HomeMy WebLinkAboutFIRST NATIONAL BANK - CONTRACT - RFP - P772 BANKING SERVICESSERVICES AGREEMENT
THIS AGREEMENT made and entered into the day and year set forth below by and between
THE CITY OF FORT COLLINS, COLORADO, a Municipal Corporation, hereinafter referred to
as the "City" and First National Bank, hereinafter referred to as "Service Provider" or "Bank".
WITNESSETH:
In consideration of the mutual covenants and obligations herein expressed, it is agreed by and
between the parties hereto as follows:
1. Scope of Services. The Service Provider agrees to provide services in
accordance with the scope of services attached hereto as Exhibit "A", consisting of six (6)
pages, and incorporated herein by this reference.
2. Contract Period, This Agreement shall commence January 1, 2001, and shall
continue in full force and effect until December 31, 2001, unless sooner terminated as herein
provided. In addition, at the option of the City, the Agreement may be extended for additional
one year periods not to exceed four (4) additional one year periods. Written notice of renewal
shall be provided to the Service Provider and mailed no later than ninety (90) days prior to
contract end.
3. Delay. If either party is prevented in whole or in part from performing its
obligations by unforeseeable causes beyond its reasonable control and without its fault or
negligence, then the party so prevented shall be excused from whatever performance is
prevented by such cause. To the extent that the performance is actually prevented, the Service
Provider must provide written notice to the City of such condition within fifteen (15) days from
the onset of such condition.
4. Early Termination by CiWNotice. Notwithstanding the time periods contained
herein, the City may terminate this Agreement at any time without cause by providing written
notice of termination to the Service Provider. Such notice shall be delivered at least ninety (90)
days prior to the termination date contained in said notice unless otherwise agreed in writing by
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281 Account statements, reports, and account analysis
The bank provides:
Positive pay services — Daily
Full account reconciliation — Monthly
Detailed account statements (hardcopy reports and data files) — Monthly
Detailed account analysis — Monthly
CD-ROM containing images of cleared checks- Weekly
Credit card merchant statement — Monthly
Faxed copies of ACH returns — as needed
The bank calculates all costs for services that are off -set by an earnings credit from
compensating accounting balances. The bank calculates the earnings credit based
on the 3 month average of the 91 day Treasury Bill of the City's average monthly
collected balance. The account analysis statement depicts costs that are directly
related to the number of transactions (for example, lock box processing, credit card
processing, etc. )
281 Account Activity and Services
Bank will inform the City of enhancements to the banking services which may
become available.
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ATTACHMENT A
City of Fort Collins
Armored Car Courier Service Stops
Subject to Change
Facility
Service Frequency
Pigis-up Time
City Finance Department
3 times a week
2:00 — 2:30
300 Laporte Avenue
MWF
Customer Information Services
10 times a week
8:30 — 9:00
330 S. College Avenue
M-F
2:30 — 3:00
Municipal Court Office
5 times a week
9:30 — 10:00
College Avenue
M-F
Parks & Recreation Office
5 times a week
8:00 — 9:00
214 N. Howes
M-F
Library
5 times a week
8:15 — 8:30
201 Peterson Street
M-F
Museum
1 time a week
1:30 — 2:00
200 Mathews Street
Tuesday
Mulberry Pool
5 times a week
11:30 —12:00
424 W. Mulberry
M-F
EPIC
5 times a week
12:00 —1:00
1801 Riverside Avenue
M-F
Lincoln Center
5 times a week
11:30 —12:00
417 W. Magnolia
M-F
Senior Center
5 times a week
12:30 —12:45
Shields
M-F
Cemetery
1 time a week
10:00 —11:00
1900 W. Mountain Avenue
Friday
Parks Department
1 time a week
10:00 —11:00
Tuesday
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5
Collindale Golf
7 times a week
11:00 —1:00
1441 E. Horsetooth Road
Sun — Sat (seasonal)
City Park Nine Golf
7 times a week
8:00 —11:00
411 S. Bryan Street
Sun — Sat (seasonal)
Southridge Golf
7 times a week
9:00 —10:00
5750 S. Lemay Street
Sun — Sat (seasonal)
TransFort
1 time a week
11:30 — 12:30
6570 Portner Road
Thursday
Parking Office
5 times a week
8:30 — 8:45
210 Olive
M-F
Parking Garage
5 times a week
8:45 — 9:00
102 Remington Street
M-F
Smart Trips
1 time a week
1:00 — 3:00
235 Mathews
Tuesday
Building Inspection
5 times a week
11:30 —12:00
281 N. College
M-F
Engineering
5 times a week
11:30 —12:00
281 N. College
M-F
Various Drop Boxes
5 times a week
Located in the City
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EXHIBIT B
INSURANCE REQUIREMENTS
1. The Service Provider will provide, from insurance companies acceptable to the City, the
insurance coverage designated hereinafter and pay all costs. Before commencing work under this bid,
the Service Provider shall furnish the City with certificates of insurance showing the type, amount, class
of operations covered, effective dates and date of expiration of policies, and containing substantially the
following statement".
