REQUEST FOR PROPOSAL FOR FISCAL AGENT TO PROVIDE BANKING SERVICES FOR THE CITY OF KENNER

Transcription

1 REQUEST FOR PROPOSAL FOR FISCAL AGENT TO PROVIDE BANKING SERVICES FOR THE CITY OF KENNER RFP NO PROPOSAL RECEIPT DATE: April 29, 2014 PROPOSAL RECEIPT TIME: 4:00 p.m. CITY OF KENNER DEPARTMENT OF FINANCE 1801 WILLIAMS BOULEVARD BUILDING C, 3 rd FLOOR, SUITE 302 KENNER, LOUISIANA (504)

2 City of Kenner Department of Finance MICHAEL S. YENNI MAYOR DUKE P. MCCONNELL CHIEF FINANCIAL OFFICER OFFICIAL REQUEST FOR PROPOSAL FOR FISCAL AGENT FOR THE CITY OF KENNER I. STATEMENT OF SOLICITATION Proposals for banking services are hereby solicited by the City of Kenner in accordance with LA RS 39:1211 et seq. and all applicable rules and regulations promulgated thereunder. Specific qualifications for banks submitting proposals are included in Attachment A. II. INSTRUCTIONS FOR SUBMISSION OF PROPOSALS A. Inquiries - All inquiries or clarifications desired by the proposer regarding the meaning or interpretation of the solicitation must be ed by 4:00PM on March 11, 2014 to the following: Victor J LaRocca III Assistant Finance Director City of Kenner 1801 Williams Blvd. Kenner, LA vlarocca@kenner.la.us B. Responses to Inquiries Any information given to a prospective proposer concerning a solicitation will be furnished to all prospective proposers. Final response to any inquiries will be ed to all parties on March 18, C. Required Information for Submission - The information required to be submitted with proposals is included in Attachments A and B. The page number containing the required information should be completed on Attachment F and submittals along with Appendix I. D. Delivery of Proposals Two (2) copies of the completed proposals clearly identified as Proposal to Provide Banking Services must be delivered to the City of Kenner Purchasing Department, 1801 Williams Blvd., Building C, 3 rd Floor, Suite 302 by 4:00 P.M. on April 29, Perfection of delivery is the responsibility of the proposers. All proposals will be logged Page 1 of 23

3 in as to the date and time of delivery. No proposal will be accepted after the deadline. E. Evaluation - All proposals for the accounts will be graded and evaluated based upon the following set of criteria: 50% Cost per requested services 30% Experience and technical compatibility of services 10% Earnings rate and interest rate on investment accounts 10% Financial condition The Finance Department will evaluate proposals received. F. Authorization - Proposals and transmittal letters are to be signed by those bank officials or agents duly authorized on behalf of their respective institutions to sign proposals and contracts. Evidence of the authorized bank official or agent must be submitted as required by the proposer s Articles of Incorporation and By-Laws. G. Term - Terms and conditions of the proposals outlined herein shall be valid and binding for a minimum of 90 days from date proposals are due to the Finance department. H. Award of Contract 1. The contract will be awarded to the responsible proposer whose proposal, which conforms to the RFP, is the most advantageous to the City, price and other factors considered. 2. The City reserves the right to reject all proposals and to waive informalities and minor irregularities in proposals received. I. Compliance - State Laws - It is agreed and understood that all contracts and/or orders placed as a result of this proposal shall be governed under state laws. The rights and obligations of the parties hereto shall be determined in accordance with the laws of the State of Louisiana. III. TRANSMITTAL LETTER - Each participating banks shall submit, as an integral part of its proposal, a Letter of Transmittal to include the following: A. Banks Background Summary (Please be brief). 1. Experience in data processing operations 2. Experience in maintenance of large corporate and/or governmental bank accounts with high volume activity Page 2 of 23

