFP at any time. Financial Institutions shall
acknowledge receipt of any and all amendments in its proposal. If an amendment occurs after
the closing date for receipt of bid proposals, the City may, in their sole discretion, allow
Financial Institutions to amend their bid proposals in response to the amendment if necessary.
Financial Institutions may amend their bid proposals If the amendment is in writing, signed by
an authorized representative of the Financial Institution, and received by the City by the time
set for the receipt of proposals. Financial Institutions who submit proposals in advance of the
deadline may withdraw, modify, or resubmit proposals at any time prior to the deadline for
submitting proposals. Financial Institutions must notify the Issuing Officer in writing if they
wish to withdraw their proposals.
2.7 Submission of Proposals
The bid proposal must be a PDF attachment submitted via ShareFile provided to
https://cityofdubuque.sharefile.com/r-r28e8cc4444b48228 and must be received by 4:00 PM CDT
on September 3, 2024. This is a mandatory requirement and will not be waived by the
City. Any bid proposal received after this deadline will be rejected. T h e City is under
no obligation to confirm receipt. Each Financial Institution must furnish all information
necessary for the City to evaluate its proposal by the submission deadline. Bid proposals that
fail to meet the mandatory requirements of the RFP will be disqualified. Verbal information
and general marketing material will not be considered by the City and shall not be submitted
as part of any proposal.
2.8 Costs of Preparing the Proposal
The costs of preparation and delivery of the proposal are solely the responsibility of the
submitting Financial Institution.
2.9 Rejection of Proposals
The City reserves the right to reject any or all proposals, in whole and in part, received in
response to this RFP. Issuance of this RFP in no way constitutes a commitment by the City to
award a contract.
2.10 Disqualification
The City may reject proposals outright for any one of the following reasons:
2.10.1 The Financial Institution fails to deliver the proposal by the due date and time.
2.10.2 The Financial Institution states that a service requirement cannot be met.
2.10.3 The Financial Institution's response materially changes a service requirement.
2.10.4 The Financial Institution's response limits the rights of the City.
2.10.5 The Financial Institution fails to include information necessary to
substantiate that it will be able to meet a service requirement.
2.10.6 The Financial Institution fails to respond to the City's request for
City of Dubuque, Iowa RFP for Commercial Banking Services Page 7
information, documents, or references.
2.10.7 The Financial Institution fails to include any signature, certification,
authorization, stipulation, disclosure, or guarantee requested in Section 4 of
this RFP.
2.10.8 The Financial Institution presents the information requested by this RFP
in a format inconsistent with the instructions of the RFP.
2.10.9 The Financial Institution initiates or continues unauthorized contact regarding
the RFP.
2.10.10 The Financial Institution provides any misleading or inaccurate response.
2.10.11 The Financial Institution does not, as of the date of issuance of this RFP,
have a fully staffed, physical location within the corporate limits of the City.
For purposes of this subsection, "fully staffed" means (a) one or more
employees of the Financial Institution being physically present at the
physical location during normal banking hours; and (b) such physical
location is open to the public during normal banking hours.
2.11 Nonmaterial Variances
The City reserves the right to waive or permit cure of nonmaterial variances in the proposal if,
in the judgment of the City, it is in the City's best interest to do so. In the event the City waives
or permits cure of nonmaterial variances, such waiver or cure will not modify the RFP
requirements or excuse the Financial Institution from full compliance with RFP specifications
or other contract requirements if the Financial Institution is awarded the contract. The
determination of materiality is in the sole discretion of the City.
2.12 Reference Checks
The City reserves the right to contact any reference to assist in the evaluation of the proposal,
to verify information contained in the proposal, or to otherwise discuss the Financial
Institution's qualifications.
2.13 Information from Other Sources
The City reserves the right to obtain and consider information from any other source
concerning a Financial Institution, such as the Financial Institution's capability and
performance under other contracts.
2.14 Bid Proposal Clarification Process
The City reserves the right to contact a Financial Institution after the submission of proposals
for the purpose of clarifying a proposal and ensuring mutual understanding. The City will not
consider information received during the clarification process if the information materially
alters the content of the proposal. An individual authorized to legally bind the Financial
Institution shall sign all responses to any request for clarification. Responses shall be submitted
to the City within the time specified in the request. Failure to comply with requests for
additional information may result in rejection of the proposal as noncompliant.
2.15 Public Records and Requests for Confidential Treatment
The City shall treat all information submitted by a Financial Institution as public records unless
the Financial Institution properly requests that specific parts of the proposal be treated as
confidential at the time of submission AND, in the opinion of the City or the City's counsel,
City of Dubuque, Iowa RFP for Commercial Banking Services Page 8
the information is in fact confidential under Iowa or other applicable law. The City's release
of public records is governed by Iowa Code Chapter 22. Financial Institutions are encouraged
to familiarize themselves with Chapter 22 before submitting a proposal. The City will copy
and produce public records as required to comply with Chapter 22 or other applicable laws, and
no prior notice of the release of any public record will be provided to any Financial Institution.
Any request for confidential treatment of information must be included in the transmittal letter
with the Financial Institution's proposal. For each confidentiality request, the Financial
Institution must (1) enumerate the specific grounds in Iowa Code Chapter 22 or other
applicable law that supports treatment of the material as confidential; (2) provide adequate
justification as to why the material should be maintained in confidence; (3) explain why
disclosure of the material would not be in the best interest of the public; and (4) set forth the
name, address, telephone number, and email address for the person authorized by the Financial
Institution to respond to inquiries by the City concerning the confidential status of such
material. Requests to maintain an entire proposal as confidential will result in the entire proposal
being rejected as non -responsive. A request for confidentiality that does not comply with this
section or a request for confidentiality of information or material which cannot be held in
confidence as set forth herein are grounds for rejecting a proposal as non -responsive.
Any proposal submitted which contains information for which the Financial Institution is
requesting confidential treatment must be conspicuously marked by the Financial Institution
as containing confidential information, and each page upon which confidential information
appears must be conspicuously marked as containing confidential information. Failure to
properly identify specific information as confidential shall be deemed to constitute the
Financial Institution's consent to public disclosure of part or all of any such information.
If the Financial Institution designates any portion of its proposal as confidential, the Financial
Institution must submit a version of its proposal labeled as "Public Copy" and from which the
confidential information has been excised. The confidential information must be excised in
such a way as to allow the public to determine the general nature of the material removed and
to retain as much of the proposal as reasonably possible.
If the City receives a request for information that includes information the Financial Institution
has marked as confidential and the City believes it is required to release the information so
intends to release such information, the City will give written notice to the Financial Institution
at least seven calendar days prior to the release of the information to allow the Financial
Institution to seek injunctive relief pursuant to Iowa Code § 22.8. The City shall not be required
to seek injunctive relief or otherwise take any legal action for or on behalf of any Financial
Institution. After seven (7) calendar days, the City may release the information marked
confidential unless a court of competent jurisdiction determines the information to be exempt
from disclosure under Iowa Code Chapter 22 or other applicable law.
