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HomeMy WebLinkAboutResolution #3614RESOLUTION NO. 3614 A RESOLUTION TO ACCEPT THE CITY OF CANTON, WATER DEPARTMENT BILL PROCESSING PLAN WITH MID-AMERICA NATIONAL BANK WHEREAS, the City Council of the City of Canton pursuant to the management letter has determined that it is necessary, desirable and in the best interests of the City of Canton to hereby accept the water bill processing plan presented by Mid-America National Bank, Canton, Illinois WHEREAS, the City Council of the City of Canton hereby agrees to the plan in order to provide a dual control of receipt of money and the recording of payments. NOW THEREFORE, BE IT RESOLVED by the Mayor and the City Council of the City of Canton, Illinois as follows: 1. That said agreement between the City of Canton and Mid-America National Bank hereby be approved hereto attached as Exhibit "A" 2. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 21st day of May , 2002 upon a roll call vote as follows: AYES: Aldermen Fillin~~n, Shares, Meade, Carl, West, Sarff, Hartford, Molleck NAYS: None . ABSENT: None . Attest: ri ~ ~ N cy Whites ity Clerk Approved: ~~ Je . Bohler, Mayor Water Bill Processing Plan 5~ This agreement made this day of , 2002, (hereinafter "Agreement") by and between the City of Canton (hereinafter "th City") and MidAmerica National Bank (hereinafter "MNB"), a national banking association. MNB will make certain banking services available to the City. These services will include: Lock Box Services -Daily pick up at a P.O. Box and processing. MNB will pick up the payments from a P.O. Box and process the payments 6 days a week (Monday-Saturday) unless the bank or post office is closed. The City would maintain a P.O. Box with access rights given to MNB. The MNB will pickup envelopes, open, process, batch, and make a deposit into an account established by the City. The City will pick the batch tickets up the next morning. The cost will be as follows: • Equal to payments - $0.18/item • Unequal/exception payments, including cash - $0.23/item • Monthly maintenance/processing fee - $20.00 • $0.05 shall be added to the per item cost if the water bill form is not compatible with the MNB's processing equipment. Drop Box Processing - MNB will process payments dropped off by the City ftom its drop box. The bank will open envelopes, process, batch, and make a deposit into an account established by the City. The cost will be as follows: • Equal to payments - $0.18/item • Unequal/exception payments, including cash - $0.23/item • $0.05 shall be added to the per item cost if form is not compatible with MNB's processing equipment. MNB will provide a checking account to the City of Canton for the water payment processing. The account will be set up on an account analysis charge as follows: • Account Maintenance Monthly fee - $10.00 • Checks Paid - $0.15 per check • Items Deposited (this bank) - $0.10 per item • Items Deposited (other bank) - $0.15 per item • Deposits - $0.15 per deposit Note: Compensating balances could off set the checking account charges. These fees and costs will remain in effect through June 1, 2005. In witness whereof, the parties have executed this agreement effective as of the day and year first stated above. City of Canton By: OL. City o Canton Accepted: MidAmerica National Bank By: 1 Rick Klinedinst Senior Vice President/Operations