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<br />4. Employee paychecks are issued through the Payroll Account, which is <br />maintained at a zero balance. The City has a bi-weekly payroll with an <br />average of 400 employees representing a net average monthly payroll of <br />$960,000. The majority of the employees are on direct deposit. <br /> <br />5. Funds in interest bearing accounts shall earn interest at the rate paid on <br />interest bearing accounts. Please provide an explanation of the institution's <br />policy and methodology used in setting rates paid on interest bearing accounts. <br />Indicate if they are based on a market rate such as the T-bill discount or yield <br />rate, or the federal funds rate, etc. and when the rates are changed. Also <br />please provide a historical schedule of rates paid on this type of interest <br />bearing account. Funds deposited into a non interest bearing account will be <br />used to offset fiscal services charges. <br /> <br />Our rate committee meets twice a monthly and we consider the economy, <br />competition and the 91 day T -Bill rates when setting rates. <br /> <br />A. GENERAL OPERATING ACCOUNT <br />1. Use of Account: The City of La Porte requires a General Operating Account <br />into which all City receipts will be deposited and all transfers and checks will be <br />paid. A transfer is made bi-weekly into the payroll account to cover the net <br />payroll. The daily operating balance will vary. Currently this account averages <br />$2,000,000 daily. <br /> <br />2. Deposits: The City will make deposits to the General Operating Account at <br />various times during the business day and will require the Bank to give same <br />day credit on collectable funds the Bank receives before 2:00 p.m. It is the <br />City's Policy to encode checks prior to Deposit. <br /> <br />Agree. You can extend that time frame when using our Anytime Deposit <br />product (scanner) up to 9:00 PM. <br /> <br />3. Monthly Statement: The City requires that monthly statements provide <br />beginning and ending balances as well as all transactions that occurred during <br />the reporting period. The City would prefer that these statements be available in <br />electronic format. <br /> <br />The City will receive a monthly statement that provides begInning and <br />ending balances. The transactions that occur within the month will be <br />included, The statements are available online through Amegy's balance <br />reporting system, AmegyConnect. AmegyConnect provides 18 month of <br />history for statements. The statements are available as a PDF. <br /> <br />4. Optical Imaging: The City will consider using CD-ROM for the imaging and <br />retention of cleared checks, containing front and back side check images. <br />Please describe any software or hardware requirements, any options or pricing. <br /> <br />Amegy Bank offers a number of Optical Imaging solutions. Hardware <br />requirement would be to have a computer that reads CD ROMS, Pricing is <br />reflected on our Proforma that is included in Section I - A. <br /> <br />15 <br />