Except as otherwise provided herein: if the Financial Institution fails to comply with the request
process set forth herein; if the Financial Institution's request for confidentiality is
unreasonable, as determined in the sole discretion of the City or the City's counsel; or if the
Financial Institution rescinds its request for confidential treatment, then the City may release
such information or material with or without providing advance notice to the Financial
Institution and with or without affording the Financial Institution the opportunity to obtain an
order restraining its release.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 9
The Financial Institution's failure to request confidential treatment of material will be deemed
a waiver of any right to confidentiality the Financial Institution may have had.
2.16 Copyrights
By submitting a proposal, the Financial Institution agrees that the City may copy the proposal
for purposes of facilitating the evaluation of the proposal or to respond to requests for public
records. The Financial Institution consents to such copying by submitting a proposal and
warrants that such copying will not violate the rights of any third party. The City shall have the
right to use ideas or adaptations of ideas which are presented in the proposals.
2.17 Release of Claims
By submitting a proposal, the Financial Institution agrees that it will not bring any claim or
cause of action against the City based on any misunderstanding concerning the information
provided herein or concerning the City's failure, whether negligent or otherwise, to provide the
Financial Institution with pertinent information as intended by this RFP.
2.18 Presentations
Financial Institutions may be asked to make a presentation of their proposal. The presentation,
if necessary, will occur at the City's offices. The determination as to need for presentations,
including the location, order, and schedule of the presentations, shall be at the sole discretion
of the City.
2.19 Evaluation of Proposals Submitted
Proposals which are timely submitted and are not subject to disqualification will be evaluated
in accordance with Section 7 of this RFP.
2.20 Definition of Contract
The full execution of a separate written contract shall constitute the making of a contract for
services, and no Financial Institution shall acquire any legal or equitable right relative to the
goods or services to be provided in connection with this RFP unless and until a separate written
contract, with terms and conditions acceptable to the City, has been fully executed by the City
and the successful Financial Institution. By submitting a proposal, each Financial Institution
acknowledges that any selection of a successful Financial Institution by the City under this
RFP, including, without limitation, any verbal or written notice thereofprovided by or on behalf
of the City, shall not create any contractual rights or other obligations between the City and the
successful Financial Institution.
2.21 Choice of Law and Forum
This RFP and any contract resulting therefrom shall be governed by the laws of the State of Iowa,
without regard to its conflicts of laws provisions or applications. Changes in applicable laws
and rules may affect the award process or the resulting contract. Financial Institutions are
responsible for ascertaining pertinent legal requirements and restrictions. Any and all litigation
or actions commenced in connection with this RFP shall be brought in the state courts of the
Iowa District Court in and for Dubuque County, Iowa or the federal courts of the Northern
District of Iowa, Eastern Division, and the parties hereby irrevocably consent to the exclusive
jurisdiction of said courts.
2.22 Restrictions on Gifts and Activities
City of Dubuque, Iowa RFP for Commercial Banking Services Page 10
Iowa Code Chapter 68B restricts gifts which may be given or received by public employees and
requires certain individuals to disclose information concerning their activities with public
government. Financial Institutions are responsible to determine the applicability of the law to
their activities and to comply with all relevant requirements. Pursuant to Iowa Code § 722.1,
it is a felony offense to bribe or attempt to bribe a public official.
2.23 No Minimum Guaranteed
The City anticipates that the selected Financial Institution will provide services as requested
by the City. The City will not guarantee any minimum compensation will be paid to the
Financial Institution or any minimum level of usage of the Financial Institution's services.
3.0 Contract
3.1 Contract
The Financial Institutions proposed contract for services must be included in the submittal. It
should include the City of Dubuque's Standard Terms and Conditions found in the Appendix
A. The City reserves the right to either award a contract without further negotiation with the
successful Financial Institution or to negotiate contract terms with the selected Financial
Institution, if the City determines, in the City's sole discretion, the best interests of the City
would be served by doing so.
The City reserves the right to refuse to enter into a contract with the successful Financial
Institution for any reason.
3.2 Resulting Contract
The contract between the City and the Financial Institution shall be a combination of:
3.2.1 The specifications, terms, and conditions of this RFP.
3.2.2 The Financial Institutions mutually agreed upon contract.
3.2.3 The contents of the Financial Institution's proposal.
3.2.4 Any written changes or clarifications made in accordance with the provisions
herein.
3.3 Contract Length
The City currently anticipates the duration of any resulting contract will be for an initial period
of five (5) years. The City anticipates having the option to extend the contract upon the same or
more favorable terms and conditions for up to one (1) additional three (3) year period following
expiration of the initial five-year period, by providing the selected Financial Institution with
written notice of its exercise of such option. The resulting contract may be terminated at the
City's discretion, with or without cause, after thirty (30) days' written notice to the Financial
Institution.
4.0 Format and Content of Proposals
4.1 Proposal Format
The proposal shall be submitted as a PDF document using a page size of 8.5" x 11".
4.2 Technical Proposal
City of Dubuque, Iowa RFP for Commercial Banking Services Page 11
The following documents and responses shall be included in the proposal in the order given
below:
4.2.1 Transmittal Letter: An individual authorized to legally bind the Financial
Institution shall sign the transmittal letter. The letter shall include the
Financial Institution's mailing address, email address, and telephone
number. Any request for confidential treatment of information shall be
included in the transmittal letter, in addition to the specific statutory basis
supporting the request and an explanation why disclosure of the information
is not in the best interest of the public. The transmittal letter shall also
contain the name, address, and telephone number of the individual
authorized to respond to the City about the confidential nature of the
information. The Financial Institution shall guarantee in writing the
availability of the services offered and that all proposal terms, including
price, will remain firm a minimum of one hundred eighty days
(180) days following the deadline for submitting proposals.
4.2.2 Table of Contents: T h e Financial Institution shall include a table of contents
of its proposal.
4.2.3 Responses to Mandatory Service Requirements: The Financial Institution
shall address each mandatory service requirement under Section 6 in this
RFP. In the response, please reference each section, e.g.: 6.1, 6.2, 6.3, etc.
4.2.3.1 Describe any order, judgment, or decree of any federal, state, tribal,
local, or other governmental authority barring, suspending, or
otherwise limiting the right of the Financial Institution to engage in
any business, practice, or activity.
4.2.3.2 A list and summary of all actual and threatened litigation,
administrative or regulatory proceedings, or similar matters to which
the Financial Institution or its officers have been a party.
Failure to disclose these matters may result in rejection of the proposal as
non -responsive or termination of any subsequent contract. The above
disclosures are a continuing requirement of each Financial Institution during
this RFP process and of the successful Financial Institution during the term
of any resulting contract. The Financial Institution shall also provide written
notification to the City of each such matter commencing or occurring after
submission of a proposal, and with respect to the successful Financial
Institution, following execution of the contract.
4.2.4 Fee Proposal — Attachment B: The Financial Institution shall submit a fully
detailed fee proposal as Attachment B.
4.2.4.1 There shall be no reimbursable expenses. T h e Financial
Institution shall be solely responsible for all costs and expenses,
including, but not limited to, travel, mileage, meals, lodging,
supplies, training, long distance telephone, and all other costs and
expenses of the Financial Institution.
