Custodial Safekeeping Services for the Finance Department

Agency: City of Lynchburg
State: Virginia
Type of Government: State & Local
NAICS Category:
  • 561720 - Janitorial Services
Posted Date: Dec 16, 2021
Due Date: Feb 3, 2022
Solicitation No: 2022-038
Bid Source: Please Login to View Page
Contact information: Please Login to View Page
Bid Documents: Please Login to View Page
due date number name addenda staff contact
02/03/2022 2022-038 Custodial Safekeeping Services
for the Finance Department

Optional Virtual Pre-Proposal Meeting (click here)


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Include This Page as the First Page in Your Proposal Response
City of Lynchburg, Virginia
Procurement Division
Proposal Title: Custodial Safekeeping Services for the City of Lynchburg Finance Department
This is the City of Lynchburg's Request for Proposals (RFP) No. 2022-038, issued December 16, 2022. Direct
inquires for information to: Matt Marsteller; Phone: 434-455-4233 or e-mail at
All requests for clarification of or questions regarding this RFP must be made in writing and be received by 4:00
p.m. on January 27, 2022. All Addenda shall be issued no later than 4:00 p.m. on January 28, 2022. All responses to
this solicitation shall be in strict accordance with the requirements set forth in this proposal document and the ensuing
contract documents.
Sealed proposals will be publicly accepted prior to4:00 p.m., February 3, 2022; however only the names of firms
responding will be available for announcement. Proposals received after the stated due date and time shall not be
considered. Submit proposals in a sealed, opaque envelope, and put the RFP number, title, due date and time on the
lower left front. Offerors are responsible for having their proposal stamped by Procurement Division staff before the
deadline indicated above and acknowledge all addenda so issued in the space provided below. Any alteration or changes
to this Request for Proposals will be made only by written addendum issued by the City of Lynchburg, Procurement
An Optional Virtual Pre-proposal meeting will take place on Thursday January 20, 2022 at 10:00 a.m. All interested
Offerors shall enter the virtual meeting by using the link to Teams posted on the City’s current solicitations webpage as
noted below.
All Offerors are responsible for obtaining issued addenda from the City’s Procurement website:
Acknowledge receipt of addenda here: No. ________ Date: _______ No. _______ Date: _______ No. _______ Date: ______
Procurement Division
Third Floor City Hall
900 Church Street
Lynchburg, Virginia 24504
Information the Offeror deems Proprietary is included in the proposal response in section(s):
See Paragraph B. on page 2 for guidelines on submitting proprietary information.
In compliance with this Request for Proposals and all the conditions imposed therein, the undersigned offers and agrees
to furnish the services in accordance with the attached proposal or as mutually agreed by subsequent negotiations. By
my signature below, I certify that I am authorized to bind the Offeror in any and all negotiations and/or contractual
matters relating to this Request for Proposals. Sign in ink and type or print requested information.
Full Legal Name of Offeror:
Phone: ( )
E-mail address:
Typed or Printed Name, Title
City Procurement Signature
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A. An original (1), so marked, and (4) copies, so marked, for a total of (5) of the proposal document
are required. In addition, submit one (1) copy of the proposal on a thumbdrive. The City will not assume
responsibility for reproduction where an insufficient number of copies have been supplied. In any such
case, the City will notify the Offeror of the deficiency and request that the appropriate number of
copies be delivered within 24 hours. Failure to comply with this or other requirements of this Request
for Proposal shall be grounds for the City to reject such proposals. Telegraphic or facsimile submission
of proposals is not acceptable and any such proposals will not be considered. Nothing herein is intended
to exclude any responsible bank or in any way restrain or restrict competition. All responsible Offerors
are encouraged to submit Proposals. The content of the RFP and the successful Offeror’s Proposal will
become an integral part of the Contract, but may be modified by provision of the Contract. Offerors must
be amenable to inclusion in a Contract any information, exclusive of that which is determined to be
proprietary, provided either in response to this RFP or subsequently discussed and agreed upon during
the selection/negotiation process. The information received will be considered contractual in nature, and
will be used in validation and evaluation of Proposals, and in subsequent actions related to Contract
execution and performance of responsibilities.
