Res 2010-078 - Laserfiche WebLink

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RFA 210 -006 We currently recommend using account balances to offset service fees, and then any excess could be placed in outside investment pools or bank money market accounts. As rates rise we will reevaluate the City's needs and offer a ZBA structure to concentrate funds (if so desired), or recommend using Wells Fargo Institutional Brokerage to facilitate investment of funds. Wells Fargo recommends using Earnings Allowance to offset service fees. We are offering an Earnings Credit Rate with a floor or 75 bps, then the 90 day T -bill once the rate rise above 75bps. 2. 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. As an alternative we recommend Institutional Brokerage Services - A ` "O 3. 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 wilt 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 or 75 bps, then the 90 day T -bill once the rate rise above 75bps. 4. Identify when interest from the sweeps will accrue and be credited. Dividends are declared daily and paid daily or monthly on the 1 business day of the following month. 5. If the applicant is proposing an alternative to a sweep, such as an indexed account, detail and describe fully. Describe all current Temporary Guarantee Program ( "TALGP ") or Transaction Account Guarantee ( "TAG ") programs. Not Applicable. 6. Describe if sweeps require City action. Sweeps are fully automated, no action is required..