HomeMy Public PortalAboutORD12571 BILL NO.� 96.128
SPONSORED BY COUNCILMAN Nilges
ORDINANCE NO._
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AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH CENTRAL BANK FOR
BANKING SERVICES.
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WHEREAS, Central Bank has become the apparent lowest and best bidder for banking
services;
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE CITY OF
JEFFERSON, MISSOURI,AS FOLLOWS:
Section 1. The bid of Central Bank is declared to be the lowest and best bid and is
hereby accepted.
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Section 2. The Mayor and City Clerk are hereby authorized and directed to execute
an agreement with Central Bank for banking services.
Section 3. The agreement shall be substantially the same in form and content as
that agreement attached hereto as Exhibit A.
Section 4. This Ordinance shall be in full force and effect from and after the date of
I its passage and approval. s
Passed: Approved: �— a a `
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CITY OF JEFFERSON
CONTRACT FO.R RANKING SERVICES
?, q. THIS CONTRACT, made and entered into this 22""day of January, 1997, by and between the City of
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Jefferson,a municipal corporation of the State of Missouri,hereinafter referred to as the"City,"and Central
Trust Bank,herei`after referred to as the"Bank."
WITNESSETH: f
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THAT WHEREAS, the City desires to engage the Bank to render certain technical and consulting services
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as to banking services; and
THAT WHEREAS, the Bank has made certain representations and statements to the City with respect
to the provision of such services and the City has accepted said proposal and is authorized by Ordinance
12571 of the City Council of the City of Jefferson,adopted January 22, 1997,to enter into a contract with
the Bank for the performance of services by the Bank.
NOW THEREFORE,for the considerations herein expressed,it is agreed by and between the City and the
Bank as follows:
1. Scone of Services
The City agrees to engage the services of the Bank to perform the services hereinafter set forth herein and as
stated in the specification and bid proposal for banking services and in the Bank's proposal. Copies of the scope
of services are attached and are incorporated herein by reference. Tire Bank's entire proposal shall be referred
to for any terms not covered by this Contract.
2. Additions or Del tions to Services.
1 The City may add to Bank services or delete therefrom activities of a similar nature to those set forth in the
Bank's proposal,provided that the total cost of such work does not exceed the total cost allowance as specified
in paragraph G hereof. The Bank shall undertake such changed activities only upon the direction of the City.
All such directives and changes shall be in written form and approved by the Finance Director and shall be
accepted and countersigned by the Bank or its agreed representatives.
! The Bank will perform any additional work requested by the City which is not specifically covered in the scope
of work as defined herein at a reasonable fee or compensation to be agreed to between the City and the Bank
at the time any such service may be required.
3. Existing Datat
All information,data and reports as are existing,available and necessary for the carrying out of the work,shall
be furnished to the Bank without charge by the City,and the City shall cooperate with the Bank in every
reasonable way in carrying out the scope of services.
i d. Personnel to be Provided
The Bank represents that the Bank has or will secure at its expense all personnel required to perform the
services called for under this contract by the Bank. Such personnel shall not be employees of the City or have
any contractual relationship with the City except as employees of the Bank. All of the services required "
hereunder will be performed by the Bank or under the Bank's direct supervision and all personnel engaged in
the work shall be fully qualified and shall be authorized under state and local law to perform such services.
None of the work or services covered by this contract shall be subcontracted without the written approval of
the City.
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This contract shall commence on the first(1")day of February 1997,and continue until the thirty-first(318t)
day ofJarmary,:2002,unless terminated earlier as provided herein.
fir S�mlzcnsation
The City will pay the Bank for the services rendered according to the charges as set out in the Bnnk's proposal.