4 3. Experience in the following banking services; a. Custodial Securities Accounts b. Account Transaction Disbursement B. Statement of Compliance with all Federal, State, and Local Equal Employment Opportunity policies and regulations. C. Banks time frame for implementation of requested services. D. Disclosure of any lawsuits or judgments against the bank, its holding company, subsidiaries or affiliates, officers or employees that will significantly affect the bank s ability to deliver the services required by this request for proposal. IV. CONTRACT TERMS AND COMPENSATION METHODS A. Contract Terms - a contract will be entered into with a bank authorized to do business in the State of Louisiana, LA R.S. 49:327(A). The term of the contract shall be for an initial period of two (2) years with an annual option (by the City of Kenner) to renew for three (3) consecutive one (1) year periods provided both parties agree to the same terms and conditions. B. Compensation Methods - The bank shall provide the City with a combined monthly account analysis statement. Compensating balances will be maintained to cover any fees due the bank. V. OVERVIEW OF SERVICES TO BE PROVIDED It is anticipated that the City will maintain both checking and money market investment accounts. All checking accounts will require a monthly service charge analysis. The main operating account will be the General Account which will be a Depository ( Sweep ) Account. At the close of each business day the balance from this Sweep Account will be invested at a rate to be determined. In addition, the City requests that proposals include a description of the bank s capacity to provide the following other services and any applicable fees: A. Direct Deposit Payroll (regardless of where employee banks) B. Deposits of coin and currency C. Check printing D. Locking bank bags E. Short-term loans F. Automated bank reconciliation services Page 3 of 23

5 G. Special services to City of Kenner employees. H. Armored car service I. Internet on-line access to account information and transactions Refer to Attachment C and C.1 for description of accounts and anticipated volume. Refer to attachment D for requirements for the depository collection function. Refer to Attachment E for optional additional services that may or may not be selected. VI. SHORT TERM LOANS As part of this proposal, the city requests a commitment to lend the City short term, cash flow loans on an as needed basis, not to exceed $2,000, and for a maximum of up to 180 days. The initial commitment will be for one (1) year and will be renewed annually during the term of the contract. The City, through proper officer, shall be required to execute negotiable certificates of indebtedness, representing the amount or amounts of said loan or loans. Such negotiable certificates of indebtedness shall be general obligations of the City. All monies to be borrowed by the City from said bank, shall, as borrowed, constitute an anticipation of the revenues of the fiscal year during which said loan is made, and shall be borrowed for the purpose of paying the current expenses of such fiscal year during which said loan is made, and all such amounts and the negotiable certificate of indebtedness issued to evidence the amounts thus borrowed in principal and interest, shall be secured by a pledge of the revenues of the year for which the same are borrowed. Bank agrees to comply fully with the provisions of Louisiana Revised Statutes 39:1220. Please specify the rate of interest you would charge on any such loan described above. Page 4 of 23

6 ATTACHMENT A MINIMUM QUALIFICATIONS FOR SUBMITTING PROPOSALS TO THE CITY OF KENNER FOR BANKING SERVICES At the time of submission of the proposal, the submitting bank or agency must certify that it is capable of performing all tasks and activities associated with the requirements of this Request for Proposal (RFP) and attachments. The following minimum criteria must be met by written documentation submitted with the proposal. A respondent that does not meet all of the qualification will be rejected without further consideration. 1. Currently have and maintain, throughout the term of the contract, capital (exclusive of debt), surplus and retained earnings of at least $25,000,000. The capital base shall be reduced by any negative amounts in the equity capital. 2. Currently be and remain, throughout the term of the contract, a designated fiscal agent of the City in accordance with LA R.S. 49: Currently be and remain, throughout the term of the contract, qualified to accept deposits from the City of Kenner in accordance with LA R.S. 49:327(A) which states, State banks organized under the laws of Louisiana, national banks having their principal offices in Louisiana, if selected under this RFP. 4. Currently be and remain, throughout the term of the contract, a member of, or have access to the Federal Reserve System with full wire transfer capabilities in order to send requests for funds to the United States Government, receive funds, transfer funds to other banks as directed by the City, and to also receive and send book entry securities. In conjunction with the receipt and transfer of book entry securities, the bank must verify and remit funds immediately involving securities purchased Page 5 of 23

7 under agreements to resell. This procedure must be reserved for the opening of business on dates of maturity or next business day if maturity is on a legal holiday. 5. Currently have and maintain, throughout the term of the contract, a trust or safekeeping department capable of issuing safekeeping receipts immediately upon receipt of securities that are acceptable to the City. 6. Currently have and maintain, throughout the term of the contract, the ability to pledge collateral in quantity, form, and manner prescribed by LA R.S. 49:321(C). This includes pledges against balances and daily deposits. The ability to provide monthly reports of securities collateralizing deposits is required. The market value of those securities is also required as a part of the monthly report. 7. Each bank must supply certification by the Chairman of the Board of Directors attested by the secretary of the Board of Directors, that the bank is not and does not contemplate, as of the date of submission and the date of the execution of the contract, operation under any consent decree or other type of restrictive contract with any state or federal regulatory agency. Throughout the term of the contract, the selected bank shall not operate under any consent decree or other type of restrictive contract with any state of federal regulatory agency without providing immediate notification to the City. The contract may be immediately terminable upon notification of any such restrictive covenant of a regulatory agency. 8. Currently meet and maintain, throughout the term of the contract, FDIC capital adequacy requirements. 9. Currently operate and maintain a full service branch within the city limits of the City of Kenner. 10. All branches, facilities and offices of the proposer shall maintain Fidelity and Indemnity Insurance coverage throughout the term of the contract. NOTE: ANY PROPOSAL FOR CENTRAL SERVICES UNABLE TO SATISFY THESE MINIMUM REQUIREMENTS (Numbers 1 through 10 above) WILL BE DISQUALIFIED. Page 6 of 23