"The insurance evidenced by this Certificate will not be cancelled or materially altered, except
after ten (10) days written notice has been received by the City of Fort Collins."
In case of the breach of any provision of the Insurance Requirements, the City, at its option, may take
out and maintain, at the expense of the Service Provider, such insurance as the City may deem proper
and may deduct the cost of such insurance from any monies which may be due or become due the
Service Provider under this Agreement. The City, its officers, agents and employees shall be named as
additional insureds on the Service Provider's general liability and automobile liability insurance policies
for any claims arising out of work performed under this Agreement.
2. Insurance coverages shall be as follows:
A. Workers' Compensation & Employer's Liability. The Service Provider shall maintain during the
life of this Agreement for all of the Service Provider's employees engaged in work performed under this
agreement:
Workers' Compensation insurance with statutory limits as required by Colorado law.
2. Employer's Liability insurance with limits of $100,000 per accident, $500,000 disease
aggregate, and $100,000 disease each employee.
B. Commercial General & Vehicle Liability. The Service Provider shall maintain during the life of
this Agreement such commercial general liability and automobile liability insurance as will provide
coverage for damage claims of personal injury, including accidental death, as well as for claims for
property damage, which may arise directly or indirectly from the performance of work under this
Agreement. Coverage for property damage shall be on a "broad form" basis. The amount of insurance
for each coverage, Commercial General and Vehicle, shall not be less than $500,000 combined single
limits for bodily injury and property damage.
In the event any work is performed by a subcontractor, the Service Provider shall be responsible for
any liability directly or indirectly arising out of the work performed under this Agreement by a
subcontractor, which liability is not covered by the subcontractor's insurance.
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EXHIBIT C
PRICING SCHEDULE
Annual Number of Items
Cost per item or
Annual Cost of
Type of Service
Or Dollar Processed
Monthly Charges
Service
A. Depository Services
Demand Accounts & Activity
Interest -bearing demand accounts
7
N/C
N/C
Non -interest bearing demand accts
2
N/C
N/C
Balance transfers
1,500
N/C
N/C
Deposits by check (incl. lockbox)
700,000
$.06
$42,000.00
Payment of vendor checks
45,000
N/C
N/C
Payment of insurance checks
4,000
N/C
N/C
Payment of payroll checks
25,000
N/C
N/C
Check sorting
75,000
N/C
N/C
Stop payments
400
N/C
N/C
Returned checks
400
N/C
N/C
Bankine Suoolies
N/C
N/C
Visa/MasterCardslips
2,000
N/C
N/C
Demand account deposit slips
4,000
N/C
N/C
Currency exchange
120
N/C
N/C
Cashier's checks
1,000
N/C
N/C
Traveler's checks
$50,000
N/C
N/C
Safe deposit boxes (3)
3
N/C
N/C
Coin wrappers
3,000
N/C
N/C
Petty cash requests
60
N/C
N/C
Locking money bags
90
N/C
N/C
B. Automated Clearing House
Incoming
500
N/C
N/C
Outgoing (excl. payroll -see below)
120
N/C
N/C
C. Wire Transfer Services
Incoming domestic
200
N/C
N/C
Outgoing domestic
500
N/C
N/C
Incoming international
20
N/C
N/C
OutRoiniz international
20
N/C
N/C
D. Electronic Data Interchange
N/C
N/C
E. Lock Box Service
Utility payments
500,000
Sale & Use tax payments
40,00 l
$.14
$75,600.00
Automated update of payments
540,000
F. Direct Deposit
Payroll (ACH)
40,000
N/C
N/C
Remittance of FICA & federal tax
120
N/C
N/C
G. Controlled Disbursement,
Account Reconciliation and
Positive Pay
Account reconciliation
108
N/C
N/C
Positive Pa
75'000
N/C
N/C
PRICING SCHEDULE (cont.)