The City agrees to pay Clio.Baltic in accordance with the rates set forth in the Baltic's proposal which shall {
i constitute full and complete conrpensntion for the Bank's services hereunder,
7• Failure to F.nrFnKm,Cancellation,
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If, through any cause, the Bank shall fail to fulfill in timely and proper manner its obligations under this I `
contract,or if the Bank shall violate any of the covenants,agreements,or stipulations of this contract,the City
shall thereupon have the right to terminate this contract by giving written notice to the Bank of such
j termination and specifying the effective date thereof,at least five(5)days before the effective day of such `
termination. The Bank or the City may terminate this contract upon ninety(90)days prior written notice. In
the event of termination,all finished or unfinished documents,data,studies,surveys,drawings,maps, models,
Photographs,and reports or other materials prepared by the Bank under this contract shall,at the option of
the City,become its property,and the Bank shall be entitled to receive just and equitable compensation for any
satisfactory work completed on such documents and other materials.
Notwithstanding the above,the Bank shall not be relieved of liability to the City for damages sustained by the
City for damages sustained by the City by virtue of any such breach of the contract by the Bank.
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8. Assignment
The Bank shall not assign any interest in this contract,and shall not transfer any interest in the same(whether
by assignment or novation),without prior written consent of the City thereto. Any such assignment is expressly
subject to all rights and remedies of the City under this agreement,including the right to changa or delete
i activities from the contract or to terminate the same as provided herein,and no such assignment shall re uire
the City to give any notice to any such assignee of any actions which the City may take under this agreeme nt,
though the City will attempt to so notify any such assignee.
B. Confidentiality,
Any reports,data or similar information given to or prepared or assembled by the Bank under this Contract
which the City requests to be kept as confidential shall not be made available to an
by the Bank without prior written approval of the City. Y individual or organization
l 10. Nondiscrimination
The Bank agrees in the performance of the contract not to discriminate on the grounds or because of race,creed,
color,national origin or ancestry,sex,religion,handicap,age or political affiliation,against any employee of
the Bank or applicant for employment and shall include as similar provision in all subcontracts let or awarded
hereunder.
11. Independent CoLitractor,
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The Bank is an independent contractor and nothing contained herein shall constitute or designate the Bank
or any of its agents or employees as agents or employees of the City.
12. &nefits not Available,
The Bank nor its agents or employees shall not be entitled to any of the benefits established for the employees
r of the City nor be covered by the Workman's Compensation Program of the City.
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13, Liability,
! The parties mutually agree to the following:
(a) In no event shall the City be liable to the Bank for special,indirect or consequential damages,
except those caused by the City's negligence arising out of or in any way connected with a
breach of this contract. The maximum liability of the City shall be limited to the amount of j
money to be paid or received by the City under this contract.
(b) The Bank shall indemnify and hold the City harmless from and against all claims,losses and
liabilities arising out of personal injuries,including death,and damage to property which are
caused by the acts,errors and omissions of the Bank for which they would be otherwise legally
liable,arising out of or in any way connected with this contract.
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14. NIonsolicitation. !I
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The Bank warrants that he has not employed or retained any company or person, other than a bona fide
employee working solely for the Bank,to solicit or secure this contract,and that he has not paid or agreed to
pay any company or person,other 0i to a bona fide employee working solely for the Bank,any fee,commission,
percentage,brokerage fee,gilts,or ny other consideration,contingent upon or resulting from the award or
making of this contract. For breach )r violation of this warranty,the City shall have the right to annul this
contract without liability,or,in its dig:;retion,to deduct from the contract price or consideration,or otherwise
recover the full amount of such fee,c mmission,percentage,brokerage fee,gifts,or contingent fee.
15. Books and Records
The Bank shall maintain all books,documents,papers,accounting records,and other evidence pertaining to
�.y costs incurred in connection with this Contract,and shall make such materials available at their respective
F l offices at all reasonable times during the Contract and for a period of three(3)years following completion of
the Contract.
l 16. Delays.
The Bank shall not be liable for delays resulting from causes beyond the reasonable control of the Bank;the
Bank has made no warranties,expressed or implied,which are not expressly set forth in this contract;and
a under no circumstances will the Bank be liable for indirect or consequential damages.