8 ATTACHMENT B INFORMATION REQUIRED TO BE SUBMITTED WITH PROPOSALS I. Address and functional description of all facilities. 2. The last two years audited annual reports and quarterly consolidated reports of condition. 3. The Holding Company 10K report (for holding companies) for the last two years. 4. The current availability schedule for daylight overdraft policy for the bank s Kenner branch and for all other branches and/or affiliates. 5. Resume of primary person assigned to handle the City account. 6. A copy of the banks account analysis format with explanation of terms and calculations. 7. Banking transition schedule for implementation of requested services, including timelines for milestones, key personnel, progress reports, and definition of critical issues. 8. Transmittal Letter - See page Price Grid - Appendix I. Please note that two (2) copies of the proposal must be submitted. However, only one copy of the items requested in #2, #3, and #5 above shall be required. Page 7 of 23

9 ATTACHMENT C DESCRIPTION OF ACCOUNTS Below is a description of the function of each of the major accounts the City of Kenner intends to establish. 1. General Funds Sweep Account - An interest bearing account to receive all daily deposits. Transfers will be made to fund Payroll Account and other financial needs. 2. Payroll Account - A checking account that would pay on all the City s payroll checks. 3. Various other bank accounts of which are only minimally active and which may contain relatively small dollar balances. Page 8 of 23

10 ATTACHMENT C.1 City of Kenner Bank Accounts - Anticipated Volume The following is a summary of anticipated volume of an aggregate of all demand, noninterest checking accounts. Annual Total Monthly Average Average Book Balance - DDA $5,700,000 Average Collected Funds - DDA $5,500,000 Average Available Balance - DDA $5,000,000 Number of Deposits 3, Items Deposited 25,879 2,157 Number of Debits 10, Stop Payments 60 5 Wire Transfers 19 2 ACH payments received ACH collections through Pre-authorized debits Page 9 of 23

11 ATTACHMENT D REQUIREMENTS FOR THE DEPOSITORY COLLECTION FUNCTION The City s aggregate collected balance is the sum of the collected balances in all of its checking accounts. It is the desire of the City to provide an automatic investment vehicle for such collected balances. The City requires the bank to provide a sweep account facility, whereby the bank will recognize (for investment purposes only) the total collected balance of all accounts as an aggregate deposit total, while still maintaining discrete activity information on each separate account. The total collected deposit balance must then be swept into a special investment account at the end of each business day. 1. ACCOUNT ANALYSIS The City must receive complete documentation relating to its account activity, including volume information, float analysis, average balance information, interest earnings, etc. Such documentation will allow the City to adequately audit service charges, interest earnings, collection compliance, etc. 2. CHECKS PAID The City regularly issues checks for payroll, vendor payments, debt service, etc. The two largest categories, of course, are regular payroll and vendor payments. The checks themselves are generally produced on form check stock, MICRencoded with both the account number and check number. In order that the City may perform its reconciliation process, we require that a CD with all check images be produced each month by the 10 th of the following month for all account statements. All CD s must be labeled to reflect the number in the sequence. Bank must provide access to CD-ROM check image through software provided to the City. 3. ACCOUNT RECONCILIATION The City expects the bank to perform a computer reconciliation of the general account and payroll accounts. In order to facilitate this process, the City requires the bank to furnish them with an automated summary of all checks that have been paid on a CD in a format specified by the City. (Typically, this computergenerated information is a regular by-product of the bank s preparation of monthly statements, so the cost, if any, should be minimal.) Page 10 of 23

