Request for Qualification received on June 11, 2020 for S83-Q29410 - Approve an ordinance awarding revenue contracts to Bank OZK and Spirit of Texas Bank for Certificate of Deposit Account Registry Services (CDARS) Program Relationship Bank Services for the City of Houston’s Controller’s Office.
Specific Explanation
The City Controller and the Chief Procurement Officer recommend that City Council approve an ordinance awarding revenue contracts which will remain in effect until the contract is terminated by either party with 30-day written notice to Bank OZK and Spirit of Texas Bank for Certificate of Deposit Account Registry Service (CDARS) Program Relationship Bank Services.
The contractor will be utilized for the placement of certificates of deposit (CDs). The City of Houston does not intend for any one deposit to exceed the FDIC insurance limit of $250,000.00. The CDs will be placed utilizing the Certificate of Deposit Account Registry Service managed by the Promontory Interfinancial Network, LLC. Promontory’s registry service is a network of banks that both offer and accept deposits.
The Request for Qualification (RFQ) was advertised in accordance with the requirements of the State of Texas bid laws. The solicitation document was posted on the Strategic Procurement Division’s e-bidding website and, as a result, submissions were received from Bank OZK and Spirit of Texas Bank. The Evaluation Committee consisted of members from the Controller’s Office and Legal Department.
The submissions were evaluated based on the following criteria:
1. Responsiveness of Submission
2. Technical Competence
It was determined both banking institutions were deemed to be the best qualified banks to perform the requirements as outlined in the RFQ.
MWBE Subcontracting:
MWBW Zero Percentage Goal document approved by the Office of Business Opportunity.
Pay or Play Program:
The proposed contract requires compliance with the City’s Pay or Play ordinance regarding health benefits for employee City contractors. In this case, Bank OZK and Spirit of Texas Bank provide health benefits to eligible employees in compliance with City policy.
Hire Houston First:
The proposed contracts require compliance with the City’s Hire Houston First ordinance which promotes economic opportunity for Houston businesses and supports job creation. In this case, Bank OZK and Spirit of Texas are not designated HHF companies; therefore the HHF preference was not applied to the award of the contract.
Fiscal Note:
There is no impact to the fiscal budget, therefore, no fiscal note is required.
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Jerry Adams, Chief Procurement Officer Department Approval Authority
Finance, Strategic Procurement Division