HomeMy WebLinkAboutURA RES 2018-11 RESOLUTION NO. 2018-
A RESOLUTION OF THE CALDWELL URBAN RENEWAL AGENCY AUTHORIZING
THE EXECUTION OF CLOSING THE CHECKING ACCOUNT, MONEY MARKET
ACCOUNT AND $250,000 CERTIFICATE OF DEPOSIT CURRENTLY WITH FIRST
INTERSTATE BANK AND OPENING A CHECKING ACCOUNT, A MONEY MARKET
ACCOUNT AND TRANSFERRING A $250,000 CERTIFICATE OF DEPOSIT TO
BANNER BANK AS A CONDITION OF THE ISSUANCE OF THE INDIAN CREEK
PLAZA BOND.
BE IT HEREBY RESOLVED by the Caldwell Urban Renewal Agency authorizes the execution of
the closure of the First Interstate bank accounts and the opening of bank accounts with Banner Bank
with completion of the supporting documents provided by Banner Bank made a part hereof and set
forth in full.
PASSED BY THE CALDWELL URBAN RENEWAL AGENCY this 12th day of March, 2018.
APPROVED BY THE CHAIRMAN OF THE URBAN RENEWAL AGENCY OF THE CITY
OF CALDWELL on this 12th day of March, 2018.
APPROVED:
CHAIRMAN
ATTEST:
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SECRETARY
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MEMORANDUM
TO: Chairman Hopper and Commissioners
FROM: Carol Mitchell—Deputy Treasurer
DATE: March 12t",2018
RE: Approve closure of First Interstate Bank Accounts and Open New Bank Accounts with
Banner Bank
Requested Action: Approve closure of all First Interstate Bank Accounts (Checking Account, Money
Market Account and $250,000 CD) and Open New Bank Accounts with Banner Bank(Checking
Account, Money Market Account and $250,000 CD)per condition of the Indian Creek Plaza bond.
This resolution, if approved, would allow for the following rates to be earned on the Money Market
and CD:
To follow yesterday's phone discussion with Carol; I am very pleased to confirm a substantial increase in
interest earning rates over what is presently being earned at FIB. We were able to approve the following
exception pricing way above standard rates due to our large Bond investments and strong relationship with the
URA:
1. Banner's Money Market account will earn 0.65%
• This is 50 bps higher than your present rate which will generate approximately$7,500
additional annual interest based on the$1.5MM balance carried)
2. $250,000 Certificate of Deposit with Banner will earn 0.55% interest based on a 13 month
maturity
• This is 35 bps higher than your present CD at FIB which carries a 4 year maturity
• Given the favorable rate increase and maturity terms,I recommend converting the CD
to Banner concurrent with transfer of the other accounts and Banner will reimburse
the URA for the actual prepayment penalty for early withdrawal(estimated at
$125 for 90 day interest penalty)
Along with the above rates,they are also proposing the following Treasury Management Products and
Services:
Treasury Management Products/Services:
1. Single Feed Remote Check Scanner(no charge). FIB=$65.00/inonth
2. Online Banking capability—Carol as system administrator
3. Positive Pay(fraud prevention for check and ACH transactions)
4. Anticipated Earnings Credit based on minimum balances will offset any monthly fees
NN
BANK K KYC Account Due Diligence
for any Checking or Savings Accounts
ACCOUNT#
PURPOSE FOR THIS BANNER BANK ACCOUNT SOURCE OF FUNDS FOR OPENING DEPOSIT
Transferrin URA Mone Market Account $100.00 check
OTHER BANNER BANK PRODUCTS&SERVICES EXPECTED TO BE UTILIZED(For Businesses Only)
Money Market, Online banking, Positive Pay, Remote Deposit
EXPLANATION/COMMENTS
Provide the expected mi activitV in this account for various types of transactions.
ACH Deposits . _ACH Withdrawals Total ACH Transfer Volume
TOTAL AMOUNT DEPOSITED($) TOTAL AMOUNT WITHDRAWN($) -- EXPECTED MONTHLY ACH TRANSFERS — -
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#)
1 1
_Cash Deposits Cash Withdrawals Total Cash Volume_
TOTAL AMOUNT DEPOSITED($) - TOTAL AMOUNT WITHDRAWN($) �— EXPECTED MONTHLY CASH TRANSACTIONS -
$1,500,000.00 $ #
_....._---......... .___..__.........__.........---_.....__..__..._....._..__.^._........_..__...._......._.-..___....__.._._._.._..____..
