Specifications include, but are not limited to: Account Structure The City reserves the right to open additional accounts during the contract period at the price proposed in this proposal provided the awarded bank is given sufficient advance notification. The City requires a monthly statement on each account via electronic access. General Account The City will require the General Account to be an interest bearing checking account. All the City’s operations, except municipal court operations, will flow through this account, including the deposit of revenues, accounts payable payments, payroll, and investment purchases and maturities. The City sends and receives wire transfers and ACH transfers through this account. The 12-month average balance of this account is approximately $12,000,000. Bonds Posted Account This account will be used solely for municipal court operations, including the deposit of revenues and accounts payable. The 12-month average balance of this account is approximately $50,000.
