HomeMy WebLinkAboutCOD-013-01
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REPORT
CORPORATE SERVICES DEPARTMENT
CONFIDENTIAL
Date:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
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Meeting:
Report #:
OCTOBER 22, 2001
File #: ,/:'/ r 7'?-
COD-013-01
By-law #: ,;I O('} / - I "61.
Subject:
RFP2001-2, MUNICIPAL BANKING SERVICES
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report COD-013-01 be received;
2. THAT the contract for Banking Services (excluding payroll), for the Municipality of
Clarington be awarded to the Toronto Dominion Bank;
3. THAT the contract be awarded for a three (3) year term with an option to renew for
an additional two (2) years;
4. THAT the attached By-law be forwarded to Council for approval; and
5. THAT the Mayor and Clerk and I or Director of Finance as appropriate be authorized
to sign all necessary documentation.
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Marie Marano, H.B.Sc., C.M.O.
Director of Corporate Services
Reviewed bY:O {n{J2 -~
Franklin Wu, M.C.I.P., R.P.P.,
Chief Administrative Officer
NMT*MM*lb*km
L. Rev.: Friday, 12 October 2001
912
REPORT NO.: COD-013-01
PAGE 2
1.0 BACKGROUND AND COMMENTS
Report TR-70-95 in October, 1995 provided for a contract award to Toronto Dominion Bank for a 3 year
term, with an option to renew for an additional two years.
The optional two year period has expired and the banking services are currently on a month by month
basis.
The proposals have been reviewed in detail. The table below indicates the costs on an annualized basis
for services required by the Municipality for each of the three (3) major banks that submilled a proposal.
Toronto Dominion Bank Bank of Montreal Scotia Bank
Monthly Fee NIL $750.00 NIL
Bank Interest Prime Prime Prime
Less 1.75 % Less 1.95% Less 2% (on 2-5 million)
Less 1.9% (over 5 million)
Merchant Visa 1.85% 2.2% 2%
Line of Credit 95 % of Prime Prime Prime
The Toronto Dominion Bank will provide no monlhly fee, the lowest merchant visa rate, the lowest interest
rate charge for the Municipality's line of credit, and the highest interest rate on surplus funds.
The majority of the balance of the services to be provided that are not detailed above are equal or beller
than the other bidders. The impact of the remainder are more than offset by the savings from the major
services to be provided.
For the information of Council, the Clarington Library requirements were also included in the Request for
Proposal document. They have reviewed the submissions and will be making a separate report to the
Library Board.
It is therefore recommended that the Toronto Dominion Bank be awarded the contract for Banking
Services for the Municipality of Clarington. They have provided satisfactory service to the Municipality of
Clarington for the past five (5) year period.
The contract provides that should services not be carried out satisfactorily, the contract can be terminated
by either party within ninety (90) days wrillen notice.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOW MANVILLE, ONTARIO L 1C 3A6 T (905)623-3379 F (905)623-4169
913
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Schedule "A"
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW #2001-
Being a By-law to authorize a contract between the
Corporation of the Municipality of Clarington and Toronto
Dominion Bank, Oshawa, Ontario for the Banking Services for
the Municipality of Clarington.
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON HEREBY ENACTS
AS FOLLOWS:
1. THAT the Mayor and Clerk are hereby authorized to execute, on behalf of the
Corporation of the Municipality of Clarington with the Corporation Seal, a contract
between Toronto Dominion Bank, Oshawa, , Ontario and said Corporation; and
2. THAT this agreement attached hereto as Schedule "A" form part of this By-law.
By-law read a first and second time this day of
,2001.
By-law read a third time and finally passed this day of
,2001.
John Mutton, Mayor
Patti L. Barrie, Municipal Clerk
914