REQUEST FOR PROPOSALS

City of Tupelo Bank Depositories 2023-054BA

PLEASE TAKE NOTICE that the City of Tupelo, Mississippi (the “City”) will receive proposals from qualified financial institutions as defined by Miss Code Ann. (1972) §27-105-315 and §27-105-353 to serve as a designated depository for the City for a twenty-four (24) month period beginning February 1, 2024. Financial institutions must be qualified at the beginning of said period and must re-qualify under the provisions of Miss. Code Ann. § 27-105-353 (1972, as amended).

Said proposals shall be completed using the Bid Form attached hereto, and sealed and submitted to Traci Dillard, Controller, City of Tupelo, Post Office Box 1485, 1st Floor Tax Office, 71 East Troy, Tupelo, MS 38804, not later than 10:00 a.m., Friday, January 5, 2024, at which time such proposals shall be opened. Proposals may also be submitted electronically at www.tupelobids.com . If you have any questions regarding electronic bidding, you may direct them to Plan House at (662) 407-0193.

In order to maximize efficiency and economy, the City of Tupelo will have all demand deposit accounts with one (1) banking institution. Interest on the demand deposit will be on an average daily balance. The City of Tupelo may also elect one (1) or more depositories for the placement of funds for investments and savings. These investment depositories will be selected on a competitive basis as determined by the highest annual interest rate. All other City funds will be invested by solicitation on a competitive basis from all qualified depositories approved by the City of Tupelo.

Each proposal shall contain interest rates to be paid on both short term and long-term funds held by the institution as well as the service charge for transactions handled by the institution for the City. Each financial institution designated as a depository shall designate the security and collateral authorized by law as specified in Miss Code Ann. Sections §27-105-5 and §27-105-315 for securing the funds in an amount equal to 105% of the maximum sum on deposit at any one time exclusive of that portion of said deposit account insured by Federal Deposit Insurance Corporation. In the event that the City designates more than one depository, each financial institution designated as a depository shall provide security and collateral in an amount equal to 105% of the maximum sum actually on deposit at that financial institution. Each financial institution designated as a depository shall enter into a depository agreement with the City.

The City of Tupelo shall use the following factors in selecting its depositories: net earnings of each account, account costs, costs of transfer of accounts from existing depositories, banking services provided, and having met the requirements provided in Section 27-105-315, having in view the safety of such funds, and other such relevant factors necessary to serve the needs and interests of the City of Tupelo.

The City reserves the right to reject any and all proposals. The City reserves the right to reduce, increase or vary the amount of municipal funds on deposit in its discretion. The City of Tupelo is an equal opportunity employer.

Any questions concerning the proposal should be directed to Kim Hanna, City Hall 2nd Floor Finance Department, 71 East Troy Street, Tupelo, MS 38804; telephone 662-841-6509 or email kim.hanna@tupeloms.gov .

Dated, this the 11th day of December, 2023.
/s/ KIM HANNA
City Clerk

Publish: December 12 & 19, 2023