HomeMy WebLinkAboutAgenda - 09-01-1998 - 9aSUBJECT:
103D11.1 SOl2hDt•O .1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: September 1, 1998
and Contract
ATTACHMENT(Sp
Master Service Agreement
Deposit Reconciliation Agreement
Zero Balance Account Agreement
Account Reconciliation Agreement
Check Image Agreement
Positive Pay Agreement
Crucial Connection limermetion Reporting
Agreement
Direct Deposit Agreement
Public Fonds Investment Account Agreement
Action Agenda
Item No. q_ at
PUBLIC HEARING: (Y/N)
BUDGET AMENDMENT: (YN)
INFORMATION CONTACT:
Ken Chavlous Eat 2453
TELEPHONE NUMBERS:
HBBbarough
7324181
Chapel BID
968-0501
Durham
688 -0331
Mebane
227 -2031
PURPOSE: To consider awarding a contract W Central Carolina Barre (CCB) for the provision of
banking services to Orange County.
BACKGROUND: In May 1998, staff int rme i the Board of Commissioners of plans to pursue a
request for proposm (UP) process for the provision of banking and depositary services. The
County Finance Director has headed this effort during to past few months. Orange County
mrendy uses NationsBartk to provide these services and has been in this relationship since the
eariy 1980s. County sniff have bcen plwsed wiN a services provided by NationsBa over the
and the decision to solicit proposals in no way reflects adversely on the quality of service
rendered. Generally acceptM governmental financial practices include periodic review and
assessment of on going contracts such as auditing and banking services.
The Finance Director circulated an UP b all names located within the boundaries of Orange
County. Although the UP statedthe essentiality ofa Hillsborough location, faults with other
locations were invited to describe how they could provide desired services without county staff
having W travel to another town to make deposits. Responses were received fiom five banks: CCB,
BB &T, first Citizens, Wachovia, and Nabomeamr. As with the UP process undermkm in 1997
for auditing services, the Finance Director formed a team to review the proposals. This team
consisted of the finance Director, the Purchasing and Central Services Director, Revenue Director
and Assistant County Manager.
After initial review by the team of the proposals, the too banks located outside of H I I Is borough
(First Citizens and Wactors) were not considered further due to their lack of response in the
requested information about how they would serve the Coun ty without a Hillsborough fanlity. Thu
three banks with Hillsborough locations all submitted proposals that were responsive to the
information requested in the UP_ The responses were very competitive relative to experience in
managing similar accounts, the banks' stated ability to provide the services desired by the County..
and pricing. Due to the competitive nature of the proposals, the review team chose to conduct
interviews (which included the County Manager) with all three baNcs- Each bank was requested to
bring the individuals proposed to work with the County 's accounts, since the ability to interact
favorably with Comfy suffix a critical consideration marry hanks selected. In addition. the banks
were asked to provide demonstrations of their automated and electronic banking services. Other
criteria for evaluation included, but was not limited to:
• Customer service and responsiveness
•
Innovation and creativity in providing services
• Con of services
Ability of the liquid branch in providing services
• Financial strength of the institution
After interviewing each firm and viewing the demonstrations, the committee agreed unmtimously
that CCB could best meet the County's banking needs. The committee's decision is based upon the
following factors :
• Experience in providing service to other public entities.
• Automation and electronic capabilities were the best of all ma dtotiuns interviewed.
Lower estimated annual cons.
• Main operations and customer service center is located in the area (Durham).
• Because of size will he more responsive and provide better customer service.
Although cost was not the most important factor, estimated service charges for CCB were slightly
lower than those ca ardated based on rotes proposed by BB &T, and substantially lower than those
calculated based on was proposed by Nationalizing. Estimated costs were based upon the County's
historical account activity (the average number of transactions of various types as determined by the
County multiplied by the per unit mm provided in each bank's proposal). The service cost
estimates are outlined in the table below.
With regard to service charges, the majority of banks treat governmental bank accounts as
commercial accounts. Commercial services provided by bads; tend to be more extensive, and thus
m expensive, than tMSe provided to individual account holders. Account maintenance and per
item costs are assessed by banks to all commercial customers, however, these fees are offset by cash
balances within these commercial accounts. This is similar to the concept used for personal
checking accounts for which the boar can have checking ifcenain balances are maintained. The
term used in financial circles to describe this is "compensated balances)' The bank uses the cash
you have on bond to generate sufficient income to offset your fees. If the estimated monthly fees
CCB
it
BB &T
NationgaM
Monthly
$2,148.24
_ — _ $2,18152
$2,153.19
Annualized
$25,778.881
826,178.241
133,038.28
With regard to service charges, the majority of banks treat governmental bank accounts as
commercial accounts. Commercial services provided by bads; tend to be more extensive, and thus
m expensive, than tMSe provided to individual account holders. Account maintenance and per
item costs are assessed by banks to all commercial customers, however, these fees are offset by cash
balances within these commercial accounts. This is similar to the concept used for personal
checking accounts for which the boar can have checking ifcenain balances are maintained. The
term used in financial circles to describe this is "compensated balances)' The bank uses the cash
you have on bond to generate sufficient income to offset your fees. If the estimated monthly fees
offered by a wim are lower, so is the balance required to offset the fees When the required balance
is less, more funds are unencumbered and available for investment by the County . Staf texpec s to
routine the County s historical panem of maintaining a balance of funds in the bard: account to
cover outstanding checks that is sufficient to offset fees that would otherwise be imposed.
Staff recommends that the Board approve a contract with CCB for one year, with the intent to
renew annually for three to five years. As with the audit, the commines recommends that the BFP
process be repeated every three to five years.
If the contract is approved by the Board, staff expects that the time fimne for transitioning from
NationsBank service to CCB service will be approximately 60 days. Implementation issues include
items such as the opening of new arum nts and closing of existing accounts, establishment and
training for new electronic end automated services, and conversion of existing electronic transfer
agreements.