Annual Number of Items
Cost per item or
Annual Cost of
Type of Service
Or Dollar Processed
Monthly Charges
Service
H. Information Reporting
Account statements (hardcopy rpt)
108
N/C
N/C
Account statements (file)
108
N/C
N/C
Cleared checks images (CD-ROM)
26
N/C
N/C
Credit card merchant statements
12
N/C
N/C
ACH returns (faxed copy)
50
N/C
N/C
Account analysis
12
N/C
N/C
I. Banking Treasury
Workstation
2
N/C
N/C
7. Armored Car Courier
Number of City locations
22
Number of pickups
4,000
$7,618/mon.
$91,416.00
K. Credit Card Services
Annual fee for cards issued to City
50
EDC receipts (number / $ amount)
65,000 / $3,500,000
% discount fee on sales of
$1,000,000
Paper receipts (number / $ amount)
1,200 / $65,000
$30,572.00
% discount fee on sales of
$60,000
Equipment costs (EDC/site)
per site
Equipment costs manual/siteper
site
L. Bank Representatives to Work
with City
2
N/C
I N/C
TOTAL ANNUAL COST OF SERVICE for 2001
TOTAL ANNUAL COST OF SERVICE for 2002
TOTAL ANNUAL COST OF SERVICE for 2003
TOTAL ANNUAL COST OF SERVICE for 2004
TOTAL ANNUAL COST OF SERVICE for 2005
TOTAL COST FOR FIVE YEARS
$239,588.00
$246.776.00
$254,179.00
$261,804.00
$269,658.00
$1,272,005.00
2
Rate 1
Rate 2
Rate 3
Rate 4
Interchange Discount
1.3579%
1.7779%
1.9979%
2.4779%
Interchange Fee
$0.0715
$0.0715
$0.0715
$0.0715
Assessments
0.0879%
0.0879%
0.0879%
0.0879%
Processing
$0.1400
$0.1400
$0.1400
$0.1400
Authorization
$0.0800
$0.0800
$0.0800
$0.0800
FNB Ft Collins Discount
0.2000%
0.2000%
0.2000%
0.2000%
Effective Rate 1.68% & $0.20 2.10% & $020 2.32% & $0.20 2.80% & $0.20
Rate 1 Card Swiped
Magnetic stripe read settled within 2 days
Rate 2 Card Not Swiped
Visa credit settled within 2 days
Rate 3 Card Not Swiped
Master Card settled within 2 days
Rate 4 Standard
Settled within 30 days
We would propose these rates for a period of three years with an option to renegotiate for an
additional two year period. The rate commitment does not include any unforeseen changes
assessed by Visa or MasterCard. The City reserves the right to terminate these
services if such rates are not acceptable to the City.
3
EXHIBIT D
ATTACHMENT FOR POSITIVE PAY SERVICES
In this Attachment "we", "us" and `bur" refer to First National Bank and "you" and "your' refer to the
customer. Capitalized terms not otherwise defined herein shall have meanings set forth in the Colorado
Uniform Commercial Code.