4.2.4.2 The fees proposed in Attachment B shall be fixed for five (5) years
from the effective date of the agreement. Thereafter, fees may be
increased by no more than three percent (3%) per year; provided,
City of Dubuque, Iowa RFP for Commercial Banking Services Page 12
however, that new fees may be introduced upon the written mutual
agreement for new services not addressed in Attachment F, or fees
attributable to new statutory or regulatory requirements. The City
shall not be obligated to pay any other fee, charge, or other
amount to the Financial Institution other than the fees set forth
in Attachment B.
4.2.5 Interest Earnings Proposal — Attachment D: The Financial Institution shall
submit a fully detailed interest earnings proposal as Attachment D.
4.2.5.1 The interest proposed in Attachment D shall be computed using the
"Sample Month Data to Compute Interest Earnings" in Attachment
D. The total Interest Earnings for the month shall be provided. The
calculation shall assume no change in the Federal Funds rate during
the month.
4.2.5.2 Please describe your policy for crediting interest earned to demand
accounts.
4.2.5.3 Daily interest should be paid on the investible balance (defined as
all monies on hand each night, less minimum float if required) of the
City's interest -bearing accounts. All proposals shall state the current
interest rate the Financial Institution will pay on the assumptions
cited above. Please include in the proposal submission the index the
Financial Institution uses as the basis for the interest rate. In
addition, please provide information on whether the interest rate
changes if more funds are invested with the Financial Institution and
at what levels it changes.
4.2.5.4 It is important to describe the types of accounts the bank is willing
to provide (i.e. market based interest checking account, sweep
account, etc.) and the calculation of interest rate as a percentage of
the federal funds rate and note the current rate when the bid is
submitted. Please describe how the Federal fund rate is determined.
4.2.5.5 Include a minimum interest rate or floor rate the Financial Institution
is willing to provide for the City.
4.2.6 Insurance Requirements — Attachment E: The Financial Institution will
provide insurance which meets all requirements on the attached insurance
schedule J, if selected as the Financial Institution of choice by the City. Any
deviation from such requirements shall be specifically identified on the
acknowledgment.
5.0 Current Commercial Banking Services
5.1 Current Accounts and Services
The City currently maintains twenty-one (21) accounts, including thirteen (13) commercial
checking accounts, in order to segregate and report on funds related to its various services and
programs. The average monthly balance for all 21 accounts was approximately $48.96 million
during the period of November 2023 through April 2024, as presented more thoroughly in
Attachment C. A full list of all current accounts which are part of this RFP, as well as
balance, volume, and count trends is included in Attachment C. All 962 current active payroll
City of Dubuque, Iowa RFP for Commercial Banking Services Page 13
employees (except 4) are paid via direct deposit and are allowed up to three (3) direct deposit
accounts per employee. City accounts do require cash and coin operations.
6.0 Mandatory Service / Proposal Requirements
6.1 Personnel and Account Servicing
The Financial Institution must provide a dedicated relationship manager and staff capable of
training and supporting all products. The dedicated relationship manager should have a strong
understanding of the City's operations and sufficient decision -making authority within the
Financial Institution to resolve issues.
6.1.1 Please provide a profile of the proposed assigned relationship manager and
bios of all product specialists to be assigned to the City's account, including
the implementation manager. Describe how the staff is organized and how
the Financial Institution will meet the City's customer service needs when it
needs immediate assistance with wires or other account issues.
6.1.2 Describe the availability of user guides (both for administrators and regular
users), training, and customer support on an on -going basis.
6.2 General Banking Information
6.2.1 City of Dubuque Presence — Indicate if the Financial Institution has, as of the
date of issuance of this RFP, a fully staffed, physical location within the
corporate limits of the City. For purposes of this subsection, "fully staffed"
means (a) one or more employees of the Financial Institution being
physically present at the physical location during normal banking hours; and
(b) such physical location is open to the public during normal banking hours.
6.2.2 Federal Reserve — The Financial Institution must have direct access to the
check clearing, collection, and wire transfer services of the Federal Reserve.
Please affirm.
6.2.3 Ratings — Provide ratings information from a recognized credit rating agency
(e.g. Moody's, S&P Global, etc.) or financial institution rating agencies
(e.g. Veribanc, Highline, etc.)
6.2.4 Financial Statements — Provide audited financial statements for the most
recent three fiscal years.
6.2.5 Community Reinvestment Act (CRA) rating and rating authority — include
information on the Financial Institution's CRA activity within the State and
specifically within the City of Dubuque.
6.2.6 Public depository — Provide proof of current standing as an eligible public
depository.
6.2.7 Collateral Policy — Provide confirmation the Financial Institution will
adhere to the State's public funds collateral requirements. Iowa Code
Chapter 12C, "Deposit of Public Funds", requires institutions to pledge
collateral to the State Treasurer when they accept public deposits. The
amount of collateral must equal or exceed the difference between the
institution's public funds deposits and its total capital. The institution
must also pledge eligible collateral with a custodian approved by the
City of Dubuque, Iowa RFP for Commercial Banking Services Page 14
State Treasurer. The institution must determine whether circumstances
require it to pledge securities on a given day. The institution must also
grant the State Treasurer a perfected security interest in the collateral to
secure the repayment of uninsured public funds and any future
assessments. The institution must ensure the State Treasurer has a valid,
enforceable, first priority security interest in the collateral. The
institution's acceptance of public funds also means it consents to the
disposition of the collateral, assessments by the State Treasurer, and
providing accurate information. The State Treasurer's Office can
answer questions about Iowa's pledging process and instructions.
6.3 Compensating Balance Credit / Interest Earnings on Account
As noted in Section 5.1, the twenty-one (21) City commercial accounts had an average monthly
collected balance of approximately $48.96 million during the period of November 2023
through April 2024, as detailed more thoroughly in Attachment C. T h e Financial Institution
must provide credit for average collected balances on deposit in all accounts to offset the
Financial Institution charges for fees. Please describe how the interest rate is established and
applied and provide the monthly interest rates proposed and the calculated net interest
earnings on each account listed in Attachment C from November 2023 through April 2024
which would have applied to the City.
6.4 On -Line Platform Status & Future Upgrades
Maintenance of software platforms utilized in providing services to the City is a priority.
Please describe the status of the on-line banking platform to be used in providing banking
services for the City, how often updates are carried out, and the timeline for planned future
system upgrades.
6.5 On -Line Access & Cyber Security
The Financial Institution must provide a high level of on-line and cyber security. Please describe
the security features of the Financial Institution's on-line access and cyber security protocols.
6.6 On -Line User Administration
The Financial Institution must have on-line user account set-up and maintenance for all
services provided. If a City administrator(s) cannot manage access to all services, please
provide a description of the services which can and cannot be managed on-line by such an
administrator. The City is looking for on-line user administration functions which allow for
user set-ups to be cloned and slightly modified, instead of having to set up each new user from
scratch.
6.7 On -Line Check Deposit Services
The Financial Institution must provide the capability for the City to scan and deposit checks
into specified accounts remotely using a digital scanner or similar device. Please describe the
remote deposit process, including the deadline for same day credit deposit. Please attach
availability schedules.
