10828-20241213104009 JACKSON.pdf

This is a Banking Services-Depository Bid (RFP No. 94629-010725) issued by the City of Jackson Mississippi Department of Administration. The bid opening is scheduled for January 7, 2025 at 3:30 PM at City Hall, with bid submissions due by the same time. The contract period begins January 1 and ends December 31 (year not specified), with provisions for continuation until new arrangements are made according to law. The specification contact is Felicia Young, Finance Manager, located at the Warren Hood Building in Jackson.

The services requested include managing an average monthly ledger balance of $70,000,000 across 20 DDA checking accounts, with requirements for FDIC insurance coverage and maintaining a primary capital to assets ratio of 5.5%. The winning institution must provide various banking services including stop payments, wire transfers, night depository services, locking bank bags, and payroll direct deposit services. The bank must also maintain collateral security agreements, provide monthly statements within 5 business days, pay interest on accounts based on U.S. Target Federal Funds Rate, and offer cash management advice. The proposal requires the bank to execute a Collateral Security Agreement and comply with Section 1823(e) of FIRREA to ensure the municipality has preferred claim to pledged securities in case of default.