Depository Services Bid Invitation for Smith County Financial Institutions

The contract involves a two-year depository services agreement for Smith County, Mississippi, covering the period from January 1, 2026, through December 31, 2027. The county, through its Board of Supervisors, is seeking bids from FDIC or FSLIC insured financial institutions to serve as custodians for public funds, emphasizing the security and management of these funds in compliance with Mississippi law. Bidders are required to submit their proposals using an official bid form, which must be sealed and delivered by December 15, 2025, to the county’s Chancery Clerk’s Office. The county will evaluate bids based on the best overall terms, considering factors such as security, interest rates, and service quality, with the goal of safeguarding public funds effectively. The contract value is not specified but is estimated to range between 500,000 and 2,000,000 dollars, reflecting the scope of funds to be managed over the contract period. This procurement is governed by state statutes, specifically Mississippi Code Annotated §§ 27-105-305 and 27-105-315, and does not incorporate federal acquisition regulation clauses or procedures. The solicitation emphasizes statutory compliance, security of deposits through collateral, and procedural transparency, with the county reserving the right to reject any or all bids or waive minor irregularities. There are no detailed evaluation criteria, weights, or technical specifications beyond the statutory requirements for secure deposit management. The process is strictly paper-based, requiring the submission of a completed bid proposal form in a sealed envelope, with no attachments, electronic submissions, or additional documentation specified. The county’s focus remains on selecting a qualified financial institution that offers the best terms to ensure the safety and proper management of public funds over the contract duration.