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

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a. If a SEC fund is not to be used, describe the type of account to be used in lieu of a sweep and fully describe any restrictions on the accounts such as withdrawal limitations as well as the rate basis for the account. At this time, Wells Fargo does not recommend the use of an investment sweep. Other investment options may be available through Wells Fargo Securities, LLC. 2. Applicants will clearly stipulate whether the sweep is to be from a consolidated master account with the ZBA, or directly swept from individual accounts, and will state how interest is distributed. Applicants will describe their most cost effective methodology for creating the sweep. Automated distribution of interest to the individual accounts is preferred. A history of net rates for any sweep vehicle proposed is required (Attachment "C "). If a fee basis with a sweep is utilized for compensation purposes, City designated accounts will be swept to zero daily (or to rounded minimums). Other accounts, if not swept, will pay fees or maintain balances. If a fee basis with a sweep is utilized for compensation purposes, City designated accounts will be swept to zero daily (or to rounded minimums). Other accounts, if not swept, will pay fees or maintain balances. Wells Fargo recommends using Earnings Allowance to offset service fees. We are offering an Earnings Credit Rate with a floor of 45bps, then the go day T- bill once the rate rise above 45 bps. 3. Identify when interest from the sweeps will accrue and be credited. As discussed above, we are recommending an Earnings Credit to offset services fees. We are happy to discuss other options, should we win the bid. 4. If the applicant is proposing an alternative to a sweep, such as an indexed account, detail and describe fully other available programs. Not applicable. 5. Describe if sweeps require City action. The sweep is automated. 6. Describe how sweep activity will be reported on a daily basis, i.e. will daily activity reports show detailed or balance amounts being swept in and out of the accounts? As discussed above, we are recommending an Earnings Credit to offset services fees. We are happy to discuss other options, should we win the bid. Daily confirmations and monthly statements are provided containing the sweep transaction activity and daily rates. There are several delivery methods available for receipt of both the daily confirmation and the monthly statement including electronic reporting through CEO, email, fax, and U.S. mail paper. The following table details the availability of the reports we offer through our online reporting service.