The depository will be selected to receive funds for a three-year period beginning August 1, 2025, through June 30, 2028, with the following required provisions for maintaining City funds. Although specific requirements are detailed in this document, financial institutions are invited to make proposals for a “better way” of providing a particular banking service or for other prospective services not enumerated herein. 1. Provide daily deposit and withdrawal services for any number of accounts the City may need. Currently, the City has the following accounts: a. General Government Operating Account b. A. B. Chance Memorial – Money Market c. Library Debt Service - Money Market 2. Provide deposit slips for accounts per specifications free of charge. 3. Sort checks in numerical order free of charge (currently images shown on electronic banking statement in numeric order). 4. Permit and facilitate wire transfers of state and federal funds coming to the City free of charge. 5. Provide wire transfers to other institutions free of charge.