BECOMMENDATION(S): The Manager recommends that the Board award the convect for
binding services to CCB, subject to final review by staff and the Cowry Anomey, and without the
Chair to sign the master and associated smite agreements as behalf of the Board.
co uSERVICES
EitViCE S MASTER SERVICE AGREEMENT CCB
Thin Agreement u between Omaye Convey ('C000grmy') and Cearral Carolina Bout and Ttat Company (he'Rank')
The Bmk agree to Provide in de Coa4enY. subject to dr term and catlihan of d s Agreement, each of toe cad
mmagmem avdla
pule, each ce Agreement i W w mid! rvice dwmce3ed m the of this Abk p aP veest Servke A6eemem. Once sienv4 by bdh
ad tlr service dacdbM u mbjn m tlr
raw a rhu Agrtmea. FarA Servke Aprmeu will be a nepuue sM dk! ct rmtna t tlr servim demribM and
uvku nrd oderwue, wBl be mseryrerrd sepansety from mY aea Servta Agemoem.
1. . The Campmy s ®eo m compmw¢ dr Bmk fa Pmvidivg servko Uased on Ne Price sod u the
dma n kM k de Schedule a Caomerckl Servla Charge. The Company maY m�vsar de Bavk either by
fan f r A newri m balance, uvkan aherwue rnsca red by L 1 r The Cmgvey nm ogee r entmeeesu Uto
Bavk for sU kidel nap and Progmmmmg expenses requirui kr oopkmeastim a rime aavka a required dr to
n chan6e or mod'dkamv a the ew coo a m*mmd by dr Cnvmmy. NitiY n-r@ evtlla ProH<at®iv6 chssga
will D<Naifim by the Bmk Prkr m 000memvy nose err pragrs®'vtg. The Beak mxrve de right a moire the
pdera BRed d de valnu 4W.dWO u+nY time.
2. The Book nhaB uae rtammbk as mprovile each ace serv'rn avtl abB OWY 6e lisbkw
tlr CoarPmY far km a dawge wtko v<a dma reuh of the Bavk'r Hrae vegligmre a wi11IW miecovdrt. The
Bavk rhea. k soY even, have m lieblBly fa the utlsat. ryaW, err mmdprodd damga a do Campmy m wry
dad Pmty,rvm one a aatlre Preens a wcd&el imm Theudw tar Um it wbkfa bee aduorgem dr
Cmryurq Clear nn o tm a mimes a a% dud Perry. k, or ag bm as Ir any other s crosks novice. dr
Aummag t Clerkg House ('AM'). de Pederil Rare a Beak, m andi mn a vry adrr Patty ivvolwed w y
lose "ing the es winabb services. aoer rout vey's oncom 'rN by the Bmk, lbe Bmk mrB have m Babilny for my
lose m demegee which reaR Gam toe Carmmy'v agligeoce or wdlPol mu mdua.
hdaaj an The Bsot eWB lot be ding. Wle fa my deW, ar feihve m provide the em'rn whsh reWt fs®
sess beyond ib rarmWk mnvol, srdtlser, hW oa I®ikd m. env of Gad, mom, rku. me a wu, Wvkmia.
foe. Imo faihue, poem fedua, anhtPukn os dhad'uuar.
a. Tim Coogmy, d vanafeabg tuvd Via the ACH, wdB raeive, wpm wruen requefl, a
copy of time Operating Ikks W Vracednn ('Tim Redraw) of the National Anvomued Cla Haase Association
('NACHA'). Tm Campq ugtaambe bouvd by the RWamdry ahrg bemMra 6om rm.emtlme. kvevr of
n caWBm bawao th pmvkiou of der RWe and there of avy Product Service APe®mt or dame Cammemad
Service Mom Agseeorm ahe Provitiona ode RWa vhW 8aam Tame defined a Ae RWa ahW Dave the name
moving u w doe Ailmmen.
Any ACH omuctiov saatl b ttr CompvY'a name m camikva with dr vemdty Procedrtm descfde0 W acs
Service Agseaam will be dre.e�med emoorlmd, biodkg, and enfarcabb Wan de CavWUry, wLahra on
acwagy ofd k by the CaU mlm dr Co . m Prove m[o wseracdm wv rot aahoriaed wu1Wt du
nrznity of Artick 0 commercially me Gvi( Commercial Cede. The C a agau aclmawbdgw am agree der he samiry
procahces Provide any roprertanabk emir prproucsoomesad. Tin C ma won. The de l3any
uvdersnvod der s maY repro oboe dur uctmry Procdure J dnirrtl. M Carermy will naaY due Bank
utmMUr1Y if h believe a semrsy Praanka Ica been vkkW.
s. awmme "' M Undeav®M }rye ccm y sbll be «potnitle for (a) pmvwd all ukwmmwintion
fwieties a Or IuNwart mcmary io swew the u wes: (b) i Wmaung pfocedmm w mint', ua
ttgOlrt m for ¢ y of JWa iWnr aM wapOr. avE (c) mmpWa a fl a erzlemal w We urvwa f r
rewmwcm:g Wp dm.
6. All sppBwaon pmgrma made avlilabk ten eee by tlu Company wJl h mWe aysuable m m'Ag IS'
bast WI11pm Wdraanly.¶le&pk mlep nn rvprQerysYam Or Wa(fYmp w m ft af4lraCY. wren Or lvellablelr of
me udwmaum wvmirod k wry danbau made avaJable fm om by the Compny w w tmr whir dm sa .
]. (p ,Tbe Compeers b mdmmify am MW be Blot earmlm Gam W +mm+r aN'a Wcalms,
dmmW, Iwm, UbJ m nWemm (Wmlediog apoarcye' fm and wen) raWUN du y m kdunly from or m
wmxoov Wuh me ppmmawe by foe Boot MVe dww sod ablyedova uotlm tlda Agpcvmn m m PmvWkg sp M
dm mrvicw.
