HomeMy WebLinkAboutC-1342 - Banking servicesMarch S, 1971
Union Bank
2743 E. Coast highway
Corona del Mar. CA 92626
Subject; Banking Agreomt
Enclosed is a fully executed copy of the Banking Agrowant
No. C-1342 between the Won Bank and the City of Newport
Beach. This contract was authorized by the adoption of
resolution No. 7376 by the City Ommcil of the City of
Newport Beach on Febnzary 22, 1971.
Laura Lagios
city ale*
cc: City Attorney
Finance Director
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Date: March 1, 1971
a
ORIGINAL
AGREEMENT FOR
BANKING SERVICES LT!
_.# ;
$ THIS AGREEMENT is between the CITY OF NEWPORT BEACH,
6 hereinafter called "City ", whose address is 3300 Newport Boulevard,
^, Newport Beach, California; and UNION BANK, hereinafter called "Bank"
8 whose address is East Coast Highway at Goldenrod, Corona del Mar,
9 California.
10 R E C I T A L S
11 A. Bank, pursuant to a request therefor by City, has
12 submitted a proposal to provide certain banking services.
13 B. The City wishes to accept Bank's proposal to provide
14 services, in accordance with the terms and conditions hereinafter
15 set forth:
16 TERMS OF AGREEMENT:
17 I. TERM.
18 This agreement shall be for a term of three (3) years
19 commencing on the lst day of 6pr;I 1971, and ending on
20 the 31st day of Mamh , 1974; PROVIDED, however, that
21 either party to this agreement may terminate said agreement upon
22 giving the other party ninety (90) days' prior written notice of its
23 intention to terminate.
24 II. SERVICES TO BE FURNISHED BY BANK.
85 Bank agrees to provide the following services to City
26 A. Bank and City agree that Bank shall act as the
27 sole demand depository of City (City reserves the right to place
28 term deposits with other institutions or to invest in securities of
29 the United States Government and Federal agencies, as may be deter -
30 mined by the City to be in its best interest), as follows:
31 (1) General Account. Bank shall accept deposit
32 of City, endorse and photograph all checks deposited, report to City
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checks paid with a symbol to indicate a break in consecutive numeri•
cal sequence of the checks, and return to City all paid checks in
numerical order.
(2) Payroll Account. Bank shall accept deposits
of City or honor other authorized transfer of funds to the account.
Each payroll check drawn will be paid by the Bank and returned with
an automated account reconciliation, on a regular schedule to be
determined by City.
(3) Checks and Supplies. Bank shall furnish to
the City, pre - printed to City specifications, all checks, deposit
slips, and other instruments pertaining to transactions for the
different accounts.
(4) Depository for Funds. Deposits to the cred-
it of the City will be provided for as stated below. Every check
received will be endorsed by the Bank and all previous endorsements
will be guaranteed. A photocopy of each deposited check will be
taken and maintained by the Bank for a period of two (2) years.
B. Armored car pickup: A daily pickup by armored
carrier of deposits from City Hall to the Bank will be arranged on
a schedule to be determined by the City.
For special situations, Bank will provide addi-
tional armored carrier service on an "on call" basis.
C. Utility Payment Processing: All monthly utility
payments will be processed and deposited daily according to the
City's instructions.
D. Utility Payments Over the Counter: The Bank will
accept at its teller windows during normal banking hours utility
bill payments from customers in all of its offices.
E. Night Depository Services: Night depository will
be provided by the Bank for, but not limited to, the following city
uses:
(1) Parking Meter Receipts. These receipts, it
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1 is understood, will consist of coins to be counted by the Bank. A
2 deposit slip for these monies will be prepared by the Bank and
3 forwarded daily to the City.
4 (2) Parking Lots Receipts. These receipts, it is
5 understood, may or may not be accompanied by a deposit slip dependin
6 on circumstances and the discretion of the City. A deposit slip
^ will be prepared or the accompanying one will be verified by the
IS Bank and forwarded daily to the City.
9 (3) Recreation Registration Receipts. These
10 receipts, it is understood, may or may not be accompanied by a
11 deposit slip depending on circumstances and the discretion of the
12 City. A deposit slip will be prepared or the accompanying one will
13 be verified by the Bank and dorwarded daily to the City.