***FedEx, UPS, and the USPS have access to City Hall to deliver mail/packages to the Procurement
Office. If vendors choose to hand deliver proposals, they can come to the main entrance of City Hall at
900 Church St. and call the Procurement Office directly at 434-455-3970 Monday – Friday from 8:30
a.m. to 5:00 p.m. A Procurement Office staff member will physically respond to the main entrance to
receive the proposal and time stamp it at that time. It is the sole responsibility for the vendor to ensure
their proposal is timestamped prior to the deadline for submission. Please allow additional time to ensure
this is done. As always, late proposals will not be considered.***
B. Submission of Proprietary Information
Trade secrets or proprietary information submitted by an Offeror in connection with this procurement
transaction shall not be subject to public disclosure under the Virginia Freedom of Information Act;
however, the Offeror must invoke the protection of this section prior to or upon submission of the data or
the materials, and must identify the data or other materials to be protected and state the reason why
protection is necessary. (Section 2.2-4342 F. of the Code of Virginia). Offerors shall submit, in a
separate section of the proposal, any information considered proprietary and any copyrighted
material and clearly identify the information as proprietary and/or copyrighted information.
Offerors may not declare their entire proposal proprietary nor may they declare proposed pricing
to be proprietary. References may be made within the body of the proposal to proprietary information;
however all information contained within the body of the proposal not in the separate section labeled
proprietary shall be considered Public Information.
C. Proposals having any erasures or corrections must be initialed by the Offeror in ink.
D. The City reserves the right to accept or reject any or all proposals, to waive informalities, and to
reissue any request for proposals and to award contracts to multiple Offerors. Any contract resulting from
this Request for Proposal shall not be exclusive to the successful firm. The City reserves the right to
contract with firms not party to the resultant contract for similar work if it determines this to be in their
best interest.
E. By submitting a proposal, the Offeror agrees that the proposal will not be withdrawn for a period of 90
days following the due date for proposal responses.
F. By submitting a proposal, the Offeror certifies that it has not combined, conspired or agreed to
intentionally rig, alter or otherwise manipulate, or to cause to be rigged, altered or otherwise manipulated
its proposal for the purpose of allocating purchases or sales to or among persons, raising or otherwise
fixing the prices of the goods or services, or excluding other persons from dealing with the City.
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G. By submitting a proposal, the Offeror certifies that its proposal is made without collusion or fraud and
that it has not offered or received any kickbacks or inducements from any other Offeror, supplier,
manufacturer or subcontracting firm in connection with its proposal; and that it has not conferred on
any public employee having official responsibility for this procurement transaction any payment, loan,
subscription, advance, deposit of money, services or anything of more than nominal value, present or
H. Nothing herein is intended to exclude any responsible Offeror or in any way restrain or restrict
competition. All responsible Offerors are encouraged to submit proposals.
I. It is the policy of the City of Lynchburg to maximize participation by minority and women owned
business enterprises in all aspects of City contracting opportunities. The City does not discriminate
against faith-based organizations.
J. The City will not be responsible for any expense incurred by any Offeror in preparing and submitting a
proposal. All proposals submitted will become the property of the City.
K. By submitting a proposal, the Offeror is certifying that Offeror is not currently debarred by the City, or in
a procurement involving federal funds, by the Federal Government. A copy of the City debarment
procedure in accordance with Section 18.1-10 of the City’s Procurement Ordinance is available upon
The purpose of this Request for Proposal (RFP) is to solicit sealed proposals to establish a contract through
competitive negotiation for Custodial Safekeeping Services for the City’s Finance Department.
City Overview:
The City of Lynchburg is a city of 50 square miles located near the geographic center of the State, bordered by the
eastern edge of the Blue Ridge Mountains. It is located approximately 180 miles southwest of the Nation’s capital,
Washington D.C. According to the United States Census for 2020, the City’s estimated population is 81,266.
As of the Fiscal Year 2021 Audited Financial Statement, the City’s General Fund ended with Revenues of $197.0
million and a Fund Balance of $74.1 million. Additionally, the City had $124.0 million in cash and cash
Investment Program:
The goal of the City’s Investment program is to ensure the City receives the highest rate of return possible on
the City’s investments. The City manages the investment portfolio with investment advisory services provided
by Davenport & Company, LLC.