Services. We agree to provide our standard Positive Pay Services to you. These services will allow
us to compare items received for payment on the above account ("Items") against the item issue
listings that you provide to us (your "Issue List"). Any Items received by us and not matched against
our Issue List will be considered "Exceptions." We will transmit a daily report of Exceptions to you,
which report will list the serial number of each Exception and the amount for which it has been
encoded. Copies of Exceptions will also be made available to you from time to time on request. In
the absence of circumstances beyond our control, daily Exception reports will be provided no later
than 10:00 a.m. on the day our Midnight Deadline occurs with respect to the Items
2. Your Responsibility. You are responsible for the adequacy and accuracy of your Issue List and for
providing the most current available version of the same to us before our receipt of the Items listed
thereon. If you believe that any Exception should not be paid, you must notify us prior to 3:00 p.m. on
the day we provided the report of the Exception to you. Notification may be made by fax or other
means acceptable to us, and must identify the relevant Item and the reason for refusal to pay. (You
understand that we may return such Items stamped "Stop Payment" unless we chose to use the
reason for refusal to pay that you supply). All other listed Exceptions and all items matching your
Issue List will be considered properly payable and charged to your account and shall be deemed
authorized by you and in accordance with this Attachment. The foregoing notification deadline also
establishes the standard by which you will be considered to have exercised reasonable promptness
with regard to the daily report, which will be considered a statement of account under the UCC.
3. Irregularities in Items. We must follow your instructions with regard to paying Items in accordance
with Sections 1 and 2. So long as we do so, you agree that we will not be otherwise responsible for
the authenticity or alteration of Items or for the presence of validity of signatures, dates, or amounts
thereon. If any Item is subsequently determined to have been irregular, we will take any action
reasonably requested by you to enforce against prior parties whatever rights you or we may have
against such prior parties. You will be responsible for all liabilities, costs and expenses (including
reasonable attorneys' fees) incurred as a result of following your request or otherwise processing
Items in compliance with this Agreement, except to the extent our rights are being enforced by the
actions taken.
4. Third Parties. Nothing in this Attachment shall: (i) create any liability on your or our part as to any
other person for failure to pay an Item; or (ii) impair or eliminate any claim or defense by you or us as
against any third party.
IN WITNESS WHEREOF, the undersigned have executed this Attachment as of
FIRST NATIONAL BANK
Cash Management
205 West Oak
Fort Collins, CO 80 21
Tel (970)482
By
i eCk.7i --f , ,, r�e / K-sr tln�
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CUSTOMER:
City of Fort Collins
PO Box 580, 300 LaPorte
Fort Collins, CO 80522
By
Ja es . O'Neill II, CPPO
Die r of Purchasing and Risk Management
EXHIBIT E
ATTACHMENT FOR TREASURY LINK SERVICES
In this Attachment, "we" and "us" refer to First National Bank and "you" refers to the customer.
1. We agree to provide the services indicated below. Services are provided subject to the
provisions of the General Agreement.
2. If using terminal services, you understand that you are responsible for obtaining the necessary
terminal, modem and communications link to our system and for the expense of maintaining the same.
We will provide any necessary PC software. You agree not to copy or distribute that software, to use it
only to receive the above services from us, and to return it to us on termination of this Attachment.
3. We will issue Company and User IDs to you that may be necessary to use the services. you
are responsible for maintaining adequate security and control over your IDs. You should request your IDs
to be changed whenever any person with access thereto transfers to a new assignment, leaves your
employ or is otherwise no longer unauthorized to use the services on your behalf or if you otherwise
believe that security of your IDs has been compromised. We are authorized to provide the services and
to release your account information to any person who has entered the proper ID.
4. If using terminal services and you have selected wire transfer initiation services, you must
have a Wire Transfer Agreement in force with us. Use of your IDs, as contemplated above will constitute
the agreed security procedure for wire transfers, and your Wire Transfer Agreement with us will be
considered amended accordingly.