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17. Notices.
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All notices required or permitted hereunder and required to be in writing may be given by first class mail
audressed to the City of Jefferson,c/o Finance Director,at 320 East McCarty Street,Jefferson City,Missouri,
35101,and Central Trust Bank,238 Madison Street,P.O.Box 770,Jefferson City,Missouri,65102. The date
and delivery of any notice shall be the date falling on the second full day after the day of mailing.
18. Law to Govern
This contract shall be governed by the laws of the State of Missouri ns to both interpretation and performance.
IN WITNESS WHEREOF,the parties hereto have set their hands and seals the day and year above first
written.
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J Scope of Banking Services
Central Bank's approach to this section of the bid proposal is to respond to each item
A through Q in the Request for Proposal. We will not restate the entire service requirement,
rather the letter and the corresponding section title,such as"General". Our response then will
be to briefly explain our understanding of the requirement,our approach to its fulfillment,and
then a reference to further documentation to be found either in the Enhancements or Appendix
sections of our bid.
As we have maintained the bank account for a number of years,we are familiar with
each of the requirements and believe that we are not only compliant with each requirement,
but in many cases exceed the requirements. Further, Central Bank has a tremendous
commitment to technology. We continually upgrade our systems to respond to our customers
and to anticipate needs. For example,it was largely at the request of then-city finance director
Bette Wordelman that we develop SureCheck,our system for pre-certifying the accuracy of
checks presented for payment against a file provided by the customer.
A. General '
` Central Bank understands this to be a solicitation for afive-year contract. Central �.
Bank has never had a banking service contract terminated for performance. We have
successfully operated the City accounts for over 30 years,and we pride ourselves on doing
what it takes to make our customer satisfied. Please review our Corporate References for a
listing of customers who are large cash management customers,and many of whom are public ti
funds, further testifying to our vast experience at accounts similar to those of the City of
Jefferson.
B. Depositors-Payroll
I Several years ago, Central approached the City with the recommendation that they
permit their employees to be paid by direct deposit through the automated clearing house f
(ACH). Today,well over half the employees are paid through Central Bank by direct deposit.
Please see our Appendix section entitled Electronic Funds Transfer(ACH/PEP+System)for
a description of our state-of-the-art direct deposit software used to provide direct deposit }
services to the City.
The process of providing us a magnetic tape of payroll data works fine. We do have
the capability to receive input by other means,as well. Our CentraLink PC-based software is
ideal for small ACH applications, and through its architecture, permits our customers to
securely transmit the file to us,rather than to create and deliver a tape. CentraLink is fully
covered in our Appendix section as we will provide it to the City in conjunction with Scope
of Services Section G,Computerized Services.
Scope o Banking Services 6-1
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I In our Enhancements section,we also discuss the advantages of a direct data link from
Central Data Company,our processing center,to the City's computer. This link would permit
many reports and files to be transmitted directly back and forth between our respective
systems. This link could be utilized to transmit the direct deposit file.
Finally,should the City so desire,we would once again review the ability to have dial
up between the City AS\400 and Central's mainframe system.
With respect to the funding of the payroll bank account,Central retrains flexible as to
what process the City desires to use,from telephone transferring funds,to using CentraLink,
to transferring via our dedicated line in a banking session,to utilizing a zero balance account
(ZBA) structure as is currently provided by Central. Our Appendix section has included
information about our automated ZBA system which provides numerous advantages to the city
with respect to separate accounting and maximizing the use of cash while minimizing manual
account transfer activity.
C. Depositors-Main Operating Account
Central Bank currently provides the City their operating account with all collected
funds automatically rolled into overnight investments repurchase agreements through Central's
cash management system.
