This is a Request for Proposal (RFP) for Primary Depository Services for the Anderson County Board of Education. The duration of the agreement is from July 1, 2026, to June 30, 2027, with automatic renewal for one-year periods. Acceptable banks must have an office in Anderson County, Kentucky, and be able to secure all deposit account balances exceeding FDIC insurance with approved collateral. Proposals must be submitted on the official proposal form and are due by April 23, 2026, at 10:00 AM. Proposals can be hand-delivered or emailed. Proposals will not be publicly opened. Evaluation will be based on multiple factors including rate of return, branch hours and locations, existing relationships, and optional services. The primary depository must provide full electronic banking privileges, security tokens, fraud prevention tools, courier service at no cost, credit cards at no cost, and all necessary banking supplies. They must also reimburse for accounting software updates related to changing banks and provide assistance with audits. No service charges are included for any accounts or banking services. In case of termination, the bank must continue to pay interest on remaining funds and assist with the transition to a new depository. Federal excise taxes or Kentucky sales and use taxes are not applicable.
The closing time for proposal submission is April 23, 2026, at 10:00 AM. The bid notice states closing time of proposals: april 23, 2026 10: 00am.
The bid notice does not explicitly detail payment terms for services rendered by the depository. However, it mentions that interest shall be paid on all deposits maintained by the Anderson County Board of Education, starting on the date of deposit, and compounded daily. The bid notice states interest shall be paid on all deposits maintained by the anderson county board of education, starting on the date of deposit. interest shall be calculated compared to the federal funds daily rate. the rate or the basis points stated below will be paid on the daily balance. interest shall compound daily.
The bid notice states that proposals will be evaluated on multiple factors, with the rate of return being only one factor. Other considerations include branch hours and locations, any existing relationship between the board and the bank, and optional services. The bid notice states proposals will be evaluated on multiple factors. rate of return is only one factor. other considerations include branch hours and locations, any existing relationship between the board and the bank, and optional services.
The board limits acceptable banks to commercial banks or savings and loan institutions that have an office in Anderson County, Kentucky, and can secure all deposit account balances exceeding FDIC insurance with approved collateral. The bid notice states he board hereby limits the banks that are acceptable for submitting a proposal for primary depository to commercial banks or savings and loan institutions that have an office in anderson county, kentucky. the bank must be able to secure all deposit account balances exceeding coverage of fdic insurance with approved collateral as required by the commonwealth of kentucky.
The bid notice mentions penalties for violations of laws relating to gratuities or kickbacks to employees, but does not specify penalties related to the depository agreement itself. The bid notice states krs **** provides severe penalties for violations of the laws relating to gratuities or kickbacks to employees that are designed to secure a public contract for supplies or services.