Account Name:
Account Name:
Account Name:
Account Number:
Account Number:
Account Number:
Access Authorization
N�a BR Wire Mail
BR = Balance Reporting
Wire = Wire Transfer
Mail = Electronic Mail
5. City Representative will be authorized to provide ongoing updates to the information set out in
oh 4 during the term of the Agreement
Date: % t CD6
B. O'Neill II, cNNv
of Purchasing and Risk Management
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the parties. All notices provided under this Agreement shall be effective when mailed, postage
prepaid and sent to the following addresses:
Service Provider:
First National Bank
P.O. Box 578
Fort Collins, CO 80522
With Copy to:
Alan Krcmarik
Finance Director
City of Fort Collins
P. O. Box 580
Fort Collins, CO 80522
City:
City of Fort Collins
City Clerk
P. O. Box 580
Fort Collins, CO 80522
With Copy to:
James B. O'Neill II, CPPO
Director of Purchasing & Risk Management
City of Fort Collins
P. O. Box 580
Fort Collins, CO 80522
In the event of early termination by the City, the Service Provider shall be paid for services
rendered to the date of termination, subject only to the satisfactory performance of the Service
Provider's obligations under this Agreement. Such payment shall be the Service Provider's sole
right and remedy for such termination.
5. Contract Sum. The City shall pay the Service provider per unit prices from the
cost breakdown attached Exhibit "C", consisting of three (3) pages, and incorporated herein by
this reference.
6. Cry Representative,Hepresentative, The Financial Officer of the City is designated as its
representative who shall make, within the scope of his or her authority, all necessary and proper
decisions with reference to the services provided under this agreement. All requests concerning
this agreement shall be directed to the City Representative.
7. Independent Servio Provider. The services to be performed by Service Provider
are those of an independent service provider and not of an employee of the City of Fort Collins.
The City shall not be responsible for withholding any portion of Service Provider's compensation
hereunder for the payment of FICA, Workmen's Compensation or other taxes or benefits or for
any other purpose.
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8. Personal Services. It is understood that the City enters into the Agreement
based on the special abilities of the Service Provider and that this Agreement shall be
considered as an agreement for personal services. Accordingly, the Service Provider shall
neither assign any responsibilities nor delegate any duties arising under the Agreement without
the prior written consent of the City.
9. Acceptance Not Waiver. The City's approval or acceptance of, or payment for
any of the services shall not be construed to operate as a waiver of any rights or benefits
provided to the City under this Agreement or cause of action arising out of performance of this
Agreement.
10. Warranty.
(a) Service Provider warrants that all work performed hereunder shall be
performed with the highest degree of competence and care in accordance
with accepted standards for work of a similar nature.
(b) Unless otherwise provided in the Agreement, all materials and equipment
incorporated into any work shall be new and, where not specified, of the
most suitable grade of their respective kinds for their intended use, and all
workmanship shall be acceptable to City.
(c) Service Provider warrants all equipment, materials, labor and other work,
provided under this Agreement, except City -furnished materials,
equipment and labor, against defects and nonconformances in design,
materials and workmanship/workwomanship for a period beginning with
the start of the work and ending twelve (12) months from and after final
acceptance under the Agreement, regardless whether the same were
furnished or performed by Service Provider or by any of its subcontractors
of any tier. Upon receipt of written notice from City of any such defect or
nonconformances, the affected item or part thereof shall be redesigned,
repaired or replaced by Service Provider in a manner and at a time
acceptable to City.
11. Default. Each and every term and condition hereof shall be deemed to be a
material element of this Agreement. In the event either party should fail or refuse to perform
according to the terms of this agreement, such party may be declared in default thereof.
12. Remedies. In the event a party has been declared in default, such defaulting
party shall be allowed a period of ten (10) days within which to cure said default. In the event
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3
the default remains uncorrected, the party declaring default may elect to (a) terminate the
Agreement and seek damages; (b) treat the Agreement as continuing and require specific
performance; or (c) avail himself of any other remedy at law or equity. If the non -defaulting party
commences legal or equitable actions against the defaulting party, the defaulting party shall be
liable to the non -defaulting party for the non -defaulting party's reasonable attorney fees and
costs incurred because of the default.