12 4. ITEMS DEPOSITED On average, the City will deposit approximately 1,800 each month. Although the volume will be fairly constant, there will be an upward trend during the ad valorem tax season, general November through January. The vast majority of checks deposited are written on banks in the Greater New Orleans area. Most of the deposits will be delivered to either the main bank or to one of its branch locations by armored courier services. Some deposits will require delivery by armored courier services to be supplied by the bank on an asneeded basis. 5. STOP PAYMENTS The City stops payment on approximately 5 checks per month. This is usually done in cases of stolen/lost checks. 6. RETURN CHECKS The City s historical experience indicates that approximately 3 checks per month will be returned as insufficient funds, account closed, etc. The bank will be required to rerun these items once before returning them to the City. 7. WIRE TRANSFERS The City engages in a number of transactions which require the use of wire transfer services, both incoming and outgoing, such as intergovernmental, investment, and debt service transactions. The investment transactions are by far the transactions that wire transfers are used for most often. To enable the City to properly monitor its investment position, it is of primary importance that the City be notified timely of incoming wire transactions. As such, written notice shall be sent to the City within three business days of any wire transfers. If necessary, adjustments will be made for any lost interest or charges resulting from a fail to consummate an investment transaction. The Federal Reserve wire system provides a timely transfer mechanism of cash and book-entry securities for a low cost. The City s fiscal agent shall be on line with the Federal Reserve System as the rates for off-line services are significantly higher, and the on-line services are more efficient. Prior to Page 11 of 23

13 commencing any wire transactions, a wire agreement detailing the responsibilities of both parties must be signed. 8. SAFEKEEPING SERVICES The objective of the City, insofar as safekeeping procedures are concerned, is to maintain their portfolio in the safest classification of credit risk. To achieve this objective the City has established the following safekeeping policies. The City will require its fiscal agent to provide safekeeping services for securities currently on hand, as well as those securities to be purchased in the future from its brokers/dealer. The fiscal agent will be designated the custodial agent and will be contractually required to execute securities transactions on behalf of the City, and hold such securities in safekeeping according to the City s directions. To ensure total protection, the City has established delivery, possession and safekeeping procedures which will be followed in every case. Specifically: a. All ownership of securities shall be evidenced by an acceptable safekeeping receipt issued by the fiscal agent on a third-party financial institution which is acceptable to the City. The City will accept a safekeeping receipt issued by its fiscal agent which clearly indicates that the securities are being held by the City s fiscal agent in the City s name. In addition, the City would like a copy of the Federal wire receipt. Nevertheless, all safekeeping receipts from banks other than the Federal Reserve Bank must clearly denote that in order to release, transfer, or substituted securities authorization of City personnel must be obtained. This requirement also applies to the City s custodial agent. NOTE: In cases in which the City s fiscal agent merely executes the necessary wire transfer services to support the City s investment transactions and is not a principal in the transaction, the bank s role is defined as that of a custodial agent rather than that of a counterparty as described by the Governmental Accounting Standards Board. In addition to the securities which are owned by the City, Louisiana State Statutes provide that all deposits of the City in commercial banks be fully collateralized by acceptable securities, as defined in Section 39:1221 of the Revised Statutes of the State of Louisiana. Also, all banks which accept City deposits are required to execute a Master Collateral Page 12 of 23

14 Agreement. The Federal Reserve Bank (the Fed) has specifically designed a system by which the Fed itself may act as the safekeeping agent of both City and the bank which is pledging the collateral (to secure City deposits). Upon proper transfer by the pledging bank into a joint custody account, the Fed will issue a joint custody receipt to both the pledging bank and the City. Thereafter, the Fed will not release the securities prior to their maturity (for purposes of reassignment or liquidation) without the express consent of both parties. In general, there are four types of transactions which require securities safekeeping. The City anticipates that all four transaction types can be satisfactorily consummated by the receipt of either a safekeeping receipt issued by its fiscal agent (as described above) or a Federal Reserve Joint Custody Receipt. These four transaction types and the related safekeeping requirements are discussed below: (1) Purchases of book entry securities from acceptable securities dealers shall typically be evidenced by safekeeping receipt issued by the City s fiscal agent naming the city as owner of the securities. (2) Purchases of book entry securities under the terms of a qualified repurchase agreement shall be held in the same manner as described in (1) above. However, the safekeeping of such securities with regard to repurchase agreements or sweep accounts with commercial banks shall be held only by a third-party bank other than the selling bank. (3) Purchase of other types of non-book entry securities shall be evidenced by a third-party bank s safekeeping receipt, subject to precise requirements which shall be dictated at the discretion of the City. (Generally, the City only purchases wirable securities.) (4) Securities (both wirable and physical) which are held as collateral on bank deposits in Louisiana banks (whether time or demand deposits) shall be held at the Federal Reserve Bank, and evidenced by Joint Custody Receipts. b. All investment transactions will be implemented on a delivery vs. payment (or payment vs. delivery) basis. In the absence of acceptable delivery, the Page 13 of 23