Central was one of the trst,and still one of the few financial institutions in this area
to have combined an operating checking account with an automated sweep into overnight
repurchase agreements. This unique structure permits our large cash management customers
to utilize a single account for its deposit and disbursement activity as well as its overnight
investing. Central's Cash Management Sweep System,fully described in our Appendix,has
been utilized for the City's ac:ounts for many years.
The cash management sys'.,:m has further capabilities which will become important as
we assist you with outside, term investment securities. The unique target balance feature
provides our customers notice when their overnight balance either exceeds or drops below a
j predetermined balance,so that appropriate action can be taken either to invest funds,or to
watch cash flow if it is getting short.
The City has the capability to conduct the necessary banking transactions through the
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single operating/cash management account. The City,by utilizing CentraLink can initiate wire
transfers for bond payments,paying vendors, etc.,as needed. By using CentraLink,or by
establishing a dedicated link(and even under the current dialup 3270 session)the City can
review all its account activity on-line in order to maximize its funds and to simplify its j
reconciliation processes and account processing.
All collected funds in the checking account will be fully invested. Because no
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compensating balance is required,the 10%reserve requirement will be elimm b
in a real cost savings to the City. This account structure also permits us to pay an earnings "
credit of higher than the U.S.Treasury Bill rate,
Scope of Bunking Sei•vices 6-2 `
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With regard to operating the checking account,our bank statements explicitly provide
all needed detail of account activity, including deposits,withdrawals,overnight repurchase
agreements,images of your paid checks(front and back,if desired)and even your investment
portfolio all in a single bank statement(unless the CD-ROM option is chosen,see below).
Central Bank is once again unique in our ability to provide the customer with a snapshot of `
their overall financial picture in a single,comprehensive statement. A sample of the City's 1
current bank statement is included in the Appendix section entitled Central Bank Account
Statement.
As an alternative to check-imaged bank statements,we have proposed a combination
of SureCheck(our positive pay system)our full account reconciliation package and CD-ROM
technology. Because SureCheck will provide Central with your issued checks file, we can
provide you with the highest level of account reconciliation with no problem. And rather than
receiving your canceled checks(or imaged statements as you now do)front and back images
of your canceled checks can be easily stored on CD-ROM. This alternative method to account
reconciliation will provide you with a comprehensive record and better technology. This has
been priced as an alternative service(see Schedule B under pricing).
I D. Investment-Account
As referenced in the above section C,Central automatically invests all collected funds
in overnight repurchase agreements except that money which is required to cover a
J compensating balance,if any. The City currently maintains one single operating account for
both operations,and overnight investing. For those accounts which are ZBA's those funds
will also be swept for investment into the master cash management sweep account, further
reducing the numbers of accounts the City must reconcile.
E. Depositors-Federal or State Grants
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One example of the individual demand deposit account is the account 40-6513-7,
i CDBG Grant Account. This account is currently a ZBA linked to the City's main account.
These separate accounts could instead be stand alone cash management sweep accounts in
order to ensure prompt investment of funds received,but also separate accounting,if needed.
F. Depositors-Legal Account j
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i Central Bank is comfortable with the knowledge that the City may have to maintain
separate accounts for different purposes. We know that separate accounts are sometimes
required and can simplify record keeping in certain instances. We will always accommodate
the City regardless of its needs and will provide input as needed to help ensure an account
configuration that works with everything else you are doing. Again,these accounts may be
ZBA's or stand-alone cash management sweep accounts.
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Scope of Banking Services 6-3
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G. Computerizes!Services
I The City is asking a variety of information to be computerized in order to be as
efficient as possible. Central Bank is offering not only the basic coinputerization required,but
enhanced capabilities above those required in the RFP. The complexities of providing f.
investment information on-line will need to be addressed further. Central does have customers
who receive their investment information on-line, but our ability to provide it will depend
upon the platform by which the City chooses to have us implement.
Central Bank has earlier referenced the variety of means by Which the City can obtain
I its account information. We have identified six different methodologies by which the City
may choose to access their account information. As part of our base bid,we are offering to
provide CentraLink,our PC dial up banking system. CentraLink is described in our Appendix
section.