13. Binding Effect. This writing, together with the exhibits hereto, constitutes the
entire agreement between the parties and shall be binding upon said parties, their officers,
employees, agents and assigns and shall inure to the benefit of the respective survivors, heirs,
personal representatives, successors and assigns of said parties.
14 Indemnity/Insurance
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a. The Service Provider agrees to indemnify and save harmless the City, its
officers, agents and employees against and from any and all actions, suits,
claims, demands or liability of any character whatsoever brought or asserted for
injuries to or death of any person or persons, or damages to property arising out
of, result from or occurring in connection with the performance of any service
hereunder.
b. The Service Provider shall take all necessary precautions in performing the
work hereunder to prevent injury to persons and property.
c. Without limiting any of the Service Provider's obligations hereunder, the
Service Provider shall provide and maintain insurance coverage naming the City
as an additional insured under this Agreement of the type and with the limits
specified within Exhibit B, consisting of one (1) page, attached hereto and
incorporated herein by this reference. The Service Provider before commencing
services hereunder, shall deliver to the City's Director of Purchasing and Risk
Management, 256 West Mountain Avenue, Fort Collins, Colorado 80521 one
4
copy of a certificate evidencing the insurance coverage required from an
insurance company acceptable to the City.
15. Entire Agreement and Precedence of Documents This Agreement, along with all
Exhibits and other documents incorporated herein, shall constitute the entire Agreement of the
parties. Covenants or representations not contained in this Agreement shall not be binding on
the parties.
For the resolution and interpretation of any inconsistencies in this Agreement and/or the
documents attached hereto and included herein by this reference, the precedence of these
documents shall be given in the following order:
a. This Agreement, including the Exhibit(s), Addendum(s) and Amendment(s
hereto;
b. The City's Proposal No. P-772;
C. First National Bank's Proposal dated September 19, 2000.
16. Law/Severability. The laws of the State of Colorado shall govern the construction
interpretation, execution and enforcement of this Agreement. In the event any provision of this
Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such
holding shall not invalidate or render unenforceable any other provision of this Agreement.
17. Special Provisions Special provisions or conditions relating to the services to
be performed pursuant to this Agreement are set forth in Exhibit D , "Attachment for Positive
Pay Services", Exhibit E "Attachment for Treasury Link Services", consisting of five (5) pages,
attached hereto and incorporated herein by this reference.
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CITY OF FORT COLLINS, COLORADO
a municipal corporation
M
Manager
O a lJ
ies B. O'Neill II, CPPO
Purchasing and Risk Management
Date:
ATTE
City Clerk
ROVED S�
Assistant City Attorne
O��e� NA110/Vl���%i
ell 0,
VICE PRESIDENT, SR. OPERATIONS OFFICER
A
CORPORATESECRETARY
SA 10/97
Date: / /a - c I
(Corporate Sea[)
EXHIBIT A
SCOPE OF WORK
Bank must meet the following Minimum Requirement
The City's minimum requirements for the bank to provide services include:
A Green VERIBANC, Inc. rating
Total assets of at least $2 Billion
Approval as an Eligible Public Fund Depository by the Colorado State Banking
Board
Capital ratios indicating the bank is at least adequately capitalized
These services to be provided to meet the City's banking services needs and shall
include:
Depository Services
Automated Clearing House (ACH)
Wire Transfer Services
Electronic Data Interchange (EDI)
Lock Box Service
Direct Deposit Payroll
Controlled Disbursements, Full Account Reconciliation, and Positive Pay
Information Reporting
Banking -Treasury Workstations — Treasury Link
Armored Car Courier
Credit Card Services
a • • _ • - • x • 0 - • T • : • • ,.: ,l
The banking services includes the following accounts and services (detailed descriptions
provided below) and further described in First National Bank's Proposal Response
pages 5-10:
281 Item processing (credits and debits: including cash/ check clearing,
Automated Clearing House deposits — ACHs and Electronic Funds
Transfers — EFTs).