15 City will refuse to enter the transaction. c. Repurchase agreements will meet the aforementioned delivery criteria, and will be accompanied by an acceptable haircut (i.e., excess of market value of securities over principal amount of investment. The required haircut will be established by the City, and shall be specifically addressed in a written Master Repurchase Agreement, which supports the repurchase transaction. In general, the extent of the haircut requirement will increase in direct proportion to the length of maturity of the securities purchased under the terms of the repurchase agreement. Furthermore, securities purchased under the terms of a repurchase agreement shall generally have maturity dates of 10 years or less, and shall be wirable instruments through the U.S. Federal Reserve System. Any departure from these maturity or wirability standards shall require the specific, written authorization of the Chief Financial Officer. In the absence of authorization to the contrary, the City of Kenner will require a minimum 102 percent ratio of market value of securities purchased (under the terms of the repurchase agreement) to the principal dollar amount of such investments. In addition, the City requires pledging banks to pay for any and all wire transactions which are necessary to support the collateralization process. Furthermore, evidence of the market value of such securities pledge shall be provided periodically in accordance with the legal requirements of Louisiana Revised Statutes (see L.R.S. paragraph 39:1223). Such required evidenced of value shall be required at no charge to the City. d. All wire transactions required to implement the aforementioned purchase and sale transactions shall be supported by written instructions to the City s fiscal agent, unless the timely preparation of such written instructions would hinder the orderly completion of the transaction itself. In such cases, the City will prepare follow-up letters confirming the oral (typically telephonic) instructions, and forward such written instructions to the bank without delay. The bank shall be able to provide safekeeping and investment tracking of city-owned securities. This should include monthly reporting of securities held (and market value) in a format approved by the Chief Financial Officer. 9. AUTOMATIC SWEEP ACCOUNT SERVICES Page 14 of 23

16 The fiscal agent selected by the City will be required to provide a mechanism with which the City can earn interest on all collected funds not currently invested in other investment securities. This procedure can be accomplished via use of a repurchase agreement secured by U.S. Government securities. Regardless of the method selected, the automatic sweep account will operate as follows: a. At the end of each business day the fiscal agent will invest the aggregate collected balances in the City General Fund Account. b. The interest rate paid on this sweep account should be based on either the Federal Funds Market Rate minus (Fed Funds) or the 91-day Treasury Bill rate (not the discount) plus, whichever is greater on a weekly basis, and be easily verifiable. The rate selected weekly should be based on the average weekly Federal Funds Effective Rate for the preceding week or the rate (not the discount) for 91-day treasury bills from the prior week s auction results, depending on the rate base selected. The weekly rate should be adjusted on the first business day of each week. c. Interest is to be credited to the City on a daily basis, in the same manner that interest from any other overnight or over-the-weekend investment is credited. d. To enable the fiscal agent to profitably perform this week account arrangement, the City is willing to maintain a significant average balance. This is under the assumption, however, that the rate offered by the fiscal agent will be equally competitive. e. The fiscal agent should maintain a daily record of sweep account balances, interest rates in effect, and interest earned. This information should be forwarded to the City on a monthly basis. f. All sweep transfers should be handled electronically through the bank s ACH System. 10. ACH COLLECTIONS The City anticipates approximately 50 transactions monthly using the Automated Clearing Ho use to collect regular payments from customer accounts with preauthorized debits. Page 15 of 23

17 ATTACHMENT E The following information is provided to potential bidders for optional additional services to be provided. As these services may not be required their use may or may not be selected. However, if a proposing bank deems it necessary to charge for these services, quotes for such services should be noted as other services charges on the Bid Response Form. 1. DEPOSITS OF COIN AND CURRENCY The City maintains its own coin counting operation. Physical deposits of coins will be stored in bags with the amount located within documented. Paper currency will be handled in similar manner. The City will not roll coins or band currency. 2. CHECK PRINTING The City currently purchases its own check stock and MICR toner. However the bank is free to suggest an alternate source, provided that the check stock suggested meet to City specifications. The bank may agree to compensate the City for the cost of checks and MICR toner. 3. DEPOSIT TICKETS The City requires its bank to provide preprinted deposit tickets. It is anticipated that there will be no charge for this service, however, should there be a charge, it should be noted in the other service charges on the Bid Response Form. 4. ARMORED CAR SERVICE The City does currently utilize armored car services. The City expects to work closely with bank staff to ensure that the pickup schedules coordinate favorably with the bank s cutoff schedules. The proposing bank should provide explanations and fee quotations for armored car service on the Bid Response Form under other services. It is anticipated that one location (1801 Williams Blvd., City Hall, Kenner, LA 70062) would require daily armored car services. 5. POSITIVE PAY SERVICES The City does not currently use this service. The proposing bank should state if any notifications, or other actions, or special fees, relative to checks issued or presented would be required by the City should the City not participate in this service. Page 16 of 23