8. CmBdmrkerv. Bam dm Compevy am lee Bent lcWmwktlge mw sU dm m whuh arL papy gaup same k
cpmarion w'vh w by reamn of udlirlBOU of MY athe mf k ahaB be regarded w wofidmdsl end maimo by
dm Omer patty m mtfen woftlese.
9. Wmk PaWmn. All msmWe smla bflwwelu:mutlm pmvWNb me CampvywpwrMme mav'va wBltmaw
me eacboive property M dr Bavk and mY m be aeM. dummomd, oawfenetl, m rryramrN by me Caogwy k
mY mercer whhpo me BWC'a prim wrmm worm[. Upw mrmimdw oI db eervtw, dr CpWloy ahlB reow all
sppl'vable mammis eomm mflwm m me Bak
M 0gy==� lire Coopavy mry m wayo m ampwke rtam(v m rigbb or obligsdOOa f Ma Agtemem
wimwr me prim wrmm comer Mtbe Bavt. M Bavk mar, u ha mk optlm. hl0afer ua d8hn and/or oMigatiow
node mk ABpemeu m mY Mua cOraept m femrt preen. aBdiarw, m mbvtlkalta.
11. yyg)gg, Avy wrioa ootice laden m, m wuh ampm m ary meow dwh w'vh m mk Agmeaoem or avy Sluice
Agreemm ehsB be mnr b me fo0owmg edma, mh amerwiae ¢cdd'm tlm appltabk Servim Agreemm:
V w me Bent: Ifb the Coobmy:
CCB
Am: C®veul Servuw Oeprmmr
tll Carwnv Sleep, MO 62
Puryam, MC 2]'102
12. MadiMetbm. Thu Agramm my mr br amemlal Grab m by eoy cwrae M wodm pmwed by eimm or both
de Bsvt am me Coobeoy. The Book mY amend mu Agumen m avy Serviw Agrmmevt Y avy mm by uMkg
wriveo mr've of madmen m the Cam. Sorry mdse shall rpmdl' me dm aWw wei<e dory emedmm eWd
become efiadve, wem dm ehW be w kw rot (Iq dy2 eBm me dm mce oodm u em by tlm Bent to dW
Compmy. The Book svd me Co�avy mY slot mad mY Agrammt m mtY Service Agreemma p mY mm, m
wrung, eigrcd by m smhorizN RpRrepmdve Mach pot'.
13. TermWatioo. The hank or O Company my wmumm Nis Agreement or any of Ne sery upon N (30) drys
woven ro u, or n c0 mr specified m do applicable Service A parr. Temiretion SW nos relieve elbrr
parry of arty obligation or Ii disies r=rrW poor to Ne efiecdve dme of mnrmmtion. The Bsnk trey disc000nuc
Nu Agreement or any of Ne aerv'un immdiamlY J Ne Co y f m cmnPly wuh aay of Ne menu of Nu
Agrttnwn s or Ne a ip bu Servir<Agramem.
14. g Thu A�m u Ne corap a avd exchuive sutennn of Ne spemcvt of Ne pamo hem
and slWemmu ell prop oml at wsmm apaorm am nher co ®vo'vsusaa or wwenm"s bem'em Ne Pu
mWM to Ne subject mnef of Nu Ago m .
15. rI+ 1 Apemen ahW be rmrmM m arwodavice wWt and gwermd by Ne laws of Ne Smm of
NoM Uro a .
lbe or m gi mpreromtive of the Con rqq Nat Ne elation of Ne Agnomen hen bsn MY eudwriaM
sod u a boding obligation of the Coxow .
A� DAM
pmnge Count Central Cmima Bankavd Trust Cow
A Treasumr
PrvWaa .fmume aaua
cOM1Br cR DEPOSIT RECONCILIATION �+i-rn
SER"CM SERVICE AGREEMENT CCB
Thu Deposit ReconNiadoo Service Agteemem m emend hao by Ormge Comay (ft COmpsey') am Cenral Cmoliva
Back a Tom Company
The CottWmy a the Rank hereby agrm as fd :
I. The CottWanY will have mrimlYrrcodM depose rekem primed wire , wigoe pa for cmh depmh k m m
acrocdamew dm pcRmadom ahem prov by me Rink.
3. The Company will peovlde aanple depodt d to W Bmk for vmifeadon of madabiBry waW m o new miler of
deposit dclmu. The Baok MY assess a rvtchatge J W drymh &c mjw rme exrnda 1.5 permm during any
rxovciliadon period.
3. 1M Rank wBl ptavide d Co y with variau depmh repom lmdng the mnnob mmiber, depmb dme aml deW ut
amwm[. Report wW be wddalm by larube.
d. Ttr Bavk wO rite neon & aW on piper. mvprdc mpe. raveve, m W, dau va®imoe m me navtlsN foo u
epeofim by dm Rank. AllemmivelY. the Compoy mar choose m receive, Cmpmq yxired tmmm. d u8 mrmm
h accq a lemM Bmk.
s. The Bmk will make paper ttpmm available (divmUOed) mwm (7) bm days sere I and of the appjc
rtcwcJiedao pmmd avd wL deliver l6e rtpmY aoemdW m tlse Ca�avy'e mWUCUm. ff dC Compmy elm on
de Bark's Aocoun RaovnBadw secure, depma mcpnNi,doo teporn wID am®sdcapy W delivered m dw same
dme ae dr AUmmt RecooeBiadw rtpotm.
6. TheCmq:mY aPnmhbmmd by tln bm,cmtl0em am PSOmmm'amMmed wtluaSwve Agrcevrm. Otxe
SW by bwh fmamea hapo, Wu SeMre Agmemev eh,B imoapomte dr mtn avd cool of the Comm W
Services Mafmr Agmmrzm between ibe Back svd tln Ca�rmp.
