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<br />REQU~ FOR CITY COUNCIL AGENDA_ <br /> <br />Agenda Date Requested: July 24. 2000 <br /> <br />Requested By: <br /> <br />Cynthia B. Alexander <br /> <br />Department: Finance <br /> <br />Report X Resolution <br /> <br />Ordinance <br /> <br />Exhibits: Funds Transfer Agreement Resolution <br />Designated Contact Form <br />Funds Transfer Agreement <br />Wire Transfer Authorization <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City of La Porte currently has a contract with Bayshore National Bank as the City's Depository. One of the <br />features that Bayshore National Bank offers is an online banking option known as ClickBank. The City of La <br />Porte currently uses the basic features of ClickBank to obtain daily balances on the City's bank accounts. We <br />would like to expand our online capabilities with the bank so that we may utilize the service to its fullest extent <br />in order to reduce manual transactions. <br /> <br />By expanding the online services, we would be able to more efficiently perform tasks such as wire transfers and <br />ACH transactions, which are transactions that involve various institutions through the Automated Clearing <br />House. Performing the ACH transactions online will allow the City to fully implement the Automatic Bank <br />Drafting of the utility bills. Automated Bank Drafting will allow our citizens to electronically pay their utility <br />bills from any financial institution in the country. <br /> <br />The Funds Transfer Agreement Resolution also designates that the Director of Finance will have the ability to <br />amend designated persons authorized to act on behalf of the City as stated in the resolution by written notice to <br />Bayshore National Bank. <br /> <br />Action Required by Council: <br /> <br />Authorize the Director of Finance to execute a Funds Transfer Agreement and Wire Transfer Authorization <br />Form with Bayshore National Bank. <br /> <br />Availability of Funds: <br /> <br />General Fund <br />Capital Improvement <br />Other <br /> <br />WaterlWastewater <br />General Revenue Sharing <br /> <br />Account Number: <br /> <br />N/A <br /> <br />. Funds Available: YES NO <br /> <br />Approved for Citv Council Ae:enda <br /> <br />G<~ T~ ~ <br /> <br />Robert T. Herrera, <br />City Manager <br /> <br />Date -, - ~ c;)'" eYu <br />