A. The City of Iowa City lockbox receipt volumes are included for utilities, general billing, and the landfill. This information is included in order to assist the vendor in determining the volume of payment receipts (See Appendix F). B. The lockbox provider will provide lockbox service for payments made to the City of Iowa City. The lockbox provider will recognize and process the following items: 1. Equal payments – check/cash amount equals payment stub amount. 2. One check/multiple payment stubs – check total equals total of all payment stubs submitted. 3. One payment/multiple checks – payment stub total equals total of all checks submitted with stub. 4. Unequal payments – check/cash amount does not equal stub, no stub was submitted with check/cash, item other than stub was submitted with check/cash. C. The lockbox provider will print bill information (category code, bill year, bill number), document sequence trace numbers (including word number, sequence and batch number) and the date on the back of the check, and also include this information on the Optical Character Recognition (OCR) transmission (as defined in F below). D. The lockbox provider will clearly image both the front and the back of the check and the payment stub and will reproduce this information as requested by the City of Iowa City. In addition, the City shall have the ability to go online and look-up checks and payment stubs. E. The OCR information (as defined in F below) will be electronically transmitted no later than 1:00 p.m. Central Standard Time (CST) each working day. F. The OCR information shall include the information in C above and batch totals for number of payments, dollar amount of payments, end of transmission indicator, the dollar amounts of the checks and date of payment. G. The lockbox provider will clearly image all checks for unequal payments and the payment stubs or correspondence that these payments were mailed with as requested by the City and provide online lookup capability. The lockbox provider will also clearly image correspondence and un-processable payments as requested by the City and provide online lookup capability. H. Payments received at the lockbox where the payee is other than the City of Iowa City (i.e., University of Iowa, MidAmerican Energy, City of Cedar Rapids) should not be processed. The lockbox provider will deliver these payments and any related correspondence or payment stubs on the next business day after their receipt. I. The lockbox provider will provide an online balance reporting system, whereby daily lockbox totals can be retrieved on a same day basis by 2:00 p.m. CST. J. The lockbox provider will provide a cash management team to implement the lockbox service for the City of Iowa City with little or no additional data processing programming on the part of the City of Iowa City. K. The lockbox provider will deliver accurate weekly, month-end and analysis statements on a timely basis. (Weekly proposer statements to be received by the City of Iowa City on Tuesday). L. The vendor will be prepared to give an oral presentation on their lockbox proposal upon request by the City of Iowa City. This presentation would include a detailed analysis of how each of the above specifications will be addressed.