Otmge Caumy CemY Cwlas Beek and Tnt Coo
amd�W rmumm
Boyd W. R . N Amiatam Tnmmr
8
COh RCf ZERO BALANCE ACCOUNT C'C'B
SeR"M SERVICE AGREEMENT
Thu iero Bslsarc Accamr Service Apeman h emerei wm by and b m Oaye COe (We 'CnamanY') aM
Ceval Cardhu Budr avE Tmu Campny (Ne
the ConW am We Bank spa a foB r
1. Frd Bank bawas "Y. We Bak will make mBuiem aaehn benvan ft maau daipaad by me Coo y
m We Baku aro balance axaon (aN a "Subsidiary Aaaue ") W an aeoune dnipund by the Canm m
me Back
for uamfev to or from SuhaN Artwma (be 'COOranwion Au:dmr') m orhr m mmuln dm
balevice m eab Subadiuy Acmme a aro donna.
2. All chug spina a SuWid uy Accaa will be fundW by me Concennada Axone u du and a eah Bak
buaiom &Y by an of vamp cnd m auh Subsidiary Aacaue sod a wnespondmp debt m dk r�....«.....
Accouol.
3. All dry m m a Subaidluy A< cam[ wiB W beafared m W Corcemauao A u Le and of ar8 Baok
busmen dry dwogh m offmmop debh b such S Aay Accauo[ am a conapoudmp caatli m We
Cadcemadov Aaamr.
d. Sepann vamfen will be made far cbu9a aN depain. Na vwfen will oos be mal.
S. M Bak may win.» psYmn m ay disWaeemem spmu any SLNid'eay Accamtt dtlu Codceno-atloo Acwum
does oa rnwm mificirm aopemed flmN. TYm Bat mY. a ha aptloa aem<m oveNnn w me Coaxaredon
Aamun fa she puapae of avafessieg taN m a SLNWIary Au'wm. m arL even, de Bak will ar be liable
b afm Canpm' fm aY ham Wad w of a Subway Aaamr. The Company wyB PraaamdY WY b We Bak the
eraimr of avy oveNraft. vm averdM a cram0 m ay accoia, the Bat my ammaa mla Apamm upon
mda b am Coamwoy, a � remove awry SWridivy Acca�m from ways under dtis Apemen.
6. The Coauoy spas b h bamd by dm nnm, rmdhlam sod paaa�ua rmumetl m Wu Service Apeemen.
C ud by bah WNa haeoo. this Servce Meanm aWB marponn dr tam em aintl0om of du
Coaiaacial Saviors Maus Ap®eoabelweev tlm Bak sod We C�.
ACCBPfED DATE:
Cerra Carolha Bak and Tut Conn
Boyd W. Baru, N Asian Treamer
9
cohmu:RCfnf. ACSER IC N
sR Ftc E AGREEMENT CCB
ltis Attain[ Rec uWoa &rvlx Agreement rs enmrea ha by Orange Coumy, (thc'CUmpany) aM Cemrsl Cuogm
Beat a ad trust Coatpevy(dc'Bat'). The Bulk offers thrte A[cwuo Recarcgiadoa Programs:
• A- FWIRewailiadoo
• B- Paswve Pay Bervix (whhMRecacBbWoaoWy)
• C -Paid Raamifudoa
The CPa¢YB'hu elesN W or _ovay.
(FW in'A','B' or -C')
The Compny am the Back herby agree u MB :
1.
a. The Coco ny orW 6: v m 0e Bak iaa m(ormsdoo demo ossuary by me Bak on a mum nod m a
farwr agrzed m by me Bak. Va1W bstte mformatloP must be ntme wavtletd farina Colin amthcr forma u as
mw ao Avachmva 1 herein u Nxcilyd and lamed rcrPOWe by tlx eavt. The Campmy wW Prmitle xch
im'ormvlby the C Me .)bat bwuss daYS allm me eN of rah rsacilmdov Perbd O.e.. me ctm0 darm
rysewt by the CovWaoy.)
b. Prmr to a adog a PoB Recaociliadao Prognan, the Caaoqsoy wBl prur d she Baak whim m iwe loformmon
on a metlh® agtatl to by du Beak sod the Cartmavy.
c The Bak w moue th Cor t oy's mme mbrmadon to debt htfsmumP npft M by the Bak during the
remtcgutloa Pumd am pro& varies [sperm For the Campry.
d. Imu hdotwaov uo be rsrivd on wgoedc , uuece. db U , or by dm travmbioo as whr by the
CoramwY
2. Perigee Prrgmwlo- grpusx Agrrmex Aaarhrd
3.
iltc Bsak wgl upoue r8xb paid mforwdm tin uch recarcguuon period avd poAre varwu rRaoru for dx
Compny.
a.
a. The Campavy w01 provtle seaRle checb m the Beet for vent We a of rttlabia , sa muu cocain me
check xrisl mater m the hBCR Ime. Bbaum the Cor�.aoY raeive a Dery arils Mrhrb, eapk rffika mau
be rmbmivM. 1Le Bat may aum a moLVge B ttr check rzjsr rue accede we sod am half perrznt (1
In %)durvg anY rtarcgudan period.
b. The Bavk mQ perform rsaaeibiatlon urms whhm dine 6 gciTstd by the Bak after ember: (a) the
Accouv suument cvm or (b) the due thu valid uwx ivformedon vtl cWVA mNia bnw m rates,
dukeae, mane, or darer va fioro art rac M horn the Company, wbmhever u burr.
c. The Bat will bout ouqu in the wotlsrd fotmar mdme svdher forma[u apec?Na agreed to by the Bak.
a b&d 6,
The Gant wdi provide d Company wiN microfilmed copies of d from v buck of Rid checks a a paper
awhich r W wffi w xry mmihm n of Euh k anW W Ueck will be IiuM wvh Ne RW amaw vW
a vacer mwbea which wW itlendfy dx location of dw cJwck an dm microfilm.
b. ChsY 3arvge mdDMru Ybv
The Bavk wW ft phy Company's Paid checke fm 60 mya aam dm ACwovl rcqu e a copy dme. ARer dx m0
of such Rrwd w foov W chxW will he desow Shah tlm Carywor mgohe a ph of a click after 60
date, roe wW pW4 pha on: fiam microfilm. To rryaem tlx origmL or a PhorocoPY. We Compmry
mm: vrRitle dm fauawing m( smation:
The BaNC avigiW aMaeace mmhr ham tim xco�cdiatiov upom
Tm Rid sue ame i�
6. ILe Coo P apeea w be board by dx bma. coNitiom aril fr Wn 000uimtl cat Wis Smite Agmemmr.
O sWg by b pactim harem, Wu Service Agramem a hroryorax the x and wndVtiom of dx
Co®ercial Service Mauer Agrtemembemeen dx Beek o dx COrrmmy.
