2001-097 Accepts SouthTrust Banking ProposalRESOLUTION 97-2001
A KIiSOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, ACCEPTING THE BANKING SERVICE PROPOSAL TO THE VILLAGE
OF NORTII PALM BEACH FROM SOUTHTRUST BANK ATTACHED AS EXHIBIT "A", AND
MADE PART OF THIS RESOLUTION; AND, PROVIDING FOR AN EFFECTIVE DATE.
BE 1T RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA:
Section 1. The Village Council of the Village of North Palm Beach, Florida, does hereby approve
and accept the Banking Service Proposal to the Village of North Palm Beach from SouthTrust Bank
attached as Fixhibit "A", which exhibit is made part of this resolution.
Section 2. This resolution shall take effect immediately upon its adoption.
PASSF,D AND ADOPTED THIS 8th DAY OF NOVEMBER, 200].
(Village Sealj
AT7EST
• VII.LAGE OF NORTH PALM BEACH
PROPOSAL QUOTATION FORM
FOR BANKING SERVICES
Name of Bank:
Firm Name:
Home Office Address:
Telephone:
SouthTrust Bank
SouthTrust Bank Corporation
420 North 20th Street
Birnilngham, Alabama 35203
1-205-254-6848
Address of branch serving Village of North Palm Beach's account if other than above
11011 U.S. Highway 1
North Palm Beach, Florida 33408
Name and Title of Bank Representative for Village of North Palm Beach:
Sheryl Masi, Vice President Commercial Services
The undersigned attests to his authority to submit this proposal and to bind the firm
herein named to perform as per contract, if we are awarded thti Ba Servicin contract
by the Village of North Palm Beach. ~' ~ '
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Bank Officer's Signature witness,
Louis D. Brandon, Vice President
~ wONNE rNRCRAWI.EY
- 'My Ccmr fsp. 1/198001
~ No. CC 802605
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VILLAGE OF NORTH PALM BEACII
PROPOSAL QUOTATION FORM
FOR BANKING SERVICES
(41 REOUII2ED SERVICES:
Account Maintenance (#accounts)
Checks Paid
Number of Deposits
Deposited Items
Cash Deposited per 5100 (od~~c tbec~
Return Items
Stop Payments
Wire Transfers (Incoming)
Wire Transfers (Outgoing)
ACH Credits
Statements (#Accounts)
Other Charges (Describe):
Serial Sort w/o Recon Maintenance Fee
ZBA Funding Service 1
SouthSweep Maint.(Overni ht Invest.)
~A' ~' ~~G
Checks -General
Checks -Payroll
Deposit Slips -Triplicate
-~~~/
Estimated Unit Monthly
Monthly Cost Cost
Volume
2 $5.00 $10.00
1,600 $0.11 5176.00
75 $0.30 $22.50
1,132 $0.07 $79.24
663 $0.08 553.04
10 $3.00 $30.00
5 $3.00 515.00
4 $7.00 $28.00
4 $7.00 $28.00
40 $0.00 $00.00
2 $0.00 $00.00
2 $35.00 $70.00
$20.00 $20.00
1 $100.00 $100.00
700
1,000 • $500.00 credit to your account for
100 Intial orders of checks & deposit tickets.
~t,'i Total estimated cost -Required Services: S631.78
C~~,tK
P~+ci~ Gin ~ as ~,e.~s-~ C3) yRs - Y~r
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(B) OPTIONAL SERVICES:
SouthLink -Basic Balance & Trans. Reporting 1I -$50.00 monthly for up to 2 accts.
Positive Pay (no per item presented for payment fee is Recon. services are established)
Recon. Service with Positive Pay: $75.00 monthly maintenance fee (1 acct)
Direct Deposit of Payroll
ACH File Charge $35.00
ACH Items Paid Per Item $00.10
Reversals/Deletions $15.00 per item
Return Items, per Item $03.00
(C) Total Compensating Balance Required to Cover Estimated Monthly Cost
Required Services - (A) 5238,457
(D) Total Compensating Balance Required to Cover Estimated Monthly Cost
Optional Services - (B) ~~'ill depend on monthly volumes
(E) Earning Rate to be paid on daily investment during the term of this proposal:
Fed Funds Minus 25 points
(F) Formula used for computing the earning rate on the daily investment:
Amount of Investment, multiplied by Rate, divided by 360 days and multiplied by
the number of davs invested.