6.8 On -Line Wire Transfer Origination Services
The Financial Institution must provide the capability for the City to originate and manage wire
transfer transactions individually and to upload multiple wire transfer transactions in batches.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 15
Briefly describe the Financial Institution's various wiring functionalities and include the
Financial Institution's deadline for accepting wiring instructions. See Attachment C for current
account activity trends.
6.9 On -Line Automated Clearing House (ACH) Services
The Financial Institution must provide the capability for the City to originate and manage ACH
debit and credit transactions individually and to upload multiple ACH transactions in batches.
See Attachment C for current account activity trends.
6.9.1 Briefly describe the Financial Institution's ACH processing windows and
deadlines.
6.9.2 Briefly describe all the ways to initiate ACH on the Financial Institution's
online platform and t h e available security measures related to the ACH
initiation.
6.9.3 Briefly describe the security measures utilized by the Financial Institution to
ensure ACH debits are authorized.
6.9.4 Briefly describe the account verification services provided by the Financial
Institution.
6.10 ACH Debit Filter
The Financial Institution must have the ability to set up either an ACH debit block or a debit
filter on each account, as may be requested from time -to -time by the City and allow certain ACH
company IDs to bypass the ACH debit blocks, if requested. Financial Institution must have the
ability to set up a check clearing block on an account, as may be requested from time -to -time by
the City. Please affirm.
6.11 Positive Pay Services
The Financial Institution must provide for the daily, automated receipt of payment data,
including check number, issue date, amount, and payee from the City, then only clear checks
which match check number, issue date, amount, and payee. Please affirm.
6.12 Fraud Monitoring
Please describe in detail the Financial Institution's fraud monitoring capabilities and protocols
to identify transactions which are out of the norm or suspicious, the software and other tools
used to monitor transactions, expected customer notification timelines for potential issues, and
the support provided to customers to investigate potential fraud and minimize loss.
6.13 On -Line Account Information / Reporting (1,095-day or 3 year minimum)
Provide a brief description of these capabilities.
6.13.1 Same day reporting of ACH and wire receipts
6.13.2 Date range / transaction type search feature
6.13.3 Access to images of cleared checks
6.13.4 Detail of wire transfers and ACHs
6.13.5 Access to on-line deposits and check images
6.14 Account Analysis Services
The Financial Institution must document all transaction volumes and charges on an analysis
City of Dubuque, Iowa RFP for Commercial Banking Services Page 16
statement and provide an internal review of the analysis statements for accuracy each month
prior to assessing fees. The Financial Institution must make these analyses available to the
City. Please affirm.
6.15 On -Line user defined alerts and messages
The Financial Institution must provide on-line user -defined alerts and messages for critical
events. Please describe how these features function.
6.16 Implementation/Conversion Plan
The Financial Institution must provide an implementation/conversion plan for the transition of
services from the City's current service provider. Please provide a listing of steps, responsible
parties, and the approximate duration of each step. Any one-time set-up fees, consulting fees,
support fees, and other fees charged for such a transition should be included in Attachment B
— Fee Proposal.
6.17 Other Financial Institution Relationships with the City
Please highlight any current relationships the Financial Institution has with the City and how
each such relationship helps support the City's Vision Statement, Mission Statement, and
Equitable Community of Choice, as stated in Section 1.2.
6.18 Other Services and Strategies
Please describe in narrative form those services or strategies that are not covered in Sections 6.1
through 6.16 which may benefit the City, such as process improvements and/or more efficient
new technologies. This response may not exceed one single-spaced page in length.
6.19 References
Provide the entity name, contact person, telephone number, and email address for at least three
(3) clients the Financial Institution currently serves. Please include references for public
entities or entities of comparable size, if any.
7.0 Evaluation of Bid Proposals
7.1 Introduction
This section describes the evaluation process that will be used to determine which bid proposal
provides the greatest benefits to the City. The evaluation process is designed to award the
contract to the Financial Institution with the best combination of attributes to best perform the
required services at the greatest benefit of the City, not necessarily to the Financial Institution
of least cost.
7.2 Evaluation Committee
The City intends to conduct a comprehensive, fair, and impartial evaluation of bid proposals received in
response to this RFP. An Evaluation Committee will review and evaluate the proposals. The Evaluation
Committee will make a recommendation to the City Manager. No debriefing or scoring information shall
be released before the City Manager or City Council has recommended that an agreement be negotiated
with the recommended Financial Institution. However, after authorization has been granted to negotiate
an agreement, all contents of the submitted proposals (except those properly subject to the confidentiality
provisions of this RFP) shall become public information.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 17
7.3 Evaluation Criteria
The Evaluation Committee will evaluate all proposals and make an award recommendation to
the City Manager using the following criteria and general considerations:
7.3.1 Availability and Quality of Service (35%) - the ability to meet the City's
current and projected service requirements, capacity to provide a wide range
of on-line services, the experience of assigned staff, and quality of
references.
7.3.2 Cost (25%) — cost per identified activity and aggregate service costs, earnings
credit rate, availability of funds schedule.
7.3.3 Technology/Innovation (20%) — the manner in which the Financial
Institution's proposal has addressed the required items included in this RFP,
including conversion/implementation plans.
7.3.4 Financial Strength and Stability (15%) — the ability to demonstrate favorable
capital adequacy ratio (CAR), asset quality ratio, net interest margin (NIM), and
return on assets (ROA).
7.3.5 Completeness and Conciseness of Response (5%) — the manner in which the
Financial Institution's proposal has addressed the required items included in
this RFP.
7.3.6 Local Purchasing Preference - As required by Iowa Code § 23A.3, it shall be
City policy to consider purchasing equipment, materials, supplies, and services
from locally owned businesses located within the City of Dubuque, when the
cost and other considerations are relatively equal.
8 Disputes/Exceptions
Any prospective proposer who disputes the reasonableness or appropriateness of any item within
this RFP document, any addendum to this RFP document, any notice of award, or any notice of
rejection shall set forth the specific reason(s) and facts concerning the dispute, in writing, within
five (5) business days of the receipt of the proposal document or notification from the City. The
written dispute shall be sent via certified mail or delivered in person to the Issuing Officer set forth
in Section 2.1, who shall review the written dispute and work with the City Manager to render a
decision which shall be considered final.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 18
Attachment A — City of Dubuque Standard Terms and Conditions
ACCELERATED PAY DISCOUNTS - Accelerated discounts should be so stated on the bid
submittal page. If quick pay discounts are offered, the City reserves the right to include that discount
as part of the award criteria. Prices must, however, be based upon payment in net thirty (30) days
after receipt, inspection and acceptance. In all cases, quick pay discounts will be calculated from the
date of the invoice or the date of acceptance, whichever is later.
ADA COMPLIANCE
1. The Contractor shall comply with all applicable provisions of the Americans with Disabilities
Act (Public Law 101-336, 42 U.S.C. 12101 et seq.) and applicable Federal regulations under the
Act.
2. Bids for design, construction, programs, policies and concessions of any type shall comply with
the 2010 Standards for Accessible Design, the ADA title II regulation, Section 504 of the 1973
Rehabilitation Act, and similar statutes and regulations prohibiting discrimination on the basis of
disability.