ACCEPTED DATE:
Daaoge Cmmry Cmnal Cmofma Beck end Troy CwQanY
Boyd W. Baran, W Aaunrt Tmgwrer
cobmu;Rc3Al. CHECKIMAGE
s le WcES SERVICE AGREEMENT CCB
'Nis Check M p Servke ABmemem a eomrM mm by Osaoge Ca W'Campny') aM Cmml Camihu Bavk svtl
Tmv CnnPany
The Campny1 om Bank hmby apa u foB :
1. TM Bank will caPOne chxlu paid kfowatioo for oN reppcBletiov plod am pkce W image of We chats on a
Co-ROM.
2. The Bak wiB proviie m om C ROM, po iodex<a of dm chat ®sgu Wl m infawation oosmally 1a m
dm MICR tine. the ivdesea wgl he Uk check � mmom piE. Addmoml k* mtlexM Eau k
ava k be negaEeuE wi0 them�mY.
3. Th Bank will provide m m mll em CPR M oP^ whereby the cunem mwma mfosmadoo wiB t< added m
pmiou lipu wl by dm Back. The amber of momh¢ mcamulmM m o CO ROM w Eepeod on U
vohweof chmta paid B wy capbNEa of ROM teeN LM
a. The C�o ampler m tlm Bank for verification of maoabifuy. Cheeks mua amain dm c k
aerial vmhr m the MICR tim. Shout tlm Ca�my rMniBR m checb. unpk chreh wue be seauLmOetl m Lk
Bat. M Beek may saes a smrMsge iftlm check rryem Ne acle me and we half pemem (1 t2 %) Ankg soy
sumnma prod.
S. The Bkokw8l mod lbe C6RM
- sphmdm pf apealBN by tlm Rank aBer the acm owftr t 'sm.
b. SheBak wgl wmdm CovWp phphy pid rhecb stpmamm"d. of 9D drye fohowW Em reamr'e mmW
mmHdme. At the end oP Ibm period, WYeical rlamlu w81 be dmROYed. �b tlm Co�my re9uhe a wpy of Um
Chat, tlm Bak wW psavide phw «opiv ham h'a memfiM rcmMa.
T. Bvge mhwme w81 be psovil by the Bak m the Compmy to m ioiuel ax ti0C charge. Softwam eohaoamem
IvwaW by dm Cm�asry w81 be oegouvtad wd16 tlm Bak 1 appm.M before mcotporawn km de rumem image
mRwme pcksge.
8. The COmpmy s®mmbebwd by themw,rmtlitiam om pm lama mm+meo mlhk gervce Agramem. Orce
sigl by bah prdu hemso, tiv Smvke APenvmN ehrB acaNOram the mime W carllmm M the Commeaial
Servius Mmmr Agmemem besw2m db &nl[l tlm COwmry.
ACCEPTED DATE:
CewalC lm BW ad Tw Cm>psny
Boyd W. Emrk. W Aukmn'hesmrer
CO6° I'
mvlCES ACCOUNT RECONCILIATION
ces
Positive Pay Service Agreement
—/ 12
CCB
This Poeiave Fay S = Asleem n u mmW into by vW Mwem Qmge C (Ne "Cmpmy ") ma C Oral Cudma Beak ma
TOM CompmY(me "Baok�.
The Cmopoy earl die Berk hereby agree m folWs:
1. Company's Rerm"ImMka
A. Cmwy a&all pmwae m Bane Oreek(eeM bfwra a uaeMM hebw, wimie erne beakers dry, aeBOef u M1bomy
wmp Fbia.r, ennhabg du kpgy m<ognima mlimra, peuv m me imme. e.o- a me v"a. aeBma u me am nPnn
which the ehxkumeiW mpdmlW mWe paYx.
B. The Check km. kfmmmm mxl erelumme new nmherofine enxk, memlle mmwamem «k ma m. too- nn
which me ehvk wtl ixuM mtl move ke f«w«aea m Bmk vie Nm emwiuio4 ma®etic Iqe x up cwiage mmg a
p�MRVmkW muvully s®xtl upon fmmLLmamuv be azwmpaoief by even ®ival mmtomnfim me eooamn of Ae
mfwm
C. enmsmraw ry dr
lnwHem)z byloo p.m.Etlmv nme nn memr meko-«iw. m. o-kf ®ge lid tlpaabxa xkw,
wn.mm emk amnia pane we «rtmm atl n ®wpua. n. muBpaam.hwb. si.m yko-kph®e xB m w� wm m
nmPnxa e.Pmmo-bw nromp emmH. tl.grtea npnn M m. beak..
D. CempnY.ekmw'ka{ ®maa8ln'a mLL ifBmkmm omrteeiw amelY Chmklaue lvfmm®oo, ivmuvaooam dohwx oe
empgymwlmMf«.ny ibm(a)gxmYa, QeoBe CwnH ahallb aemgm hwe apxiflollY inmmva Bmkm PoY
mmmm me ikm01 as wxaupmbyme Mnk ma gmg<COmty.
2 Mak's Resmeamietlm
A. BmkwJlegmm.Ilhmgex Wwnwme Axmmamawillm« =bamapmb me Cbxklweb mMkx
pe Muml by CmP®y.
