Laserfiche WebLink
Miami Beach. <br />3. TD Bank proposes a 3% earnings credit rate to fully offset bank fees and a 3% interest rate on <br />excess balances. In contrast, Synovus proposes a 0% earnings credit rate and a 4.75% interest rate <br />on excess balances. Under Synovus' proposal, the City would have to pay bank fees, although the <br />potential for higher interest earnings exists. Additionally, there is a strong likelihood that interest <br />rates will decline in the near future so the higher interest rate may not be as advantageous in the <br />long-term. <br />4. TD Bank's fees are competitive, and we have been satisfied with their services for the past ten <br />years. <br />ADDITIONAL INFORMATION: <br />The RFP contained Minimum Qualification Requirements that proposals must meet in order to be <br />determined responsive. The MQRs included: <br />1. The Proposer shall hold the proper license/qualifications to perform the Scope of Work set forth <br />within this solicitation to including but not limited to the following: <br />• Federal or State of Florida Charter Bank <br />• Certified as a "Qualified Public Depository" under Chapter 280 Florida Statutes, "Security <br />for Public Deposits"; <br />• Member of FDIC; and <br />o Member of Federal Reserve System <br />2. The Proposer shall be a Federal or Florida chartered bank with a principal Branch office located <br />within a five (5) mile radius of the city of Sunny Isles Beach, Florida, from the zip code 33160. It is <br />preferred to have a branch bank located in Sunny Isles Beach. <br />3. The Proposer must have received an unqualified opinion in its audited financial report for each of <br />the last two (2) years. <br />4. The Proposer must have at least five (5) years' experience having provided the scope of services <br />as outlined in the RFP and provide details of this experience. <br />5. The Proposer shall provide reference letters for five (5) verifiable clients with a minimum of three <br />(3) municipalities/local governments, for projects of similar scope as outlined in this RFP. <br />6. The Proposer must submit most recent audited financial statements to substantiate the financial <br />stability of the Proposer. <br />ATTACHMENTS: <br />Resolution <br />TD Bank Submission <br />Item Number: 10.13 <br />