3. The Contractor shall ensure that its websites and all online services, including those websites or
online services provided by third parties upon which Dubuque relies to provide services or
content, comply with, at minimum, Web Content Accessibility Guidelines - WCAG 2.0 AA.
ASSIGNMENT - The City and the Contractor each are hereby bound and the partners, successors,
executors, administrators and legal representatives of the City and the Contractor are hereby bound
to the other party to the Contract and to the partners, successors, executors, administrators and legal
representatives (and said assigns) of such other party, in respect of all covenants, agreements and
obligations of the Contract. Any assignment or attempt at assignment made without prior written
consent of the City shall be void.
BID CURRENCY/LANGUAGE - All bid prices shall be shown in US Dollars ($). All prices must
remain firm for the duration of the Contract regardless of the exchange rate. All bid responses must
be submitted in English.
BID FORM - Each bidder must submit an original bid and additional copies as required on the forms
attached. The bidder shall correctly sign the bid, and the bid may be rejected if it shows any
omissions, alterations of the form, additions not called for in the bid, or any irregularities of any kind.
In case of a discrepancy between the unit price and the extended price, the unit price shall prevail.
BID INFORMATION IS PUBLIC — The bid and all documents submitted with any bid shall
become public documents subject to Iowa Code Chapter 22, which is otherwise known as the "Iowa
Open Records Law". By submitting the bid any document to the City of Dubuque in connection with
a bid, the submitting party recognizes this and waives any claim against the City of Dubuque and any
of its officers and employees relating to the release of any document or information submitted. Each
submitting party shall hold the City of Dubuque and its officers and employees harmless from any
claims arising from the release of any document or information made available to the City of
Dubuque arising from any opportunity. Bid information requested by the public or other bidders will
be provided in an alternative format if the requestor is a person with a disability and requires an
alternative form for comprehension.
BID REJECTION OR PARTIAL ACCEPTANCE - The City reserves the right to accept or reject
any or all bids or parts thereof. The City further reserves the right to waive technicalities and
City of Dubuque, Iowa RFP for Commercial Banking Services Page 19
formalities in bids, as well as to accept in whole or in part such bids where it is deemed advisable in
protection of the best interests of the City.
CONFLICT OF INTEREST - The Contractor represents, warrants, and covenants that no
relationship exists or will exist during the Contract period between the Contractor and the City that
is a conflict of interest. No employee, officer or agent of the Contractor shall participate in the
selection or in the award if a conflict of interest, real or apparent, exists. The provisions of Iowa
Code ch. 68B shall apply to the Contract. If a conflict of interest is proven to the City, the City may
terminate the Contract, and Contractor shall be liable for any excess costs to the City as a result of
the conflict of interest. The Contractor shall establish safeguards to prevent employees, consultants,
or members of governing bodies from using their positions for purposes that are, or give the
appearance of being, motivated by the desire for private gain for themselves or others with whom
they have family, business, or other ties. The Contractor shall report any potential, real, or apparent
conflict of interest to the City.
CONTRACT DOCUMENTS — The Contract Documents are this Contract, the Request for Bids,
the Contractor's Bids, and the following additional documents, if any:
In the event of a dispute with respect to any term or condition in the Contract Documents, they shall
be interpreted in the following order: this Contract, the Request for Bids, the Contractor's Bids, and
the following additional documents, if any:
DISPUTES - Should any disputes arise with respect to the Contract, the Parties agree to act
immediately to resolve such disputes. Time is of the essence in the resolution of disputes. The
Contractor agrees that, the existence of a dispute notwithstanding, it will continue without delay to
carry out all of its responsibilities under the Contract that are not affected by the dispute and the City
shall continue to make payment for all Work properly performed. Should the Contractor fail to
continue to perform its responsibilities regarding all non -disputed work, without delay, any additional
costs incurred by the City or the Contractor as a result of such failure to proceed shall be borne by
the Contractor. The unintentional delayed payment by the City to the Contractor of one or more
invoices not in dispute in accordance with the terms of the Contract will not be cause for Contractor
to stop or delay Work.
FORCE MAJEURE - Force majeure shall be any of the following events: acts of God or the public
enemy; compliance with any order, rule, regulation, decree, or request of any governmental authority
or agency or person purporting to act therefore; acts of war, public disorder, rebellion, terrorism, or
sabotage; floods, hurricanes, or other storms; strikes or labor disputes; or any other cause, whether
or not of the class or kind specifically named or referred to herein, not within the reasonable control
of the party affected. A delay in or failure of performance of either party shall not constitute a default
hereunder nor be the basis for, or give rise to, any claim for damages, if and to the extent such delay
or failure is caused by force majeure. The party who is prevented from performing by force majeure
shall be obligated, within a period not to exceed fourteen (14) days after the occurrence or detection
of any such event, to give notice to the other party setting forth in reasonable detail the nature thereof
and the anticipated extent of the delay, and shall remedy such cause as soon as reasonably possible,
as mutually agreed between the parties.
INDEMNIFICATION - To the fullest extent permitted by law, the Contractor shall indemnify and
hold harmless the City, its officers and employees, from and against all claims, damages, losses and
expenses, including but not limited to attorneys' fees, arising out of or resulting from performance of
the Contract, provided that such claim, damages, loss or expense is attributable to bodily injury,
City of Dubuque, Iowa RFP for Commercial Banking Services Page 20
sickness, disease or death, or injury to or destruction of property, including loss of use resulting
therefrom, but only to the extent caused in whole or in part by negligent acts or omissions of the
Contractor, or anyone directly or indirectly employed by the Contractor or anyone for whose acts the
Contractor may be liable, regardless of whether or not such claim, damage, loss or expense is caused
in part by a party indemnified hereunder.
LAWS AND REGULATIONS - The Contract shall be governed, interpreted and enforced in
accordance with all applicable federal, State of Iowa, and local laws, ordinances, licenses and
regulations and shall apply to the Contract throughout, as the case may be. The Contractor certifies
that in performing the Contract it will comply with all applicable provisions of the federal, state, and
local laws, ordinances, licenses and regulations. Venue for any action arising out of this Contract
shall be the Iowa District Court for Dubuque County, Iowa.
METHOD OF AWARDING - The City reserves the right to make awards based on the entire bid
or on an item -by -item basis. However, if Contractor's bid is based on an "all or none" condition, the
City may consider its bid non -responsive and reject the entire bid.
NO GIFT STANDARD - The City of Dubuque is committed to upholding the highest ethical
standards in all of its business practices. This standard recognizes the need to avoid even the
perception of improper gifts or favors to employees. Therefore, all suppliers have been asked to
abide by the City's "No Gift" standard. The "No Gift" standard also applies to all offers of discounts
or free items at any place of business targeted toward a City employee and not available to the general
public, regardless of the value.
NON -COLLUSION STATEMENT - Neither the Contractor, nor anyone in the employment of the
Contractor, has employed any person to solicit or procure the Contract nor will the Contractor make
any payment or agreement for payment of any compensation in connection with the Contract. There
is no contract, agreement or arrangement, either oral or written, expressed or implied, contemplating
any division of compensation for Work rendered under the Contract or participation therein, directly
or indirectly, by any other person, firm or corporation, except as documented in the Contract. Neither
the Contractor, nor anyone in the employment of the Contractor, has either directly or indirectly
entered into any agreement, participated in any collusion or otherwise taken any action in restraint of
free competitive procurement in connection with the Contract.
