HomeMy WebLinkAboutCity of Tamarac Resolution R-2015-077Temp. Reso #12664 —July 13, 2015
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. 2015 " 7
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO EXECUTE
AGREEMENT AMENDMENT #2 TO EXTEND THE ORIGINAL
AGREEMENT BETWEEN THE CITY OF TAMARAC AND TD
BANK, NA, AS THE CITY'S DEPOSITORY AND PROVIDER
OF BANKING SERVICES, FOR A PERIOD OF THREE
YEARS FOR THE TERM OCTOBER 23, 2015 THROUGH
OCTOBER 22, 2018 WITH SUBSEQUENT TWO (2) YEAR
RENEWAL OPTIONS; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, The City Charter, Section 7.06(a) stipulates thatthe City Commission of
the City of Tamarac shall designate the City's depository; and
WHEREAS, in addition to naming a City depository, it is necessaryto contractwith a
financial institution to provide the City with various Banking Services, including depository
services, custodial services and account maintenance services; and
WHEREAS, in 2008, the City utilized due diligence in seeking responses for
qualified firms to provide Banking Services to the City through the issuance of a Request
for Proposal; and
WHEREAS, Resolution R-2008-131 dated September 10, 2008, approved by the
City Commission at its regular meeting of September 10, 2008, awarded Request for
Proposal #08-14R for Banking Services, and authorized execution of an agreement with
TD Bank, NA (Contractor) to provide Banking Services for a five (5) year period, with an
option to renew for an additional two (2) year period, a copy of said proposal, resolution
and agreement is on file in the City Clerk's office; and
Temp. Reso #12664 — July 13, 2015
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WHEREAS, TD Bank, NA, has successfully performed Banking Services on behalf
of the City during the term of the original Agreement; and
WHEREAS, Resolution R-2013-61 dated June 26, 2013, approved by the City
Commission at its regular meeting of June 26, 2013, approved Agreement Amendment #1
which authorized the exercising of a two (2) year renewal option, a copy of said resolution
and agreement amendment is on file in the City Clerk's office; and
WHEREAS, the Director of Financial Services and the Assistant Director of
Financial Services / Controller have conducted a market analysis, and have determined
that TD Bank, NA is providing the City with the highest available interest rates on our
deposits in the marketplace; and
WHEREAS, as a result of the increased interest yield on deposits, the Director of
Financial Services and the Assistant Director of Financial Services / Controller have
determined that extending the Agreement with TD Bank, NA, and providing for additional
renewal options is in the best interest of the City of Tamarac; and
WHEREAS, the Director of Financial Services and the Assistant Director of
Financial Services / Controller recommend that the original agreement with TD Bank, NA
be extended for a period of three (3) years, with additional two (2) year renewal options,
and that the appropriate City Officials be authorized to execute Agreement Amendment #2,
included herein as Exhibit I "; for the period October 23, 2015 through October 22, 2018;
and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interests of the citizens and residents of the City of Tamarac that the original
agreement with TD Bank, NA be extended for a period of three (3) years, with additional
two (2) year renewal options, and that the appropriate City Officials be authorized to
Temp. Reso #12664 — July 13, 2015
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execute Agreement Amendment #2, included here as Exhibit "'I", for the period effective
October 23, 2015 through October 22, 2018.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are HEREBY ratified and
confirmed as being true and correct and are hereby made a specific part of this Resolution
upon adoption hereof and all exhibits referenced and attached hereto are incorporated
herein and made a specific part of this resolution.
SECTION 2: The appropriate City officials are hereby authorized to execute
Agreement Amendment Number 2, attached hereto as Exhibit 1" to authorize the
extension of the original agreement with TD Bank, NA for a period of three (3) years, with
additional two (2) year renewal options, for the period effective October 23, 2015 through
October 22, 2018.
SECTION 3: The appropriate City Officials furthermore are hereby authorized
to approve and accept any renewal options as provided for in Agreement Amendment #2,
attached hereto as Exhibit "1 ".