Each of the other five methods could require some host interface work between the
City system and ours,so we have treated them as Enhancements as they are all options from
among which the City may choose. Although they are enhancements,each of them allows the
City to actually access our banking system using a 3270 session and therefore certain
functionality that CentraLink cannot achieve. Namely,the ability to obtain copies of check j
images,and ability to view and do file maintenance on SureCheck files in the event checks
need to be manually added to the issued file. Also,and perhaps more importantly,by creating
a more robust connection,we will create the ability to transmit between ourselves and the City.
Again, the optimum solution is to receive images of your canceled checks on CD-ROM as
discussed in Section C above. Further descriptions of these functions is included in the
respective Enhancement sections on Imaging and SureCheck.
I I.
Our recommendation to the City is to accept the PC banking CentraLink system and 4
one of the Enhancement modes of connectivity. Briefly,they may be characterized as follows:
• Dedicated link between Central and the City using a gateway PC at the City
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• Dedicated or dial up link between Central and the City direct to AS\400
• Dial up from stand alone PC's to Central host system(currently available, but I
not feasible for large scale file transmission)
• Dedicated or Dial up link between Central LAN and City LAN using routers
• Internet connection
Each of the above connections has advantages and potential disadvantages which we
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will work to identify with the City. From a cost perspective,the dial-up from stand alone PC's
to Central host system can be accomplished for no cost. On that basis we have treated it as an
±� 'I enhancement as it is an optional service�. ..j p but have not attached any cost,
Scope of Ranking Services 6-4
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Central is currently providing the requisite account reconciliation information in a
^° format compatible with City systems. We anticipate no difficulty in continuing to provide this
' information. As referenced above,should we establish either a high-speed computer dial-up,
or a dedicated link between our offices,the need for magnetic tapes will be replaced by the
ability to communicate via direct data transmission.
In our Enhancements section,we discuss SureCheck and how it can not only assist the
City with its account reconciliation and reduce fraud,but also how that data could be used to
lower the price the City pays for its account reconciliation. By providing us with a list of
issued checks, Central builds a file of checks which the City has authorized for payment.
When checks are presented,we make sure that the dollar amount and check number match to
the file the City has sent and either pay or return the item. The checks issued file could also
be transmitted to Central and further reduce manual tape delivery.
Finally, by using our Imaging system described in our Enhancements section and
included in our copy of the bank statement in the section entitled Central Bank Account
Statement,the City will not even need to receive the canceled checks. It is important to note
that the City accounts are imaged and the physical checks are not returned at the present time.
Should the City once again desire to receive the canceled checks,Central can provide them in
�! numeric sequence. We believe that the City does not require them at this time. As discussed
in Section C and in this section above,the best solution to an enhanced account reconciliation I'.
package is utilizing SureCheck system in conjunction with CD-ROM technology.
H. Statement and Advice Frequency
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Bank statements will continue to be created monthly,as required. The City can create
its own statement at whatever frequency it requires via our various electronic inquiry tools
previously described. Wires can be phone and written notified for the City as required.
: ' However,they can also be viewed INTRADAY,using our electronic inquiry.
I. Collateral
Central,as a large public fund depository,is familiar with the collateral requirements.
Our staff are thoroughly trained on the requirements and are familiar with City staff charged
with the responsibility of monitoring the collateral position. Further,we are knowledgeable
about the recent developments with respect to GASB financial statement disclosures and the
importance of third-party safekeeping. We have provided that protection to the City for many
years. Finally, by virtue of our knowledge of the collateral requirements, we are also an
authorized safekeeping agent for the State Treasurer and are familiar with the laws and have
excellent securities pricing systems to ensure that the market value of pledged securities
exceeds the account balance on deposit.