(G) Provide the interest rates which would have been paid on the daily investments for the
months of July 2000 through July 2001 at Village of North Palm Beach's special rate of Fed
Funds minus 25 basis points
ATE F EDERAL FUND S RATE DATE )4iATE
July 2001
3.75% CHANGED
Juue 2001 3.75% 06/28/01
~Iay 2001 4.00% 05/16/01
Apri12001 4.50% 04/19/01
i•Iarch 2001 5.00% 03/21/01
February 2001 5.50% 02/01/01
January 2001 6.00% 01/04/01
December 2000 6.50%
November 2000 6.50%
October 2000 6.50%
September 2000 6.50%
August 2000 6.50%
July 2000 6.50%
DAILY INVESTMENT
INTEREST RATE
3.50%
3.50%
3.75%
4.75%
4.75%
5.25%
5.75%
6.25%
6.25%
6.25%
6.25%
6.25%
6.25%
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• (I3) State the formula used to compute the earnings rate on account balances which generated
the required compensating balances in (C) and (D).
The formula used is: Average Available Balance for the 11lonth, multiplied by ECR, divided
by 365 days, multiplied by the number of days in the month.
(n Latest time transactions will be posted and be included as the current day's
business is: 2Pi`f
(.l) Length of time required from date of deposit to receive credit on the following:
DEPOSIT AVAILABILITY - See the Preferred Availability
Schedule Section
INCOMING WIRE TRANSFERS - Daily cutoff time for same
Day credit: 6P~1 EST
(K) Describe capabilities for maintaining "zero balance" accounts and associated costs:
To maximize usage in accounts separated by function, say, payroll from an operating
account, our customers often use Zero Balance Accounts. Nith a ZBA, funds are
automatically transferred each evening from one account to another. Tying accounts
together in this way helps to maximize nightly overnight investment balances by
concentrating funds to gain rate advantage, or funding just the amount of checks presented
that day.
(L) Describe capabilities of maintaining overnight Repurchase Agreement arrangements and
Associated cost.
SouthTrust's SouthSweep service provides Automatic Investment to maximize investment
income on operating funds and/or Automatic Loan Adjustment to minimize interest charges
on outstanding commercial lines of credit. Deposits and checks are processed daily to a
"master" account.
If the investable balance exceeds the predetermined target the funds are invested in
overnight repurchase agreements or Eurodollar Time Deposits. An investment
confirmation is mailed daily, evidencing the value of the investment, the interest rate and
• the collateral pledged by the bank A monthly recap of interest earned is also provided,
available either as hard copy or via SouthLink Repurchase agreements are collateralized
with government and agency investments from the bank's own portfolio; interest rates are
based on Fed Funds rates, minus 25 basis points, and a minimum $25,000 investment is
• required. Eurodollar investments require a 5100,000 minimum; rates are based on market
rates, which change daily. A combination of repurchase agreements and Eurodollar
investments can be instituted, as long as the minimum investment is met for both.
Investment sweeps are made in $1,000 increments; interest is paid daily.
As an alternative, excess balances could be swept to pay down a commercial Line of Credit
at SouthTrust. Advances and pay downs will be calculated daily based on activity in the
commercial "master" deposit account.
For an additional upgrade, SoutbSweep Plus offers the capability to alternate between
Automatic Investment and Automatic Loan Adjustment to maximize interest earnings
while minimizing interest expense.
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VII.LAGE OF NORTH PALM BEACH
BANKING SERVICES QUESTIONNAIItE
1. Yes, the bank is a qualified and authorized public fund depository by the State of Florida. See
attached documentation.
2. Listings and reframe of(3) Florida municipal clients.
(A.) Name of Municipality: South Florida Water Management District
Contact Person: Ms. Raylene Puckett, Sr. Accounting Technician
Telephone Number: .(561) 682- 6461
Services Provided: Cash Management/Investment Services
(B) Name of Municipality: School Board of Pinellas County
Contact Person: Mr. Andrew Jacobsen, Manager, Cash & Investment
Telephone Number: (727) 588- 6173
Services Provided: Cash ManagemenUInvestment Services
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(C) Name of Municipality:
Contact Person:
Telephone Number:
Services Provided:
3. Total Assets: $46.5 billion
City of Oldsmar
Ms. Jennifer DePasque
(813) 855- 4693
Cash Managemendlnvestment Services
4. Yes, the sen•icing branch is located in the Village of North Palm Beach
5. Yes, charge card services are provided as follows:.
SouthTrust's VISA Business Card
• Employees can easily and professionally make direct charges to company account.
• Provides better records of employee expenditures.
• Flexible billing options.
• Protects against travel accidents and fraudulent use by ex-employees.
• Single application process for company.
• Cards issued in name of employee.
• Outstanding balance is not required to be paid in full each month.
• Liability waiver insures against fraudulent use by ex-employees.