NON-DISCRIMINATION AND EQUAL OPPORTUNITY - All Contractors that engage in
contracts with the City of Dubuque, Iowa agree as follows: The Contractor will not discriminate
against any employee or applicant for employment because of race, sex, color, creed, ancestry,
national origin, marital status, Familial status, religion, age, disability, sexual orientation, gender
identity, genetic information, status with regard to public assistance, status as a veteran or any
classification protected by federal, state, or local law, (Protected Classes) except where age and sex
are essential bona fide occupational requirements, or where disability is a bona fide occupational
disqualification. Such action shall include, but not be limited to the following; (a) Employment, (b)
Upgrading, (c) Demotion or transfer, (d) Recruitment and advertising, (e) Layoff or termination, (f)
Rate of pay or other forms of compensation, and (g) Selection for training, including apprenticeship.
The Contractor further assures that managers and employees comply with both the spirit and intent
of federal, state, and local legislation, government regulation, and executive orders in providing
affirmative action as well as equal opportunity without regard to the protected classes, as stated
above. The Contractor will include, or incorporate by reference, the provisions of the
nondiscrimination clause in every contract or subcontract unless exempt by the rules, regulations or
City of Dubuque, Iowa RFP for Commercial Banking Services Page 21
orders of the City and will provide in every contract or subcontract that said provision will be binding
upon each Contractor.
REGULATORY AGENCY COMPLIANCE - Compliance with laws and regulations set forth by
regulatory agencies is required. These agencies include, but are not limited to, OSHA — Occupational
Safety & Health Agency, EPA — Environmental Protection Agency, ICC — Interstate Commerce
Commission, DNR — Department of Natural Resources, and DOT — Department of Transportation.
The City of Dubuque expects that Contractors will offer expertise on conformance of regulations
applying to the products they sell and the Work they perform.
RIGHT TO PROTEST - Anyone wishing to file a protest concerning (1) the specifications, (2) the
bid procedure or (3) the award of the Contract must do so in writing in accordance with the City's
Protest by bidders which is found in the City's purchasing policy
SAFETY DATA SHEETS - The Hazard Communication Standard (HCS) requires chemical
manufacturers, distributors, and importers to ensure that each container of hazardous chemicals
leaving the workplace is labeled, tagged, or marked and to provide Safety Data Sheets (SDS) to
communicate the hazards of hazardous chemical products. It is the chemical supplier's responsibility
to determine which products are covered and to provide SDS with the initial shipment. It is also the
chemical supplier's responsibility to provide any updated or revised SDS, as they become available
for any products sold and delivered to the City of Dubuque. City of Dubuque employees shall not
accept a shipment of any chemical that does not have a SDS attached or currently on file. Safety Data
Sheets shall be available in alternative formats if the requestor is a person with a disability and
requires an alternative format for comprehension.
SUBCONTRACTING - All Subcontractors shall be listed in the Contract or in a written amendment
to the Contract.
SUSPENSIONS AND DEBARMENT - The Contractor hereby certifies, pursuant to 2 CFR pt. 180
and 2 CFR pt. 3000, that neither it nor its principles are presently debarred, suspended, proposed for
debarment, declared ineligible, or voluntarily excluded from participation in the Contract by any
federal agency. The Contractor further certifies that it is not presently debarred, suspended, proposed
for debarment, declared ineligible, or voluntarily excluded from participation in any contracts with
the City of Dubuque or the State of Iowa.
TAXES - The City of Dubuque is exempt from sales tax and certain other use taxes. Any charges
for taxes from which the City is exempt will be deducted from invoices before payment is made.
TERMINATION OF CONTRACT - The City may terminate the Contract at any time for any
reason with or without cause. In that event, all finished or unfinished Work, reports, materials(s)
prepared or furnished by the Contractor under the Contract shall, at the option of the City, become
its property. If the Contract is terminated by the City as provided herein, the Contractor shall be paid
for all Work which has been authorized, provided, and approved up to the effective date of
termination. The City will not be subject to any termination fees from the Contractor.
WARRANTIES - WORK - The Contractor shall perform Work for the City pertaining to the
Project as set forth in the Contract.
Contractor represents that the Work and all of its components shall be free of defects; shall be
performed in a manner consistent with other Contractors in a similar industry and application; and
shall conform to the requirements of the Contract.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 22
Contractor shall be responsible for the quality, technical accuracy, completeness and coordination of
all Work performed under the Contract. Contractor shall, promptly and without charge, provide all
corrective Work necessary as a result of Contractor's acts, errors, or omissions with respect to the
quality and accuracy of the Work.
Contractor shall be responsible for any and all damages to property or persons as a result of
Contractor's acts, errors, or omissions, and for any losses or costs to repair or remedy any Work
undertaken by City based upon the Work as a result of any such acts, errors, or omissions.
Contractor's obligations shall exist without regard to, and shall not be construed to be waived by, the
availability or unavailability of any insurance, either of City or Contractor.
WARRANTIES - INTELLECTUAL PROPERTY - Contractor represents and warrants that all
the materials and Work produced, or provided to the City pursuant to the terms of the Contract shall
be wholly original with the Contractor or that the Contractor has secured all applicable interests,
rights, licenses, permits or other intellectual property rights in such materials and work. The
Contractor represents and warrants that the materials and Work, and the City's use of same, and the
exercise by the City of the rights granted by the Contract shall not infringe upon any other work or
violate the rights of publicity or privacy of, or constitute a libel or slander against, any person, firm,
or corporation. The Contractor further represents and warrants that the materials and Works does
not infringe upon the copyright, trademark, trade name, trade dress patent, statutory, common law or
any other rights of any person, firm or corporation or other entity. The Contractor represents and
warrants that it is the owner of or otherwise has the right to use and distribute the Work contemplated
by the Contract.
City of Dubuque, Iowa RFP for Commercial Banking Services Page 23
Attachment B — Fee Proposal
Financial Institution to prepare and submit as Attachment B a full detailed schedule of all proposed
specific fees based on information provided in this Request for Proposals. Please submit fees for the
accounts provided in Attachment C that have transaction analysis provided and provide a schedule
of overall fees for each service requested below.