B. Bmk moo m. W amombb eR«b m wvma8mo ma Moore Uemawhi[h as nm roMe mid Chxk lvue Wfmmearm ere
whirlcovmb m «m maeretollowbsog p eeeixvi
L ne ecmi ember mm. tACM1 ncWbyaof membcLhe Chmk lxm lnmemetioo.
b There omMM aftba ft kampllun Mee peMor our
C. the mWMe prevonme tAC0.eoeoaer {m«Mmmbme Ch«klwe mtwmaam.
6 tM iam wx peviomy paid.
C. Per
Myipmb amplicbe ofd pevi an mrs
L Ir Omxmmnmc wbkbmel�towNfe jabel aYB.ok'slhum w18s)ebm.
C. Beak mall m.k. evailebkmCmpnY Vb xbf su® ib. alleofxch ilea whir8ao «vatmech the CTxk lvm
erto�mbipn a which womms aee a me mceptim abak which mmu M <«axxi by B®k wim m+mebb eRw. I'eu
lin will avber me .eemmt m ®be. ebeek vl®M. ma ddb am«w a r8 ilea ma wJl b mtle avai W b m s
naombk bob by II:ODam OVmn i®emm<dry MC pmm ®eolameiv®mBmk.
D. BankmW pry mY mm rt«vvMbybwlw Bmkleukxx by meam maermemmmmdivtl kmb Apeeonol,eaY
ersbVtam tortmvtlx mm mpaLL
E. In me even Bmk u mebkm maim me Clekce ®Je 4Y evtilWb tl mlim erabore ma Bmk msli amame lirtm a
aelsyW buu tlmm tlpombk. IfBmk bwWk m mam<«kfamimB.liq iawJl kkpbom m mmoama
rtgexnmtiw am.Cmpmy wim mb erf«metim.
J. Au hoebayoa
Pvi«m mmmememml orme smviam m.emlmrahal rmtiah Beak wimamammmiml mP««nmv«. CMWY
ape« me Bmk mayrtH upm my «bphmic mmmmic OM rtceivea fiam u mlov Nmafywg hmNenelf0 an
aamreized ma Bmk b nd rtvpmmbk (m my flnmm vMfixtim.
A. Cheek Sit nestons
All items Mwv on the Accnum sM1all wnlmm to We cLeck sp¢ifceimce ae pmihtl m Company by Bank. Company agrees to
provide Penk with a sample gouping of items N an amount testified by BW., for Barr s inspsmon m ensure, in BaM's sale
determination, chit Item's quality coneol and processing specifications with mpe t to en Ceding uW pater neck x setisfed by
the sets g.
In the evm that Bank tleumiw that the implug dace not mx in s eci cimil mummers, Bank will advise Compny of
the result and Company will not the eliyble to obsess me Pwidve Pay g vice wnl suib me as a new sampling is providedm
Bank and aerermmW by Bmkb le saLLafe[tory.
Comany ember egtte mut me ivuaner of theme o ieh have m tamed Bmk's prim apgovW in auomma wild the check
spMImudomt mar mrvh m implies for exec pta�sm{.
s Thee wy agwtoanmamagmetmm. romia ®tampaemva apm.ipm ipwasmia ngemant ontetipeany
Mhe be termscandiaonasod etlweafmbmWh Serra AgratoemehaB be wnsiMMpM1 ofbe Cammxul
Services Mature Ageemeo[wecMby me Rolle mdCmpaoY.
ACCBPfBB MM:
qng (Zlamry Conceal Carolim Bankandhun COmpmy
(CCWAM'N.Uft -]RPff OBttR) fBANRNANEEE- PBnrr Mir]C)
(AlI11 pR0'D SIGNER) (AUTHWJ2EDABf9l)
Boyd W. Hertis, N Auiertra Treasurer
Mu.¢ smvE. PRwrrfii P) MM6a lmfi -PRBff GRyI )
16 _
CENTRAL CONNECTION
COmm RCw INFORMATION REPORTING
MRMM SERVICE AGREEMENT CCB
T WWmmtlon R"rt4 &nice Agrrmmr a emend mm by W bnwreV Orarbr Comry (me 'Coorq ty) Cw
Cazolke Bank W Tma Co10Flny (me'Bmk').
T Campenya Beak brrebya as follows:
1.
The Coy re VY wJl Dhow, az m awn expeme, any ad all equrymem requhN m par ahk ee 0 The Comgny wJl
h solely r �VVnDk for ah acquuiuon, imallauon, memumre, evtl repav or rrylermem Mruch equWmem.
b.
uu M. u, : w.. ri.
c The Bank ummea no re nobdiry for the accuracy or cortaPSV a Wotmition mgrted by ether ! ul
WLIMOons.
d. All reponing hndmYwe accooa Worm WW dmn appear on consolidated rep m av lblble ftwn dm B .
The Book wdl tr o b a tlmd-paty vendor by SM" BBf uch Bavk Uuevm dry, dm Book assns bWwudon
re* bydm Conti@'. lbe Back wdl anavgemlove the lGitd'MLLY vevtlw ouchBr8 aaamt mfotmeoonmthe
cons nya bolaoce reporting bank or, Gov iwwedow of tepotl* bank. to a durdpvty vendor awaback.
the byv agrees b be bowl br dr me®, cool and Mb mA gems A m tlu ge b Agwe rW Orce
a Cotrybah pmum. Wemrw,wod'uans ad paaceya Wtarpmlhuge myA ®®ev rheBh mmitlered {un of
the Co®emul Servha Mwn Agteemem exeamd by the Beek and the Caogavy.
ACCtB•IBD DAM
Orange Cowry Cenral Cwlaa Bavk and ThW
Boyd W. Hs , W AeeisYm Treanner
16
conamecw.
Bn m
DIRECT DEPOSIT
CCB
SERVICE AGREEMENT
Ills Dbm Dcpph Service Agrcemeofu enmral mm by avd belwcen Ow a Coumy (d 'COrrpmy ") sal Cewal
Cwliw Berdt eM Tmm Compaaoy (Ihe'Bank').