281 Receipt/disbursement accounts and safety deposit boxes.
281 Out -going and incoming wire services.
281 Lock -box processing for utility payments and sales and use tax payments.
5 Daily armored car courier service.
281 Visa/ Mastercard receipt processing.
281 Daily account sweep and transfers via telephone.
281 Account statements, reports and account analysis.
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Accounts and Services:
281 Item processing:
281 Receipts
Deposits are collected from several City locations and taken to the bank where
they are credited to the City's checking account. The bank also credits payments
received from customer utility bills and sales tax receipts through a lock -box
arrangement with the City. The bank collects payments on behalf of the City in
the form of cash, check, credit card, account transfer, wire transfer, EFT and
ACH.
281 Disbursements
The City processes its general payroll every two weeks and its pension payroll
monthly. City employees have the option of receiving their payroll in the form of
a physical paycheck or a direct deposit. For direct deposit, the City provides the
bank with a file containing all account information, and the bank handles the
transfer.
The City processes its accounts payable checks regularly on Monday and Thursday of
each week.
281 Accounts and Safety Deposit Boxes
281 Money market interest account
Primary depository account for utility payment receipts, sales tax receipts and
customer deposits/payments. This account is swept to a zero balance each
morning into a local government investment pool.
281 Payroll account
Disbursement account used for bi-weekly and monthly payroll.
281 Accounts payable account
Disbursement account used for all accounts payable checks, EFT, wires and
ACH withdrawals.
d. Additional special accounts
281 Self insurance account (payment of claims)
2. HOME program account (receipt of federal grant draws)
3. Credit card clearing account (receipt of credit card payments)
4. CDBG account (receipt of program income, grant draws, etc.)
5. Check clearing fund (receipts with insufficient funds, closed accounts, are
debited from this account)
6. Utility Funds' mini -checking account (low balance, low transaction account
used by the City's utility funds for misc. payments)
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281 Safety deposit boxes
Three large (3" by 6" by 12") boxes are required for use by the City.
281 Wire services
The City uses the fed wire system as a primary form of payment distribution.
Both incoming and outgoing wires are handled by the City's primary banking
relationship.
281 Lock Box Processing
Under the banking services contract, the bank provides lock box services to the
City. Receipts include utility payments, sales and use tax payments, and other
payments due to the City. The Financial Officer for the City of Fort Collins provides
direction to the bank regarding the City's requirements. The City utilizes a Fort
Collins mailing address for all payments. The bank is required to develop programs
to extract the necessary information from payments and create files for electronic
transmission to the City on a prescribed schedule. If lock box services are to be
provided by a subcontractor, the bank must provide detailed information about
the arrangement. The Financial Officer must approve all mail collection and routing
agreements with the U. S. Postal Service or other payment delivery services.
281 Utility Armored car courier service
The City's current banking services includes an armored car courier service that
picks up deposits and receipts on a daily basis. See Attachment A for current
schedule. The deposits are taken directly to the bank and credited to the City's
account. A duplicate copy of the deposit ticket is taken to the City's cashiering
department.
281 Visa/Mastercard receipt processing
Currently, all Visa and Mastercard receipts collected by the City are forwarded to
the bank for processing. The bank handles all customer questions and
complaints. When a City location requests the ability to accept Visa or
Mastercard the bank provides the hardware (at an agreed upon price) and
completes the set up for the location.
281 Daily account sweep and transfers
Prior to 8:00 a.m. each morning bank account manager telephones the City and
provides account balances for four primary accounts. The City directs the transfers
from its receipt account to cover outflows from its disbursement accounts. Each
morning prior to 11:30 a.m. the bank will notify the City of all in clearing. The receipt
account is swept to a zero balance each morning using a local government
investment pool.
SA 10/97