Item
Unit
Price
Total
Monthly
Fees
Explanation
Ongoing Current Services:
Account Maintenance (Each Account)
Paper Credits
Paper Debits
Electronic Credits
Electronic Debits
Deposited Items
Deposited Items Returned
Coin Deposits
Currency Deposits
Returned Check Image Copy
Account inquiry
Overdraft Fees
Account Reconciliation Services
Positive Pay Maintenance
Positive Pay per item
Positive Pay — Exception Items
File Confirmation Per Email
Online Banking
ACH Received Item Report-Accts
Returned Item Report
Online Banking Current Day Detail
Online Banking Prior Day Account
Online Banking Prior Day Module
Online Banking Prior Day Detail
Online Banking Online DDA
Statement
Book Transfer Monthly Maint
Acct/Internal Transfers
Stop Payments Monthly Maint
Stop Payments — Per Stop
ACH Monthly Maintenance
Image Monthly Acct. Maint
Page 24 of 32
Item
Unit
Price
I
Total
Monthly
Fees
Explanation
Wire Transfers
Wire Monthly Maintenance
Incoming Domestic Wire
Domestic Repetitive
Outgoing Domestic Wire
Internal Transfers
ACH Service
ACH Monthly Maintenance
ACH Process Run
ACH Originated Item
ACH Received Item
PC ACH Direct Monthly Maint
PC ACH Direct Process Run
PC ACH Direct Item
ACH Block Monthly Maint Per Acct
ACH Filter Monthly Maint Per Acct
ACH Return Per Item
ACH Return/NOC Emailed
Positive Pay
# of Check Runs: Weekly (52)
Safekeeping (incl. reporting):
Interest Received
Maturities/Calls
Investment Settlement (DVP)
Account Maintenance
Price to Market Report
Banking Supplies:
Coin Wrappers
Standard Deposit Slip Books
Standard business checks
Check Stock
Locking Bank Bags
Miscellaneous Services:
Night Depository Service
Page 25 of 32
Item
Unit
Price
Total
Monthly
Fees
Explanation
Safe Deposit Box (LG)
Courier Service
Fee for audit confirmations
Other Items Not Mentioned:
Page 26 of 32
Attachment C - Current City Account Analysis Data
Account
City of Dubuque General
City of Dubuque TTEE for DBQ Solid Waste Disposal
City of Dubuque Credit Card/Merchant Services
Dubuque Initiatives
Dubuque Initiatives Dynamic Sweep
City of Dubuque Ambulance Billing Lodcbox
City of Dubuque Utility Billing
City of Dubuque Cable Franchise Equip Fund
City of Dubuque Housing Services Pop Fund
City of Dubuque Street & Garage Charity Fund
City of Dubuque Street & Garage Charity Fund
City of Dubuque Police Forfeiture Fund
City of Dubuque Employees Lounge Committee
City of Dubuque Tyler Credit Card
Dubuque Initiatives Childcare Wage Enhancement Pro
City of Dubuque Fire Station 4
City of Dubuque Police Unclaimed Funds
City of Dubuque Oakview 360 Event
City of Dubuque Oakview 360 Operating
City of Dubuque Oakview 360 Capital
City of Dubuque Switch Escrow
Account
City of Dubuque General
City of Dubuque TTEE for DBQ Solid Waste Disposal
City of Dubuque Credit Card/Merchant Services
Dubuque Initiatives
City of Dubuque Ambulance Billing Locl<box
City of Dubuque Fire Station 4
City of Dubuque Police Unclaimed Funds
City of Dubuque Oakview 360 Operating
City of Dubuque Utility Billing
Type
Checking wAnt
Checking wAnt
Checking mint
Analyzed Bus Ckg
Dynamic Sweep
Analyzed Bus Ckg
Checking wAnt
Savings
Business Savings
Business Savings
Money Market
Savings
Money Market
Checking wAnt
Analyzed Bus Ckg
Business Checking
Checking wAnt
Checking wAnt
Checking wAnt
Checking wAnt
Checking wAnt
Apr-24 Mar-24 Feb-24 Jan-24 Dec-23 Nov-23
$ 14,204.579 511.794,695 513.001,766 $12.813.226 $17,428.544 $22,270.999
$10,327.336 $9,797,827 $9.249,182 $10,848,299 $12,440.985 $11,969,190
S7,214,848 $6,882,528 $6.472,564 $6,249,428 S5,995,249 $5,745,561
$100,047 5100.026 5106,409 599,949 596,051 $94,201
$198,581 5200.665 5111,713 519,620 $8,131 $2,483
52,750,717 $2,548,649 $2.313,198 $2,032,946 S1,779,299 $1,545,410
$12,291.879 $10,433,633 $8.200,423 $9,799,608 S9,550,080 $7,545,586
S1,210.241 $1,210,190 $1,210,166 $1,210,170 S1,210,119 $1,210,069
$512 $512 $512 5512 5512 $512
$550 $550 $550 5550 5550 $550
$419 $436 $400 5269 5334 $349
$150,270 S150,263 S150,257 $150.251 $150.245 $150,239
$660 $676 $692 S708 5725 $741
S3,898.088 $3,099,453 $2.093,413 $1,278,455 $549,992 $27,755
$229,798 5228.524 $96,358 566,290 511,290 $0
$205 $156 $153 5102 5218 $264
5106,535 S116,421 S130,101 $138,564 $256,104 $351.142
$83,445 $83,442 $83,438 S83,435 S83,431 $83,428
$263.040 S258,915 S413,597 $327,645 $240,893 $289,224
$256.978 5256,967 S256,957 $258.643 $263,511 $263,500
$399,754 5399.811 5399,872 $399.917 $399.971 $400.006
S 53,688,482 S 47,564.339 S 44,291,721 S 45,778,587 S 50,466,234 S 51,951.209
Apr-24
Mar-24
Checks # of Checks Wires Checks
Written Deposited ACH Credits ACH Debits Initiated Written
333 1628 115 42 4 340
0 168 29 1 0 0
2 280 348 38 0 2
11 2 2 1 0 6
0 32 65 9 0 0
0 0 0 2 0 0
2 0 0 0 6 1
59 11 22 17 0 60
0 5054 29 0 0 1
# of
Checks ACH ACH Wires
Deposited Credits Debits Initiatied
806 118 45 1
124 26 1 0
266 306 22 0
1 2 1 0
39 79 18 0
0 0 2 0
0 0 0 0
23 17 15 0
5737 28 0 0
Page 27 of 32
Attachment D — Sample Month Data to Compute Interest Earnings
Daily Collected
Weekday Day of Month Balance
Beginning: $ 16,368,697
Monday 1 15,038,675
Tuesday 2 15,905,344
Wednesday 3 14,762,252
Thursday 4 14,762,252
Friday 5 14,595,070
Saturday 6 14,595,070
Sunday 7 14,595,070
Monday 8 13,188,615
Tuesday 9 11,910,004
Wednesday 10 11,214,668
Thursday 11 11,077,292
Friday 12 9,877,863
Saturday 13 9,877,863
Sunday 14 9,877,863
Monday 15 9,235,461
Tuesday 16 9,818,215
Wednesday 17 9,568,634
Thursday 18 8,554,194
Friday 19 23,124,360
Saturday 20 23,124,360
Sunday 21 23,124,360
Monday 22 7,900,452
Tuesday 23 8,331,324
Wednesday 24 7,547,764
Thursday 25 15,453,562
Friday 26 13,619,129
Saturday 27 13,619,129
Sunday 28 13,619,129
Monday 29 14,575,261
Tuesday 30 14,575,261
Wednesday 31 13,980,247
Total Interest earnings for month: $
Assumes no change in Federal Funds rate during the month
Page 28 of 32
Attachment E — Insurance Requirements
1.
