Request for Proposals - Banking and Custody Services

Proposal Deadline - May 31, 2023 at 5:00 PM Alaska Time

I. Introduction

The City of Valdez is requesting bids from banking institutions to provide a working bank depository and/or related banking services for the City of Valdez for a period of twenty-four (24) months, commencing August 1, 2023 with optional mutual extension(s) of the agreement for up to three years. The City of Valdez and the successful Bidder will enter into a banking services contract. The successful bidder will be held to the terms of the written contract for a two (2) year period. Changes will require mutual consent in writing.

Responses to this proposal may include Banking Services, Custody Services, or all Services as described

Banking Services (as currently utilized)

• 1 General Checking Demand/Deposit Account
  1. Average Balance: $100-300K
• 1 Restricted Access Demand/Deposit Account
  1. Average Balance: $1-5K
• 1 Zero-Balance Demand Account (bi-weekly Payroll)
• Purchasing Cards
• Money Market Account
  1. Average Balance: $20-80M

Custody Services (as currently utilized)

• 1 Central Treasury Account
  1. Average Balance: $50-100M
• 1 Additional Treasury Account
  1. Average Balance: $2M
• Permanent Fund Portfolio
  1. Current Balance: $250M
  2. 11 separate accounts
  3. Mix of mirrored assets and direct custody mutual funds

II. Bid Instructions and Questions

The bids must be sent to the attention of Jordan Nelson, Finance Director where they will be reviewed by the Evaluation Committee. The recommendation of the Committee will be presented to the City of Valdez Council for final action.

Submit all questions and proposals via email to: Jordan Nelson, Finance Director at Jordan Nelson .

Kindly submit proposals as an email attachment in PDF or Microsoft Word format

III. Timeline

IV. Contract Negotiation and Award

The City reserves the right to:

1. Reject any and all proposals and to waive irregularities and informalities in the submittal and evaluation process;
2. Make an award without further discussion of submittals;
3. Negotiate all elements of the submittals, proposals, terms, conditions, and/or scope of services prior to any formal authorization of the contract by the City.