Summary of Specifications:
The City of Durango is soliciting proposals for a primary banking relationship with a Financial Institution or Firm that operates an office within the Central Business District of Durango, Colorado. The City will be contracting for general services, outlined in Section IV, for a three year period beginning April 1, 2013 and ending March 31, 2016. At the City’s option, a two year extension will be permitted with the same terms and conditions of the original contract, including any subsequent amendments.
Financial institutions wishing to submit proposals must meet the following minimum criteria: a. Must be located within the Central Business District of Durango. b. Must be designated and certified as an eligible public depository pursuant to the provisions of the Colorado Public Depository Protection Act with identifiable collateral that meets the requirements of the act. c. Must be FDIC insured. d. Must have access to ACH, Fed wire and DTC systems. e. Must have cash management system/on-line banking available to the City. f. Explain how funds over $100,000 will be collateralized