We can provide a report of our collateral position at any time,but even more crucial
is our ability to show our current collateral position via CentraLink PC inquiry. This service
affords the City the ability to cross check us in a number of ways as well as to reconcile the
j hard-copy receipts with what our records show.
Scope of Banking Services 6-5
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J. Coin Counting-Parking
Through the convenience of our nearby Central Motor Bank, our knowledgeable
customer service stalt'provides the experience and friendly assistance to complete this time
consuming, but important function. With the accessibility of the rear entrance to the Motor
Bank,City staff can literally drive to our door where our staff take control of the mobile vault
and process the work under dual control. This secure environment provides the City the
assurance that the coin is safe,accurately counted in a prompt mariner and being reviewed
using standard bank control procedures. I
K. Coin Counting-Transit jf
Our Central Motor Bank facility provides the same level of diligence and security for
the Transit deposits as for Parking. We separately count the funds from each vault,deposit
them and provide the City with a report. We feel confident in our procedures and knowledge
of the task. Because of our years of experience with Parking and Transit processing,our staff
will be alert if something has changed or if they suspect some deviation from standard
practice. At that point standard bank security and notification would take p lace.
L. Night Deposits
I Our Central Motor Bank staff is very accustomed to the night deposit activity and is
even aware when the City has a new staff person who is processing the work. Particularly in
the summer when Parks and Recreation deposits are at a peak, our staff maintains special
sensitivity to the accuracy of the deposits they receive and frequently will communicate with
City staff if they notice recurring issues or deposits which do not meet the City's
specifications. Night Depository bags are included for no charge.
M. Storage of Microfilm
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Central Bank stores the City microfilm in secure vault under fire suppression in a
building which is secured. The microfilm is stored in our state-of-the-art data center,and we
possess significant room for additional storage with no problem for this contract.
N. Investment Services
Central Bank's Investment Division employs over two dozen experienced Investment
' officers and staff. The Investment Division is responsible for the City's banking contract as
well so the City will see seamless operation between the banking operations,the technology
and reporting services and the new investment requirements. No other financial institution in
Jefferson City can provide this combination of experience and committed resources to
managing the City account. Each will either have to out-source,work with another area of their bank or utilize the services of an affiliate located outside of Jefferson City. While
'1 difficult to quantify specifically,the City should take special note of these facts and be aware
of the level and depth of commitment on the part of Central Bank, compared to our
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Scope of Banking Services
WHIM
j 6-6
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Jcompetition. Further information about our proposed systems is included in the Appendix
j section of our bid.
Our proposed program for the investment ofthe funds will consist of the following:
A. Establishment of proper investment parameters (City Investment
Policy);
B. Communication with City staff charged with investment work(finance
director);
' C. Training on Central's systems and reporting technologies;
D. Execution of the policy;
E. Safekeeping of the purchased securities;
F. Ongoing monitoring and consulting with state of the art reporting in a
monthly report and in periodic regular (quarterly, semi-annual)
investment briefings.
i
Central can and does provide all the listed investment services requested to other of
our large cash management customers. The following references the requirement and the
location within our bid:
Zero Account Balancing - Zero Balance Account System section of the
Appendix;
Repurchase Agreements-Cash Management System section of the Appendix;
Purchase and Sale of Investment Securities-Investment Expertise section of
the Appendix;
' i
Investment Advisory Services-Investment Expertise and Economic
Outlook
sections of the Appendix;
Comprehensive Investments Reporting - Bond Accounting-Graphics, and
Securities Safekeeping-OSB sections of the Appendix.
r �
? As referenced numerous times already, Central can conduct all banking, overnight
repurchase and term securities investments from the City's current operating account. We can
provide the required investment information in great detail and can attest to our experience in I
the area. !
Central currently manages over $1.8 billion in assets and Bolds $5 billion in
safekeeping. We manage many portfolios ranging in size from$1 million to nearly half a �5
j Scope of Banking Services 6-7
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billion dollars. We are the largest investment facility in Jefferson City, have the latest in
analytics systems and have custom built investment accounting systems.
