R94-134RESOLUTION NO. R94-/~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING THE AWARD OF BANKING SERVICES
FOR THE CITY OF BOYNTON BEACH TO BARNETT
BANK FOR THE THREE (3) YEAR PERIOD
COMMENCING OCTOBER 1, 1994 TO SEPTEMBER
30, 1997; AUTHORIZING AND DIRECTING THE
MAYOR AND CITY CLERK TO EXECUTE AN
AGREEMENT FOR BANKING SERVICES WITH
BARNETT BANK; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Boynton Beach, Florida (City) is
desirous of entering into a contractual agreement with a
financial institution to provide the City's banking services;
and
WHEREAS, staff has received proposals, conducted
interviews and recommended to the City Commission that Barnett
Bank be selected to provide such banking services;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton
Beach, Florida, hereby approves the selection of Barnett Bank
to provide the City's banking services and authorizes and
directs the Mayor and City Clerk to execute an Agreement for
Banking Services, which is attached hereto as Exhibit "A".
Section 2. That this Resolution
effective immediately upon passage.
shall become
PASSED AND ADOPTED this /~ day of August, 1994.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
~ ~ner
ATTEST:
Ci~ Clerk
(Corporate Seal)
Authsig.doc
Barnett.Res
8/11/94
Exhibit H
~ AGREEMENT FOR BANKING SERVICES
THIS AGREEMENT, made and entered into this ~:~,,-/ day of .,~~--
19~,~, by and between the City of Boynton Beach, a municipal corporation
organized and existing under the Jaws of the State of Florida, hereinafter referred to
as "the City", and Barnett Bank of Palm Beach County, a state chartered banking
institution, hereinafter referred to as "Barnett",
WITNESSETH:
WHERAS, the City is desirous of entering into a contractual agreement with a
financial institution to provide the City's banking services; and
WHERAS, the City received proposals, conducted' interviews, and
recommended the selection of Barnett to provide such banking services;
NOW THEREFORE, in consideration of the premises and of the mutual
covenants and promises herein contained, the parties hereto agree as follows:
19 ~ 1. The performance of this Agreement shall commence on ~;~-~.<~--,~ / ,
and shall remain in effect for a three year pedod to -~----~~-'--'~-,,~ ~ ,
197_~.. The City will haVe the option to extend the contract for another two year
pedod, providing both parties mutually agree. Any proposed changes by the bank
relating to the extension will be provided to the City 90 days pdor to the contract
expiration date.
2a. Barnett agrees to provide the services specified, with the personnel
specified, and at the costs specified in its proposal to the City, said proposal being
attached, incorporated by reference herein and made a part hereof as fully as if
~.~herein set forth. Barnett hereby acknowledges submitting said proposal in response
o the City's Request for Proposal for Banking Services, said Request for Proposal for
3anking Services being attached, incorporated by reference herein and made a part
,~lereof as fully as if herein set forth.
2b. The City agrees to provide compensation to Barnett under the following
payment arrangement:
Payment will be accomplished by a compensating balance method. The
required compensating balance shall be adjusted monthly based on the previous
month's costs compared with the cost of each service based on rates quoted in the
proposal. As an alternative, the City may choose to be billed for monthly charges,
ignoring compensating balances. The bank shall submit monthly analysis
statements for each account and a summary analysis for all accounts combined
which will itemize all charges. The analysis shall contain, at a minimum, average
daily ledger balance, less float and reserve requirements to ardve at a net collected
balance.
Ci~ Clerk
(Corpor. ate Seal)
Authsig.doc
Barnett.Res
8/11/94
3. Representatives of the parties are hereby authorized to meet and draft
~¥ detailed plans and procedures of operation necessary to effectively implement
-d~is Agreement. Such plans and procedures of operation shall become effective
upon acceptance by the Finance Director,
and Barnett Bank of Palm Beach County. Said plans and procedures of operation
shall be subject to change upon mutual agreement and consent of the parties, which
agreement and consent shall not be unreasonably withheld or denied.
4. With regard to any financial loss which may be suffered by the City as a
result of or due to intentional or negligent acts of commission or omission by Barnett,
Barnett hereby agrees to reimburse and save harmless the City for any such ~3ss.
5. This Agreement constitutes the entire agreement and understanding
~etween the parties hereto with respect to the subject matter hereof, and any
-epresentations or statements heretofore made with respect to such subjec: matter,
whether verbal or wdtten, are merged herein.
6. This Agreement shall be construed in accordance with the lav,~ of the
State of Florida and any remedies of the parties pertaining thereto shall likewise be
governed by said laws.
IN WITNESS WHEREOF, the parties hereto, by and through their duly
authorized officials, have executed this Agreement as of the day and year first above
written.
Agreed to and Accepted:
City of B~ynton,Beach
By:,
'title/Date:
ORM:
?.
/
By.'~_..~Barne--'tLBar~k/~--,~°f Palm/each County
Ci~Clerk
(Corporate Seal)
Au~hszg.doc
Barne~n.Res
8/11/94