The Co W dm Bank hereby agree n Polbws:
1. The Bsvk ag m Provide me Compeoy whh a d depa Payroll %nice dualgh w dm BMr wgl dh y
deposit R MB of the Company m Cm empmym.
2. Prior m WhLati g the service. the Compaq wBl provide a przwlWndon fik ('Preow') wWI pyMB dw to Poe
Burg by of d"4h a dm va®kemn ham me Cwpany MP pyMB Prow g vendor ('Vendor') or Ban dm
Conpmy m me Bsnk approval upm mediim m tls tones aublirhal by the Na Aubwmd Clndag Have
dep i w". HA). Prmaw mm be ProcwW m mam me (ID) Wrndu days Prior m the MU of dm di
depart servo. H the prC cower m won, tlm Company mo begin live dirt% depm'g ppoB praeeuily.
The Beak adB %dry w Company of any erMn deC m me pmn cea mate carucuove Prior b me firs
due Por live diM depmY pay Pro¢n The CcmpnY wW PMVitle diet drywrt pY dml b the Bsvk v6
magaedc up, MP vmtlar w Compny dale �ian.
J. The Cwpaoy shall memYp a depo ancamt ('ACCamt') m the Boot avd muu have %deism rmllclal fimAe w
the rcamr m oB W direct depw swim by openme of mesh%w me payroll pywm edeCOVe des. V I
H mvuRCiem mods w me AcaaW, w Bwk rzmrvn the dgm m rcCUe pymem w W swim m be Ptacemal dot
dry.
6. Upn rveipt otdm pyMB dm, the Bavk sill ptaaw me ewin sorb that the mearw ofCwpq mpbyen wgl
be crtdYal w me pyr pymem eBeulw due, sod me C�'e Attaw will be debYeO w ICs pmfl
pywn M «due dam u loq a Yew m eaiiam 3, 5, and 6 arc xdafied.
d. NyM des rice% be rveival At Bmk by the dndlive mblivhal by the Beek tan boaiven Nys Prim m des
Nyr pyMwedecdv . vw AdenNmxivM stmt Me Madlloe. roe Bmlt wiu ptwsv ltr ��minwahea
Ntbrm brim, W adlhwrW Mdyb �lymg wYh theow 1 ®mass froth wmir Saves A ®eemem.
(a) If pymB des Y ca�ntal m me BaoY by compla readable maga0c taped mint be mCveral m the
Bvdr a ea opvadon u ,'®.BCPBOMC PAYMBKPS' and win be aompao'md by a maomeel lever
exewlal by w mabnval repwwWve of 0e Ca�my. The Campvy veH Provitle, w a faw mpplied by
or uaePmbb m Ib Bank mdBndw of ai�amta of otm m morz perom uvhmvM by tEe Cwpavy (w
'Ammo A Paew') m vav Duea DepmY dm w a %spew ups formes b ICs sack The ai =ha
of esN Amhwvad Pamm AaB be mvuBed by the Senemry oP the Co�nY. Any wridlg bearing wch a
sipamrz my be dr®al %rove hero ex WW by sv AUmorimlPawn oo hmuV Of meewpevr.
(b) A" Tnoncdon wmwmkual m the Bork vu pnoval <ovpmer mwuW IpmW mmg me uNque
itlevdfwadon code avd pasword mlamd by me Cowupy b ivimm Tumedom mods a CmuBl Cwmcdon
Serves Agnew% wgl be Mmmelal ambmual by me Company avd Ih Bavk may rzly w such
mammimem wimwt tmmu k9md.
V
(c) Womumn provided by da Company m me Bank by idgh speed dam mum ion wW M made worg
cmmriry rode which are dm mpowlWiry of dm CompoY to mfcgoard. The Bank s M emidtl m nom
mcb Tranvacuom as aodbrkM if 0e nu security coin are oofmc .
(d) TM Bardr wd8 Wevau m verity We rml of deblm aM Credin m rte Corrpany Verificatmn wW M p oyg
to me faairWle monbn, or g funae comwwkadon a cnavuJ u or otlmkahie, m ire mlephorc mufcr
spmi to dw Bank by dm Carry m writing. The Cumpwy shag M .wkly respomibk m verify
Trsnsmoom hdormsuon, hchxft mod[ dabin and crtAin for Tmnucdooe dimugh Cemri Co matron.
(e) Secoriry pmctlmes art net desigeed m dew dvptirue Trumecda« or emon a We concern of me
Tramoncmand the Bankatow but no B fltty for wq; mdoe«ume.
6. Upon mccO of she Duet Deposit ioformatbn dm Boot wW, u m agern of We Corsrny, cu ra«ooable um m
process dw Tmmactiom a«ardkg m the BWes and this Agnmmt. TM Boot w eumoe m ona le effora to
mdfy da Cownfceny if a Tnmartioo k rejavN by me bminna day etch Trsvmcdm weak have odmrwiu been
vemmmtl by she Beek m the ACH, m, m dr rave of sv'ov -ui rosy. by Ya ERadve Doe. (AV 'an -ue' emry
meemacrcdk emry ma NOemer'B a«mrn wolf me Bwk.) Notice by ekphom «dh«memodB Ukcrtl by the
Bwk wW M domed reswmbk. The of wrball he utles rnwim ry t« hlWre eumn t®ebe mdac m m give avy
ruare of a rejectiov. The avaBabWry of scam m the afomervao «BamaH njstim aiB be peetN as notice for
Cemal Covm«ko. SLblcr b the i®YBtiOn of h.bddy ae (oM a tlm Cash Blevagemwr Masan Agreemev. �
Bevk'a lability for kiss of uverm rmlwy hum iss efmr «delay wW he ce4vmrtl by muy a roe equal m roe
average Fmknl Nmtla Bare of db Federal Baerve Boot of New Yoh kr We pmkd avoktl. Ar the Bma'v
option, W of ° „n vdmesr my be by oraeting me accoorn of dr C9rrpwy ar by tljumem m IEe umwa
analysis nhwses uBea.