O. Credit Cards
Credit cards were proposed by Central Bank to the City sonic years ago to provide a
service to City customers such as those paying fees,fines and other charges to the City. Since
the City has begun accepting credit cards, that service has grown and with the proliferation
of plastic-based payment systems, provide the means for the City to gain experience and
anticipate such future programs such as stored-value cards for parking meter fees,card access
City parking lots and other similar services. M
Central Bank is a large merchant services provider with customers nationwide and a
credit card division on track to process over 6,000,000 customer transactions in 1996. We -
currently provide the City with a merchant program and have installed credit card terminals
and printers at the Oak Hills Golf Course,Parks and Recreation and the Municipal Court, The
Municipal Court also utilizes a PC-based batch processing software provided by Central which
features data input and batch processing capabilities. We use the services of First Data
Resources(FDR),the largest card transaction service provider in the United States,as third-
party processor. FDR is staffed with over 130 people to work directly with Central Bank.
FDR serves over 360,000 clients across North America with unsurpassed service.
Central believes the credit card service of the City can be expanded during the term of i
this contract, and we stand ready with several suggestions on how to enhance their
acceptability and their benefits to the City and the consumer. Please see the Bank Card
Systems and Services section of the Appendix to the bid for additional information about
Central's Bank Card Division and the products and services available.
I
P. Purchasing Card
Central has been developing its own purchasing card at the request of numerous of our
customers. We are currently in testing and have piloted the card internally at Central Bank.
By the time the City is ready to implement the service we will be ready to accommodate the
needs. Due to the newness of our system,the City can actually provide input into our system
design to the extent that we have the capability to customize it. Due to the local nature of our
entire card processing operation, we can assist the City with its roll- out and merchant
acceptance materials much more closely than other bidders. The following represent features
and benefits to implementing a purchasing card program. Again,something that will likely
be outsourced by our competition to vendors outside of Jefferson City.
Features and Advantages
ter, 'rhe Purchasing Card can be used for most business-to-business I
'1 purchases,from envelopes to maintenance charges to utility bills.
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Scope of Banking Services 6-8
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• Customer-defined authorizations provide control over individual ;
cardholders,corporate credit limits,merchant types and locations,types
and numbers of transactions,dollar limits and more. Individual cards
can be assigned to any person or department, each with unique !
spending restrictions using the combination of criteria you choose,in {
relation to their respective responsibilities. f
• Consolidated billing features eliminate the need for individual expense
reimbursement requests, timely check generation and extensive
company reconciliation, in addition,the bills can be paid automatically
through electronic finds transfer.
• Comprehensive purchasing and sales tax information is available to
you electronically,enabling you to customize analysis and reporting,
monitor policy adherence, track in-state v. Out-of-state sales tax
liability,monitor spending at minority vendors and non-incorporated
companies and view details on air travel and destinations.
• You can utilize on-line access to identify savings opportunities,track
expenditure trends and manage spending policies.
The Purchasing Card gives you the opportunity to leverage your
• position with your vendors by enabling you to know how and where
your spending is concentrated. This can allow you to negotiate
acceptable martins and favorable payment terms.
Please also see the Bank Card Systems and Services section of our bid for reporting
and product literature on the purchasing card program.
'p.
Q. Other Optional Services
Central Bank has become well-known for our willingness to make technology available
R to our customers as it is developed,as well as for adapting to our customers changing needs.
Our Enhancements section encompasses a cross-section of banking and technology-related
services which demonstrate our commitment to quality and excellence. Those Enhancements f
include:
• On-Line Inquiry/Stop Payment
°•`i Dedicated Data Link
• SureCheck
• Check Itnaging/CD-ROM Bank Statements
• Lockbox
• Electronic Fund.,•Transfers(EFT/ACH)
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Scope of Banking Services
6-9
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