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<br />greater than the CD for the life of the CD,or by letters of credit in the city's <br />name. Proof of collateral shall be supplied to the City before the CD's are paid <br />for. <br /> <br />8. Securities Clearance and Safekeeping: The Depository may act as transfer <br />agent for some or all security transactions undertaken by the city. All security <br />transactions shall be executed delivery versus payment. A safekeeping <br />confirmation for each City security transaction will be issued, and mailed to the <br />City within two (2) business days of settlement. A monthly report listing all City <br />securities held in safekeeping will be mailed to the City within seven (7) <br />business days of the end of the month. <br /> <br />Agree. <br /> <br />9. Lockbox Service: The City is in the process of establishing lockbox service at <br />its current depository. The City would like to also have remote lockbox <br />capabilities whereas city personnel scan in and deposit checks from the City <br />Hall location from the customer service counter. The bank shall provide a <br />scanner to facilitate this process. Provide data regarding the use of lockbox in <br />your proposal and identify the applicable cost on the fee schedule. (Item K on <br />Quotation Form). <br /> <br />10. Electronic Checks: The City is in the process of establishing the capability for <br />customers to pay by electronic checks on line. Please explain if your institution <br />is able to offer this type of service and if so, the cost, process and any other <br />relative information. (Item L on Quotation Form). <br /> <br />11. Required Agreements: Please provide a copy of all required agreements <br />(even if not directly referenced or required in this RFP) which will be required to <br />be executed for services under this contract. Any changes and negotiation <br />required on the agreement will be made and agreed upon before award of <br />the contract. <br /> <br />12. Investment Policy: The bank awarded the contract will be required to review <br />the City's current Investment Policy and certify that the bank has sufficient <br />controls in place to avoid transactions not authorized by the policy. Provide <br />agreement of this condition. (Appendix II). <br /> <br />IV. OPTIONAL SERVICES <br />Armored Car Service: The city is considering requiring armored car service. Please <br />confirm the capability of your bank to provide this service, the options available and the <br />pricing. <br /> <br />Armor car service is available at the cost of $7/day. <br /> <br />V. METHOD OF PAYMENT <br />The City reserves the right to utilize either a fee basis or compensating basis (or a combination <br />of each) for payment of services under the contract. The City reserves the right to change the <br />payment methodology during the contract period upon no less than 30 days written notice to the <br />bank with the change commencing the first of the following month. This will enable the City to <br />take advantage of changing interest rate environments. The bank shall state what balance is <br /> <br />19 <br />