14 In the handling of night deposits, which will
15 consist largely currency, Bank will provide depository bags and
16 secure seals to be used by personnel in making such deposits.
19 F. Utility Payments Processing - Lock Box: The
18 processing of monthly utility payments mailed by residents to the
19 City's post office box and picked up by Bank's personnel will be
20 handled as follows:
91 (1) Envelopes will be opened and contents
inspected.
(2) Checks will be inspected to see that they are
properly written:
(a) Payable to the City of Newport Beach;
when left blank, Bank will fill in the name.
(b) Agreement of written and numeric amount;
if one of the amounts is correct (agrees with payment card or bill
stub), the Bank will guarantee the correct amount and deposit the
check.
(3) All processable checks will be deposited on
the date received to the account of the City of Newport Beach.
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1 (4) Bank will forward daily by special messenger
2 to City Hall the deposit slip together with an adding machine tape
3 of the processed payment cards and bill stubs, which will balance
4 to this same deposit slip.
5 (5) The following items will not be processed by
6 Bank, but returned to their envelope and delivered daily to City
Hall in designated envelopes:
8 (a) Checks not signed.
9 (b) A payment card or bill stub without
10 a check.
11 (c) Checks addressed to the wrong payee.
3,2 (d) Checks postdated more than three (3)
13 days.
14 (e) Checks made out in an amount which does
15 not agree with accompanying payment card or bill stub.
16 (6) All checks returned "NSF" or "refer to maker"
17 will automatically be re- presented once before being charged
18 against the City of Newport Beach's account.
19 G. Check Sequencing and Register Service. At the
20 end of the month, or at the end of such other period as the City
21 may designate, Bank will provide a normal statement and in addition,
22 a secondary list showing all items in check number sequence. Inter
23 spersed with the paid checks, but in a separate column, shall be
24 listed all those check numbers which the City has issued since the
25 inception of this service, but which are yet outstanding.
26 III. CITY'S AGREEMENT.
27 City agrees to maintain an average annual balance in
28 the sum of $154,000.00 as consideration for the services to be pro -
29 vided by Bank.
30 IN WITNESS WHEREOF, the parties hereto have executed this
31 agreement as of the ath day of March 1971.
32
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APPROVED AS TO FORM:
.��..-
City A orney
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CITY OF NEWPORT BEACH
By: C..
Mayor
Attest:'..,.
Ci y Clerk
CITY
UNION BANK
By:
U2
i
RC►idT' °:iG gyp. 7 3 7 5
Co' itiE°. k0RT :g ACK Anl4iElR ZM on SUCUTIM OF
Ai .AGR "buPt"i' UYINU TUC Cm 4W NXKP AT 8
Am UNIC 3 �aa�t 3 81iV2CRS
wnxpxAs, there hasp b"m projented to the Cite Council
Of the Cit; of sport 84aeb I cartalin contract betwon than
City of p t Raab and Union Bank for banki" servicesy and
the City ormail has 4; sLaft -ed than term
end COUditionx Of -said contract m" found them 'to be fair and
:,gUitabios
NOW, TMUMrQ , 99 IT JWSWAID that said contract for
the aervicesz Abmi domerlbed is rNWr*vvd, and the Mayor and City
Clerk Ore hereby authori:i;ad and directed to exomtei th-a gas" an
11,3.1f Of the Cit r of iKTwP*rt Reath,
BUD this 22zad day of ral-exuarv_ , 2971
Mayor
ATTZ iT4
CRY Cles
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City Clark
3 -1 -71
Finance Director
City Clerk
One bank -one account agreement
Attached are the original and two copies of an agreement between the City of
Newport Beach and Union Bank for banking services. Please have them signed
by Union Bank and return all three copies to my office. After the agreement
has been signed by the Mayor and myself, a copy will be sent to Union Bank
and one to your office for filing.
LL
Att. (3)
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NO.
CTPY OF NEWPORT BEACH
City Clerk
DEPARTMENT
TO: Finance Director
FROM: City Clerk
SUBJECT: One bank -one account agreement
E
Date 3 -1 -71
Attached are the original and two copies of an agreement between the City of
Newport Beach and Union Bank for banking services. Please have them signed
by Union Bank and return all three copies to my office. After the agreement
has been signed by the Mayor and myself, a copy will be sent to Union Bank
and one to your office for filing.
LL
Att. (3)