18 For positive pay services, the proposing bank should provide an explanation of the expected timing before check issuance and expected frequency of required submissions of the file of issued checks by the City, a listing of which components of the issued check file will be compared with presented checks, the procedure for notifying the City of exceptions, the time allowed for the City to submit irregular or manual notification of supplemental or special checks issued, and the time allowed for the City to provide instructions for the payment or dishonor of exception items. The proposing bank should provide the amount of any applicable monthly fees and a detailed explanation of transactional fees and any special charges for irregular or manual notifications for supplemental or special checks issued. 6. INTERNET ACH COLLECTIONS The City does not currently provide for customer initiated electronic ACH payments through the City s website. The proposing bank should provide the amount of any applicable monthly fees and a detailed explanation of transactional fees and any special charges for using the Automated Clearing House to collect payments from customer (DDA) accounts with customer initiated debits through the City s website. Page 17 of 23

19 ATTACHMENT F INDEXING FORMS ATTACHMENT A: MINIMUM QUALIFICATION FOR SUBMITTING PROPOSALS PAGE # OF RESPONSE ATTACHMENT B: INFORMATION REQUIRED TO BE SUBMITTED WITH PROPOSALS PAGE # OF RESPONSE Page 18 of 23

20 CITY OF KENNER REQUEST FOR PROPOSAL BANKING SERVICES APPENDIX I (Page 1 of 3) FISCAL AGENT BID RESPONSE FORM The Request for Proposal (RFP) is intended to serve as the proposal form for the fiscal agent agreement. There are several blanks to fill in and questions to be answered. Any alterations, changes, or deletion to the RFP may be reason for the City to disregard and reject the proposal. All points outlined and materials requested will be incorporated into the bidder s reply to be considered for evaluation. An exception list (Appendix II) is also provided. This form should be used to list all required services that cannot be provided by the bank (items 1 through Attachment D) and any alternative services the bank can offer which may address the City s needs. Proposal Submitted By: Address: Name of Submitting Officer: Title of Submitting Officer: Telephone Number: Page 19 of 23

21 APPENDIX I (Page 2 of 3) CITY OF KENNER REQUEST FOR PROPOSAL - BANKING SERVICES PRICE GRID MONTHLY MAINTENANCE CHARGE ACCOUNT ANALYSIS CREDIT TRANSACTIONS ACCOUNT RECONCILIATION ACH DEBIT/CREDIT ITEM DEPOSITED NSF/OD STOP PAYMENT DEPOSITED ITEMS RETURNED UNPAID/RECLEANED WIRE TRANSFERS COIN & CURRENCY DEPOSITED COIN PER ROLL CURRENCY PER STRAP DUPLICATE STATEMENT RESEARCH/PHOTOCOPY OF CHECK SAFEKEEPING SERVICES SHORT-TERM LOANS Interest Rate INTEREST BEARING ACCOUNTS - INTEREST RATE Sweep Account (Must be based on 91 day T-Bill Auction Rate) All other accounts TAMPER RESISTANT BAGS DEPOSIT TICKETS POSITIVE PAY MAINTENANCE FEE Page 20 of 23

22 APPENDIX I (Page 3 of 3) CITY OF KENNER REQUEST FOR PROPOSAL - BANKING SERVICES POSITIVE PAY ISSUE FILE TRANSMISSION POSITIVE PAY PRESENTED CHECKS POSITIVE PAY EXCEPTION ITEMS POSITIVE PAY SUPPLEMENTAL ISSUE ITEMS POSITIVE PAY FEES FOR NON PARTICIPATION Page 21 of 23

23 CITY OF KENNER REQUEST FOR PROPOSAL BANKING SERVICES APPENDIXII EXCEPTION LIST Services that cannot be provided: Alternate Services: Page 22 of 23

24 L:\Request For Proposals\Req for Pro Fis Agent 2014\RFP Fiscal Agent (2014) (2).docx Page 23 of 23