INSURANCE SCHEDULE J
_ shall furnish a signed certificate of insurance to the City of Dubuque, Iowa for the coverage
required in Exhibit I prior to commencing work and at the end of the project if the term of work is longer than 60
days. Contractors presenting annual certificates shall present a certificate at the end of each project with the final
billing. Each certificate shall be prepared on the most current ACORD form approved by the Iowa Department of
Insurance or an equivalent approved by the Director of Finance and Budget. Each certificate shall include a
statement under Description of Operations as to why the certificate was issued. Eg: Project #_or Project Location
at or construction of
2. All policies of insurance required hereunder shall be with an insurer authorized to do business in Iowa and all
insurers shall have a rating of A or better in the current A.M. Best's Rating Guide.
3. Each certificate shall be furnished to the Finance Department of the City of Dubuque.
4. Failure to provide coverage required by this Insurance Schedule shall not be deemed a waiver of these requirements
by the City of Dubuque. Failure to obtain or maintain the required insurance shall be considered a material breach
of this agreement.
5. Contractors shall require all subconsultants and sub-subconsultants to obtain and maintain during the performance
of work insurance for the coverages described in this Insurance Schedule and shall obtain certificates of insurances
from all such subconsultants and sub-subconsultants. Contractors agree that they shall be liable for the failure of a
subconsultant and sub- subconsultant to obtain and maintain such coverages. The City may request a copy of such
certificates from the Contractor.
6. All required endorsements shall be attached to certificate of insurance.
7. Whenever a specific ISO form is listed, required the current edition of the form must be used, or an equivalent
form may be substituted if approved by the Director of Finance and Budget and subject to the contractor
identifying and listing in writing all deviations and exclusions from the ISO form.
8. Contractors shall be required to carry the minimum coverage/limits, or greater if required by law or other legal
agreement, in Exhibit I. If the contractor's limits of liability are higher than the required minimum limits, then
the provider's limits shall be this agreement's required limits.
9. Contractor shall be responsible for deductibles and self -insured retention for payment of all policy premiums
and other cost associated with the insurance policies required below.
10. All certificates of insurance must include agents name, phone number, and email address.
11. The City of Dubuque reserves the right to require complete, certified copies of all required insurance
policies, including endorsements, required by this Schedule at any time.
12. The City of Dubuque reserves the right to modify these requirements, including limits, based on changes in
the risk or other special circumstances during the term of the agreement, subject to mutual agreement of
the parties.
Page 29 of 32
INSURANCE SCHEDULE J (continued)
Exhibit I
A) COMMERCIAL GENERAL LIABILITY
General Aggregate Limit $2,000,000
Products -Completed Operations Aggregate Limit $1,000,000
Advertising Injury Limit $1,000,000
Each Occurrence $1,000,000
Fire Damage Limit (any one occurrence) $50,000
Medical Payments $5,000
1) Coverage shall be written on an occurrence, not claims made, form. The general liability
coverage shall be written in accord with ISO form CG 00 01 or business owners form BP
00 02. All deviations from the standard ISO commercial general liability form CG 00 01, or
business owners form BP 00 02, shall be clearly identified.
2) Include endorsement indicating that coverage is primary and non-contributory.
3) Include Preservation of Governmental Immunities Endorsement. (Sample attached).
4) Include additional insured endorsement for:
The City of Dubuque, including all its elected and appointed officials, all its employees and
volunteers, all its boards, commissions and/or authorities and their board members,
employees and volunteers. Use ISO form CG 20 26.
5) Policy shall include Waiver of Right to Recover from Others endorsement.
6) Policy shall include cancellation and material change endorsement providing thirty (30)
days advance written notice of cancellation, non -renewal, reduction in insurance coverage
and/or limits and ten (10) days written notice of non-payment of premium shall be sent to:
City of Dubuque Finance Department, 50 West 13th Street Dubuque, Iowa 52001.
B) AUTOMOBILE LIABILITY
Combined Single Limit $1,000,000
Coverage shall include all owned, non -owned, and hired vehicles. If the Contractor's business does
not own any vehicles, coverage is required on non -owned and hired vehicles.
C) WORKERS' COMPENSATION & EMPLOYERS LIABILITY
Statutory Benefits covering all employees injured on the job by accident or disease as prescribed by Iowa
Code Chapter 85.
Coverage A Statutory —State of Iowa Coverage
B Employers Liability
Each Accident $100,000
Each Employee -Disease $100,000
Policy Limit -Disease $500,000
Policy shall include Waiver of Right to Recover from Others endorsement. Coverage B
limits shall be greater if required by the umbrella/excess insurer.
If, by Iowa Code Section 85.1A, the Contractor is not required to purchase Workers' Compensation
Insurance, the Contractor shall have a copy of the State's Nonelection of Workers' Compensation or
Employers' Liability Coverage form on file with the Iowa Workers' Compensation Insurance
Commissioner, as required by Iowa Code Section 87.22. Completed form must be attached.
Page 30 of 32
INSURANCE SCHEDULE J (continued)
D) UMBRELLA/EXCESS LIABILITY $1,000,000
The General Liability, Automobile Liability and Workers Compensation Insurance requirements
may be satisfied with a combination of primary and Umbrella or Excess Liability Insurance. If the
Umbrella or Excess Insurance policy does not follow the form of the primary policies, it shall include
the same endorsements as required of the primary policies including but not limited to Waiver of
Subrogation and Primary and Non-contributory in favor of the City.
E) PROFESSIONAL LIABILITY
1) Directors and Officers $20,000,000
Provide evidence of coverage for 5 years after completion ofproject.
F) CYBER LIABILITY $20,000,000
Coverage for First- and Third -Party liability including but not limited to lost data and restoration, loss of
income and cyber breach of information.
G) FINANCIAL INSTITUITOIN BOND $20,000,000
H) WIRE TRANSFER LIABLITY $20,000,000
Page 31 of 32
PRESERVATION OF GOVERNMENTAL IMMUNITIES ENDORSEMENT
1. Nonwaiver of Governmental Immunity. The insurer expressly agrees and states that the purchase of
this policy and the including of the City of Dubuque, Iowa as an Additional Insured does not waive any of the
defenses of governmental immunity available to the City of Dubuque, Iowa under Code of Iowa Section
670.4 as it is now exists and as it may be amended from time to time.
2. Claims Coverage. The insurer further agrees that this policy of insurance shall cover only those
claims not subject to the defense of governmental immunity under the Code of Iowa Section 670.4 as it now
exists and as it may be amended from time to time. Those claims not subject to Code of Iowa Section 670.4
shall be covered by the terms and conditions of this insurance policy.
3. Assertion of Government Immunity. The City of Dubuque, Iowa shall be responsible for asserting
any defense of governmental immunity, and may do so at any time and shall do so upon the timely written
request of the insurer.
4. Non -Denial of Coverage. The insurer shall not deny coverage under this policy and the insurer shall
not deny any of the rights and benefits accruing to the City of Dubuque, Iowa under this policy for reasons of
governmental immunity unless and until a court of competent jurisdiction has ruled in favor of the defense(s)
of governmental immunity asserted by the City of Dubuque, Iowa.
No Other Change in Policy. The above preservation of governmental immunities shall not otherwise change
or alter the coverage available under the policy.
SPECIMEN
Page 32 of 32