Specifications include, but are not limited to: The Authority’s current account structure is comprised of one central depository account, three zero-balance (ZBA) accounts and seven interest-bearing escrow accounts. Central depository - Accumulation of cash in this account is used for making transfers to the Authority’s ZBA accounts and authorized investments. Non-interest-bearing accounts - The Authority currently uses three (3) zero balance (ZBA) accounts – 1) accounts payable, 2) payroll, and 3) a merchant account accepting ACH and wire payments from vendors, with the central depository account serving as the parent. Checks and electronic payments are issued only for the accounts payable and payroll accounts. To cover any accounts payable and payroll checks presented to the bank for payment, cash is automatically transferred daily from the central depository account. When the Authority downloads a daily balance and activity statement for the central depository account, funds transferred to any ZBA are already deducted. Stand-alone interest-bearing accounts - The various stand-alone accounts are used for both maximizing shortterm interest income and for investment purposes. No checks are issued from these accounts. 1) Does the Proposer offer ZBAs or automatic sweep accounts? 2) Are the transfers to the parent account automatic? 3) Describe any other services the Proposer can offer that will assist in this structure (i.e., controlled disbursement, automatic sweeping of excess funds into an interest-bearing investment, etc.) 4) Describe the overnight sweep account offered by the Proposer including overnight investment options available to maximize the Authority’s potential earnings. 5) What sweep investments or funds are available for public fund clients? 6) What is the size of the sweep fund(s)? Provide historical rates for the past twelve months, as well as a prospectus and sample financial statements on the fund. 7) What are the costs associated with the sweep (monthly maintenance, set-up charges, fund expenses, transaction fees, etc.)? 8) Is the Proposer’s sweep an end-of-day or intra-day sweep?
