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<br />I <br /> <br />I <br /> <br />I <br /> <br />3.3 <br /> <br />Bear all costs incident to this Article. <br /> <br />ARTICLE 4 <br />COMPENSATION <br /> <br />4.1 PAYMENTS ON ACCOUNT OF BASIC SERVICES <br /> <br />4.1.1 The City will make payments for Basic Services (excluding Merchant Services) to the <br />Depository monthly by the 10th business day after receipt by the City of Depository's Account <br />Analysis Statement in accordance with Attachment B. The method to be used for payment of <br />these services will be to compensate the Depository if the earnings credit on the City's account <br />balance is not adequate to offset calculated charges shown within the account analysis. Any <br />excess/shortfall of earnings credit will be credited/debited to the City's account once base <br />charges are calculated using the account analysis procedure. <br /> <br />4.1.2 The Depository will waive check cashing charges for the first year of this Agreement. At <br />the conclusion of the first year, Bank of America will review the volume of such service and <br />discuss with the City the continuation of waiving the charges. <br /> <br />4.1.3 The Depository will furnish at its own expense all necessary administrative services, office <br />space, equipment, clerical personnel, telephone and other communication facilities, and <br />Insurance coverage. <br /> <br />4.2 <br /> <br />PAYMENTS ON ACCOUNT OF ADDITIONAL SERVICES <br /> <br />Payments on account of the Depository's Additional Services as defined in Section 2.2 will be <br />made monthly upon presentation of the Depository's statement of services rendered or expenses <br />incurred, less any disputed amounts, pending resolution thereof, and an Authorization of Change <br />in Services form executed by the Depository and the City. <br /> <br />ARTICLE 5 <br />DEPOSITORY'S RECORDS <br /> <br />5.1 The Depository will keep accurate records in which complete and correct entries will be <br />made of all transactions relating to the receipts, disbursements, deposits, withdrawals and <br />transfers in accordance with generally accepted accounting principles. Such records will be <br />available for inspection by the City at all reasonable hours of the business day, and during <br />mutually convenient times. <br /> <br />5.2 The City, its auditors, federal auditors, and state agencies that have monitoring or <br />auditing responsibilities for this Agreement will have access to any books, documents, papers <br />and records of the Depository which are directly pertinent to this Agreement for the purpose of <br />making audit, examination, excerpts, copying and transcriptions. <br /> <br />4 <br />