Specifications include, but are not limited to: 1. ACCOUNT STRUCTURE: The bank is to provide an operating account and at least two other separate bank accounts for restricted special purpose government funds. Daily balance and detail transaction reporting is available online and made accessible for City’s use. 2. COLLATERIZATION OF DEPOSITS: The bank must agree to always obtain and maintain acceptable collateral sufficient to cover at least 102 percent of all anticipated time and demand deposits above the FDIC insured limit amount. Securities used to pledge against time and demand deposits must be held in an independent third-party safekeeping institution outside the bank’s holding company. The bank will execute a tri-party’s sake keeping agreement with the City and the safekeeping entity bank of these securities. Collateral must be maintained at a minimum of 102 percent and marked to market at least once a month. Substitutions will be approved by the City and not duly withheld. Substitutions of collateral will be requested in writing and new collateral will be received before the existing collateral is released. The proposal will identify by name of the safekeeping bank for collateral. The proposal must describe in detail the bank’s policy and procedures to ensure collateralization of funds in full compliance with the requirements of the Texas Public Funds Investment Act. The proposal should also include samples of policy, procedures, daily collateralization coverage report, etc. 3. AUTOMATED DAILY BALANCE REPORTING & ACCESSIBILITY: The City requires a secure automated PC/Web-based reporting system for access to the closing ledger and available balance. Stipulate the time at which access is available and describe the system to be used. Reporting should include balance and detail reporting. Sample Reports should be included in the proposal. 4. STANDARD DEPOSIT SERVICES: The bank must guarantee immediate credit on all incoming wire transfers and U.S. Treasury Checks upon receipt and all other checks based on the bank’s published availability schedule. The proposing bank should specify the proposal in the proposal its deposit requirement, commercial and retail deposit locations, including night deposit services and procedures. All checks deposited by the City which do not clear the first time shall be submitted for payment a second time before returning to the City. 5. STANDARD DISBURSING SERVICES: Standard disbursing services for all accounts are required to include payment of all checks upon presentation.
