Res 2015-135/approving an agreement between the City and Wells Fargo Bank, N.A. for the provision of Depository Services contingent upon the depository’s provision of sufficient insurance in accordance with the attached agreement

Home Browse Search

ARTICLE 4 COMPENSATION 4.1 PAYMENTS TO TEIE DEPOSITORY 4. t.l 'I he City will compensate the Depository for the performance of its services as proposed in Attachment 13, Fee Schedule that is attached to this Agreement, on either a fee or compensating balance basis in accordance with established industry practice. The Depository acknowledges that the City reserves the right to open and /or close any of its accounts throughout the term of this Agreement. All fees listed in Attachment B will apply to new accounts that are Opened by the City during the term of this Agreement. 4.1.2 It will be the City's sole option as to which compensation methodology it will utilise. The City will notify the Depository of a change in compensation methodology at least 30 calendar days before the implementation of such a change. Implementation of the change will be made only inn the first day of a new calendar month. 4.1.3 Payments on account of the Depository's services will be made 10 calendar days after the City's receipt of the Depository's Account Analysis Statement, less any disputed amounts, pending resolution thereon. Requests for payment on account of additional services must also be accompanied by an Authorization of Change in Services Corm executed by the Depository and the City. 4.1.4 The Depository will waive check cashing charges for "on -us" presented checks drawn on accounts maintained by the City under this Agreement. 4.1.5 The Depository will not include flederal taxes or State of 'l'exas limited sales excise and use taxes in its invoices or vouchers and statement of costs. The City is exempt from payment of such taxes and the Depository may retrieve a resale certificate for use in connection with this .Agreement from the State of Texas Comptroller's �Nebsite. ARTICLE 5 DEPOSITORY'S RECORDS 5.1 'Ilie Depository will keep accurate records in which complete and correct entries will be made of all transactions relating to the receipts, disbursements, deposits, withdrawals and transfers in accordance with generally accepted accounting principles. Such records will be available for inspection by the City or its representatives during business hours and during mutually convenient times. 5.2 The City, its auditors, federal auditors, and state agencies that have monitoring or auditing responsibilities For this Agreement will have access, upon reasonable notice, to any hooks, documents, papers and records of the Depository which. are directly pertinent to this Agreement. 5.3 The Depository will furnish annual audited financial statements and information, as the 4