SECTION 4: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 5: If any clause, section, other part or application of this
Resolution is held by any courtof competent jurisdiction to be unconstitutional or invalid, in
part or application, it shall not affect the validity of the remaining portions or applications of
this Resolution.
1
Temp. Reso #12664 —July 13, 2015
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SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this MI., day ofJ; 2015.
0 F
.. ,j
HAY .
MAYOR
ATTEST:
RECORD OF COMMISSION VOTE:
MAYOR DRESSLER
DIST 1:
VICE MAYOR BUSHNELL
DIST 2:
COMM. GOMEZ
DIST 3:
COMM. GLASSER
DIST 4:
COMM. PLACKO
I HEREBY CERTIFY THAT I HAVE
APPROVED THIS RESOLUTION
AS TO FORM
V."116'/ JjT ]"t" �1
SA UELS.GO&EN
CITY ATTORNEY
1
1
1
City of Tamarac
AGREEMENT AMENDMENT # 2
BETWEEN THE CITY OF TAMARAC
AND
TD BANK, NA
Purchasing Division
The CITY OF TAMARAC (City) and TD Bank, N.A., a national association, with
principal offices located at 1700 Marlton Pike East, Cherry Hill, NJ 08034, (the
"Contractor"), agree to amend the original Agreement as follows:
1. Pursuant to the terms of Section 4. "Contract Term", of the original Agreement for
Banking Services for the City of Tamarac; dated October 23, 2008, the City and the
Contractor agree to extend the Agreement for a period of three (3) years, with
subsequent two (2) year renewal options for the term October 23, 2015 — October 22,
2018 at the same terms, conditions and pricing except as provided in provision 2 herein.
2. Contractor agrees to extend to City a Managed Earnings Credit Rate with a floor of fifty
(50) basis points in lieu of an Indexed Federal Funds Rate. In addition, Contractor
agrees to extend to City a Managed Interest Rate on excess funds not needed to
compensate Contractor for service charges with a floor of thirty (30) basis points in lieu
of an Indexed Federal Funds Rate.
3. All other portions of the original Agreement are in effect as written.
Remainder of Page Intentionally Blank
of Tamarac
Division
IN WITNESS WHEREOF, the parties have made and executed this Agreement on the
respective dates under each signature. CITY OF TAMARAC, signing by and through its
City Manager, and CONTRACTOR, signing by and through its Vice President duly
authorized to execute same.
CITY OF TAMARAC
Harry QAAIeT, Mayor
Date
ATTE :°� ' ���� Michael C. Cernech, City Manager
RfD� C+�,
Pat Teufel, C Date
City Clerk
ilik-e-
Date
ATTEST:
Signature of Corporate Secretary
Approved as to form and legal
sufficiency:
)112114
C' y Atto ney
Date
TD BANK, NA
Company Name
Signature of Vice President
Pamela Ramkalawan
Vice President
S a. (i�
(CORPORATE SEAL) Date
City of Tamarac Purchasing Division
CORPORATE ACKNOWLEDGEMENT
STATE OF
:SS
COUNTY OF
I HEREBY CERTIFY that on this day, before me, an Officer duly authorized in the State
aforesaid and in the County aforesaid to take acknowledgments, personally appeared
Pamela Ramkalawan, Vice President, of TD Bank, N.A., a National Banking
Association, to me known to be the person(s) described in and who executed the
foregoing instrument and acknowledged before me that he/she executed the same.
WITNESS my hand and official seal this
day of , 2015 .
ju
Sign re of Notary Public
State of Florida at Large
h&al�j
rint, Type or Stamp
Name of Notary Public
Personally known to me or
Produced Identification
Type of I.D. Produced
❑ DID take an oath, or
❑ DID NOT take an oath.
?o' r r�1`•t TONYA ENGLAND
Notary Public - State of Florida
Commission # FF 184848
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