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#)
# qq #
Incommn Domestic Wires Outgoing Domestic Wires Total Domestic Wire Transfer_Volume _
-TOTAL AMOUNT DEPOSITED($)— TOTAL AMOUNT WITHDRAWN($) - EXPECTED MONTHLY DOMESTIC WIRES —
_$_N/A.... - -------..._ ._........- ----- #
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#)
_Foreign All Deposits _ Foreign ACH_Withdrawals _ Total Forei n ACH Transfer Volume _
TOTAL AMOUNT DEPOSITED($) — TOTAL AMOUNT WITHDRAWN($)Y EXPECTED MONTHLY FOREIGN ACH TRANSFERS --
NSA -._..__._...--
- -- ---- --- - . #
TOTAL NUMBER ODE_ IT- TOTAL NUMB— OF WD #_.. —._ ......_
• o ® o • o •• o 1
SENDING-OR-RECEIVING LIST COUNTRIES FOR ACH TRANSFERS AGGREGATE MONTHLY AMOUNT $
❑Credit/Deposit ❑Debit/W/D $
❑Credit/Deposit ❑ Debit/W/D N/A $
e ,
Incoming International Wires Outg igg llnternational Wires Total International Wire Transfer Volume
TOTAL AMOUNT DEPOSITED($) - TOTAL AMOUNT WITHDRAWN($) EXPECTED MONTHLY INTERNATIONAL WIRES
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF WID(#)
e • ® o
SENDING-OR-RECEIVING AR R AGTE MHAO
❑ Credit/Deposit ❑ Debit/W/D $
❑Credit/Deposit ❑Debit/W/D N/A $
DETAILS COLLECTED BY OR REVIEWED BY: DATE;
November 28, 2017 Page 1 of 1 RMC.F-K010; Version 2.0
f y,�
BANK KYC Account Due Diligence
BANK
for any Checking or Savings Accounts
ACCOUNT#
PURPOSE FOR THIS BANNER BANK ACCOUNT SOURCE OF FUNDS FOR OPENING DEPOSIT
Transferring URA Operatinq Account $100.00 check
OTHER BANNER BANK PRODUCTS&SERVICES EXPECTED TO BE UTILIZED(For Businesses Only)
Money Market, Online banking, Positive Pay, Remote Deposit
EXPLANATION/COMMENTS
pProvide,the ex ected monthl activit in this account for various t es of transactions.
sits ACH_Withdrawals` Total ACH Transfer Volume
.::
TOTAL AMOUNT DEPOSITED($) TOTAL AMOUNT WITHDRAWN($) - EXPECTED MONTHLY ACH TRANSFERS 4:._
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#)
# #
Cash Deposits Cash Withdrawals Total Cash°Volume_ _ _
TOTAL AMOUNT DEPOSITED($) TOTAL AMOUNT WITHDRAWN($) EXPECTED MONTHLY CASH TRANSACTIONS--- -
$250 -....5, 0.00,000_.__._._ ._�..........$250.._.'.._5,000, 00_0_ _ _ #
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#) ^
#5-10/month #5 - 10
Incoming Domestic Wires __ Outgom Domestic Wires _ To_tal Domestic Wire Transfer Volume
TOTAL AMOUNT DEPOSITED($) TOTAL AMOUNT WITHDRAWN($) _ EXPECTED MONTHLY DOMESTIC WIRES
_ N/A._...--_......--- -- -----_._............._--._._.$_._—_._..._..._ ---- ....�_......__....__............_. #
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#)
e •
Foreign A_CH Deposits _ Foreign ACH Withdrawals Total Foreign ACH Transfer Volume
TOTAL AMOUNT DEPOSITED($) TOTAL AMOUNT WITHDRAWN($) EXPECTED MONTHLY FOREIGN ACH TRANSFERS
$N/A $ #
-.--...___..._..-.---.___.__.-_..._.__
TOTAL NUMBER OF DEPO__-.___._..._...SITS(#) TOTAL NUMBER OF W/D(#)
Elmo ' o D o' o •o o ' ,
SENDING-OR-RECEIVING LIST COUNTRIES FOR ACH TRANSFERS I AGGREGATE MONTHLY AMOUNT($)
❑ Credit/Deposit ❑ Debit/W/D $
❑Credit/Deposit ❑ Debit/W/D N/A $
MEEZEM MMIM
Incomm International Wires Outgoing International Wires Total International Wrre Transfer Volume_
........ .. _ _.........
TOTAL AMOUNT DEPOSITED($) — TOTAL AMOUNT WITHDRAWN($) EXPECTED MONTHLY INTERNATIONAL WIRES
$N/A $ #
TOTAL NUMBER OF DEPOSITS(#) TOTAL NUMBER OF W/D(#)
#
o ' o � o • o •o 0 0 '
SENDING-OR-RECEIVING LIST COUNTRIES FOR ACH TRANSFERS AGGREGATE MONTHLY AMOUNT $
❑Credit/Deposit ❑ Debit/W/D $
❑Credit/Deposit ❑ Debit/MD N/A $
1 �
DETAILS COLLECTED BY OR REVIEWED BY: DATE:
November 28, 2017 Page 1 of 1 RMC.F-K010; Version 2.0