• Travel insurance.
• APR for purchases and cash advances is Prime + 5.9%.
• Interest charged on average daily balances.
• Grace period for repayment of the balances for purchases is 25 days from statement
closing date.
• Annual fee is $25.00 per year per accounUcard.
• Renewable every 2 years.
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• SouthTrust will assist the Village in completing a VISA Business Card application at the
appropriate time.
6. Yes, SouthTtvst will be very happy to provide assistance in issuing the Village of North Palm
Beach charge card services. Information is included in ourlntroductlon to our Products &
Services Section.
7. Banking services to Village employees will be provided by SouthTrust Bank.
(A.)We will provide FREE checking and saving accounts without minimum balances.
(B.) SouthTrust will provide check cashing privileges to non-account holders without
charges.
(C.) SouthTrust will provide FREE money orders & travelers' checks.
(D.) For complete details of free services provided to Village employees, please
Refer to the Employee Banking Services section in the Table of Contents.
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• September 11, 2001
Village of North Palm Beach Richard ZajaclDanny Butterworth
(954)762-9240 /(205)978-6352
Thank you for yow interest in SouthTrust Merchant Services. We offer the resowces and services to help
make credit card processing easy and affordable. See ow offer below:
• Low processing fees. Discount Rate 1.45% + 25 cent /traneart;nne for qualified Visa/MasterCard
transactions. Non-qualified transactions + .9%. Minimum discount $25.00 per
month. Rate based on 530.00 average ticket with 100% of cards swiped.
" Economical equipment. We offer the latest equipment available for rent or purchase.
Traoz 380 P250 Printer (optional)
$15.00 monthly rental $15.00 monthly rental
$475.00 pwchase 5300.00 pwchase
For yow protection we offer a backup imprinter for 535.00.
* Getting Started. For a small investment of $175.00 you can begin the application process today.
Additional fces include:
Amex/Discover $0.21 per transaction Statement fee 55.00/mo
Voice Authorizations $0.75 pcr occwance Chargeback fce $25.00
" Rapid Availability of Funds. Next business day deposit of Visa/MasterCard funds
with a SouthTrust checking account.
"Customer Service/Supplies. FREE!! 24 hour customer support
FREE!1 Sales/Credit Slips and Printer Paper & Ribbons
Thank you for yow trust and confidence in SouthTrust Bank. We look forward to serving all yow financial
needs. .
Sincerely,
Danny Butterworth
National Sales Mgr-Merchant Services
Richard Zajac
Ft. Lauderdale-Merchant Representative
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VILLAGE OF NORTH PALM BEACH
BANKING SERVICES QUESTIONNAIItE
1. Yes, the bank is a qualified and authorized public fund depository by the State of Florida. See
attached documentation.
2. Listings and reframe of (3) Florida municipal clients.
(A.) Name of Municipality: South Flotda Water Management District
Contact Person: Mr. Stephen Grabe, Treasurer
Telephone Number: (i61) 682- 6421
Services Provided: Cash Management/Investment Services
(B) Name of Municipality: School Board of Pinellas County
Contact Person: Mr. Andrew Jacobsen, Manager, Cash & Investment
Telephone Number: (727) 588- 6173
Services Provided: Cash Management/Irtvestment Services
(C) Name of Municipality:
Contact Person:
Telephone Number:
Services Provided:
3. Total Assets: $46.5 billion
City of Oldsmar
Ms. Jennifer DePasque
(813) 855- 4693
Cash Management/]nvestment Services
4. Yes, the servicing branch is located in the Village of North Palm Beach
5. Yes, charge card services are provided.
6. Yes, SouthTrust will be very happy to provide assistance in issuing the Village of North Palm
Beach charge card services. Information is included in our Introduction ro our Products &
Services Section.
7. Banking services to Village employees will be provided by SouthTrust Bank.
(A.)We will provide FREE checking and saving accounts without minimum balances.
(B.) SouthTrust will provide check cashing privileges to non-account holders without
charges.
(C.) SouthTrust will provide FREE money orders & travelers' checks.
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(D.) For complete details of free services provided to Village employees, please
Refer to the Employee Banking Services section in the Table of Contents.
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S?A7]; OF FY.ORIDA
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Scsc~a as the Fladda Searity for Pvb(ie Deposits .1.^ As cue ;said bray ar sattia~s asur:~c is
~^cby dmgaatri? to :sccire public deposits, as de5ne3 is Subseaaa s".SO.02(13), _i7arida S•su.'s.
Givra twat my 1•~ tbds 2nd day ofJuac 1997.
ZRY.~SL'2SR. S?w7E of FLORIDA
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