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<br />4. Schedule: <br />July 22, 2010 <br />July 28 & Aug 4 <br />August 24, 2010 <br />September 13, 2010 <br />October 1, 2010 <br /> <br />Distribution of Request for Proposal <br />Adve rtisement <br />Deadline for Submission of Proposals <br />City Council Approval <br />Effective Date <br /> <br />5. Variances: All variances from the City's specifications, terms, and/or <br />conditions, no matter how slight, must be indicated on the attached quotation <br />forms. Otherwise,.it will be assumed that your proposal fully complies with the <br />terms, conditions, and specifications as defined. <br /> <br />C. SELECTION CRITERIA <br />The following criteria will be used by the City to evaluate the proposals and to <br />make a selection: <br /> <br />1. Compliance with qualifications as set out in Section" of this RFP 20% <br />2. Ability to provide required services as set out in Section III of RFP 20% <br />3. Complete responses to all required items on the quotation forms 15% <br />4. Cost of Services 15% <br />5. Financial Strength 15% <br />6. Convenience of Location 15% <br /> <br />D. TERMS AND CONDITIONS <br />1. Contract Term: The intent of this Request is for the City to arrange for <br />banking services for a five year period, commencing on October 1, 2010, and <br />will continue until a new agreement is reached. <br /> <br />2. Right to Reject: The City reserves the right to waive any irregularities in any <br />proposal, to request additional information, and to accept or reject any item of <br />any proposal. <br /> <br />3. Modifications and Amendments: The City reserves the right to negotiate <br />such additions, deletions or changes as it deems necessary during the term of <br />this agreement. <br /> <br />4. Termination: Either party may terminate this agreement upon giving written <br />notice to the other party 90 days in advance of termination. <br /> <br />5. Effective Date: The selected proposal upon approval by the City Council, and <br />the execution of a formal contract, will become effective October 1, 2010. The <br />Bank will commence operating pursuant to this agreement as soon as <br />practicable. <br /> <br />6. Bank Failure: Should the Bank fail, close, or be forced into reorganization <br />during the term of this contract, City reserves the right to immediately cancel <br />the contract. <br /> <br />13 <br />