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(ACH) of their payroll checks on a bi-weekly basis. State and federal <br />withholding deposits are done by electronic transfer. <br /> <br />Miscellaneous Service Charges - Such as internet charges, daily sweep <br /> monthly service charge, stop payments, etc. <br /> <br />Future Service (Possibly to begin January 2007) Electronic payments of <br /> utility billing customers. <br /> <br />Miscellaneous Information <br />Thc City currently maintains a checking account that is "swept" daily into an automatic <br />investment account. Deposits, made daily, are deposited into a checking account where <br />an average balance is maintained to offset any monthly service fees and charges. No <br />i~tcrest is currently earned on the checking account. Sweeps and wires in receive interest <br />on thc day they are credited. Currently tax settlements and all investment activities take <br />place through wires directly into the checking account and swept into the automatic <br />investment account on a daily basis. <br /> <br />Thc City currently invests its idle funds through several banks and brokerages with the <br />Finance Officer managing the portfolio. These investments include money market <br />savings, certificates of deposits, US government securities, and other investments <br />authorized in the State Statutes and the City of Ramsey Investment Policies. In many <br />instances the City requires collateral on deposits and investment in excess of the <br />1.'I)IC/I"SI.IC limits. Please provide information on how your institution handles this <br />nccd tbr additional collateral. <br /> <br />For clarification on any of the items in the Request for Proposal contact Diana Lund, <br />Finance Officer at (763) 433-9847. <br /> <br /> <br />