The objective is to protect the City’s assets and ensure the ability to fund the City’s obligations while enhancing
The City has an Investment Plan that is updated quarterly which incorporates anticipated cash flow needs and
management of the current investment portfolio in accordance with our Investment policy.
The City’s current custodial safekeeping services provider currently holds 48 million dollars’ worth of assets for
the City. The City reserves the right to invest more than that amount in the future.
Currently, the City anticipates 5 to 10 trades per quarter.
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1. The City requires that the independent third-party custodial safekeeping agent or custodian mark the portfolio to
market at least monthly with independent pricing.
2. The City requires 3 sub-accounts for the General Fund, Water Fund, and Sewer Fund.
3. The City requires reports and monthly statements to be received directly by the City. Outline your reporting
capabilities as specifically as possible.
4. The City requires electronic access to the custodial safekeeping or custody account for monitoring and reporting
5. The City requires a Government Money Market Investment fund to ensure all public funds are invested daily.
6. The City will require error and omission insurance.
Proposals must address the items included in the Specific Requirements and the Criteria for Proposal Evaluation.
Proposals should be prepared simply, providing straightforward and concise responses to requests for information
and descriptions of qualifications and capabilities. Responses shall be limited to no more than 30 pages excluding
the Title Page, including all other materials. Each copy of the proposal must be bound with all documentation in
a single volume where practical. Failure to do so may result in a lowered evaluation. Incomplete proposals may
be determined non-responsive. Proposals with extraneous information may receive a lower ranking.
Offerors should organize their proposals using the format described below:
Title Page
Furnish the REQUEST FOR PROPOSALS TITLE PAGE and include it as the first page of the proposal. The
name stated on the Title Sheet must be the full legal name of the Offeror and the address must be that of the office
which will have the responsibility for the services provided.
Section 1 - Project Understanding & Methodology
Briefly describe the understanding of the scope of work to be accomplished, and describe the proposed approach
to providing the required services. Explain the anticipated services and products that will be needed to address the
Specific Requirements as listed above in Section IV.
Section 2 – Qualifications
1. Provide a brief history of the firm including:
a. Year of organization
b. Year of initiation of custody and securities business
c. Development of major business lines
d. Nature of firm(s) ownership
e. Nature of relationships with affiliated companies or joint ventures
2. Provide details of the financial condition of the firm, including its market capitalization. Describe any material
changes in the last 5 years, specially noting the impact of the ongoing pandemic equity market volatility.
Please list the S&P and/or Moody’s short and long-term financial ratings of the company.
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3. Briefly describe your custody service capabilities, including those items that distinguish you from your
4. Briefly describe the organizational structure of your Custody department.
5. Detail the growth of Trust/Custody relationships during each of the past three years in terms of number of
clients and asset values.
6. Discuss your policy and procedures for assuring that each Client’s assets are properly held in custodial
safekeeping and positions are accurately maintained in your accounting records.
7. Provide a proposed written security agreement.
8. Confirm that a Disaster Recovery Plan is documented.
Section 3 – Primary Contacts
Describe who would be both the City’s day-to-day and backup contacts. List the street address, email address, and
phone numbers for those contacts.
Section 4 – Additional Firm Experience
Indicate additional services performed by the firm by staff outside the project team. Indicate the project sizes and
recentness of these additional services and how such services could/would be beneficial to the project team and
the City of Lynchburg.
Section 5 - References
Provide a list of clients (comparable to the financial size of the City) for whom similar services have been provided
and dates when the service was provided. Include project name, types of services performed, client name,
individual contact name, address, telephone number, and e-mail address. Specifically, provide references for day-
to-day operations.
Section 6 - Summary
A brief summary of the reasons that the Offerors believe themselves to be the most qualified for this project.
Section 7 – Pricing
Provide the annual fee and calculation breakdown for custodial safekeeping services as well as any other applicable
fee(s) that may be charged to the City.
Section 8 –Additional Information
Proposers may also provide a concise amount of information in this section that they find to be relevant to the
services being offered.
The following criteria will be utilized in evaluating proposals:
1. Technical Management & Required Qualifications (35 points)
2. Custodial Safekeeping Services Pricing (25 points)
3. The Proposing Firm and its Staff/Representative’s Qualifications (10 points)
4. Reporting Capabilities Available (20 points)
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