1. The Bask wW M obligamd to kak wb' m me accamr mwMr and out rbe name of de bmefkary of a paymem
oNV sM a she mwbes and onr me name of the rc«ivvy « irnemmBarr bevk. D tlm name atl mwhr art
go mismm, the east wW rot he domed m have Ymwkdge tl de 6comvmcy and me srcaw mwc wel
govern, if the is ondy m 6a awa rn Cmfor aiB reomm ; mx m pay the PYrocrn «der. 'ibe Bank rv81 M
Obllgartl b IOnI[ ONy Y dC YCWm m®bef for hmdB eamfClB RCGleed for rile benefd O(COr�.
8. The BaN w81 pronpdy no* the CocqxmY dam' pyrull dma hoaehtl by me Coma n wmadable or
vrpmussabk, rod dr Cmpury wW b reapomTb M NromlfW •remote of dm dam. The Bask wW Pmrm1B dm
fmvete m a ffx C m book, bet with m regw byf« comPtymg w8h the time 1mro ae tarts a ma Service
Aspowdu ddm Cg empl uvbyo or • emah by rbe destllae eamblmhed by the Bad the Co�aoy wWM
reaponaibk for paying er�loYm by Wxk aihw omhma.
9. TM Conqxwny BNB M wkly respowNe for ptovift pelf aft employees wkh a wemem of urnags which
smi (oM the ammm of any crtiv ey m mrL errgbyes aamrn.
10. The Company wW ohraa an A9rhoria cro AgreeweN ('Arnhorimtim') for euA diem deymN parderymt, wW
remit a copy of mrh Aotlnry tiro for a period of sew (7) pars anu d revocation or mrmastioo of We
Aum torn, sod wW perms Beak fepnuernawm to examhe any Axetwimaon « wW hanuh ropies of my
Amh«vadon m the Bardr.
lt. The Bwk loDFBwkmcuons du ACH mvi ba U.S. Trigmnm wmcmplywhh o kwa of tlmsscu Sara
a FAC). econorac vsocoo® atlmaiawei by the U.B. Treasury Depmoom[ Office of Fmeiw Asset Control
(OFACI.
18
M Company agrc to be bouW by the temu, coMitions W procM s w=a m th Service Agnm we Once
signtl by both parrim, the Wt , conuiuotu a proceu = set ft w O Service Agre sln l be [Doddered pan of
the Cammmcul Service Mnmr Agnwtwt ex ur by the Bank and the CoWany,
Orange Comy Cetmw Cmww Bsnk mtl
g..i.a ww
19
conmuucw,
seBVfcES PUBLIC FUNDS INVESTMENT ACCOUNT CCB
SERVICE AGREEMENT
Thu Public Funds lnvemenen Accouv[ Service Agreement u covered into by ad betwen Oavge County (the
"CompaaY) and Central Caroline Berk and Trutt Conipaay (the "Bart ").
The Company and the Bank agree as follows:
1. The Company has established av aameum nomher (die "Mmurt ") wish the Bank. The
Accrum amid be maaaad ad traoemaiovs with reamer: to the Account shad be conducted pursues to
the ptaNurter noriBcatiom, road mace t hat the Bank may put me plan: from time to time in connector
with the Acceum.
3. Under the terms and coditiom of time Agreement, the Company hereby amhorires the Bank in NY the
muacWal treatment amowt leftmn rah on balruces m amass a the onameted balance of
("Target Balance).
3. The raft paid w time Pabtic PuoN (area nwom Aremnt can change daily and will be au by the amok
based capon charges to the Fading Fords raft. Indexes a mmpo®ded deity ad a caculuN on
maeetd belavm m euess of tit Target Baase. leters9t wBl h depoehd m dr Account w rite tau
bank bmiams dry erL month.
4. The Bank its to be notified m writing tlW the Amount is subject to wWmlivdon rude. Tit Bank
wJl pledge as security eligible invetmem emurities. The eligible investment sammm are lum to the
following:
(t) Obligation of the UnuN Sate of Amerce;
(3) Obligations of any agency or memmenaliry of the Ualhd Sae of m a tithe payment of
such obligation is fury gsanmeed by she United gtam of Assesses;
(3) Mfigatiom rifts Sue of North Caroline, the N.C. Mdiel Commission, she N.C. Hsamg
Finance Agency, the N.C. soh Education Audience Authority ad the eamporem ioatimtiom
of the University of NMh Carolina;
(4) Body or etas of any Nash Canadian long goveremeot or pubic mdmift ueud with the
approval of the tread Oover®en Commieelen ad not cavremly as deBult on WYmmt of
intense m principal aany of is bards or rasa;
5. The Bank resenves the right m esablid reesktiom (including min®um ad restaurants amuma) on Use
amount of mllesd reassess allowd m dh public Flmds lavemeut Account ad to charge such
resi conditions from time m rme. Bxmryt a may othrwiss di apamxall a tied by herth any of the arms
ad covdiriom mvsaioad iv this Agreement may h modiBd m amedd by the Book upon are days
prim wrivm rake m the Comgvy. TWa Agreement may be termianhd by tre Company a rte Berk a[
ivy time upon roe day Prmr wrsm orrice m the oWU parry.
20
6, w cosutiection wit nse use of me Public Funds wvestmm Account arw nse Bank's services heremder,
me Company agrsa m pay m the Bauk cetmw fees and charges u set form w me Birk's S We of
Collar i1 Service Charges. The amm1115, INKS arw medNnd Of payatim Of me Bank's fees aM
charges may be chuipd from time m time by the Beak upon thirty days prior written mdse to me
Company. The Back may, wiled all (em uw charges not of a ise paw to it by deducting nsms u they
are due from the Ace . from funds being paw m nse Company, or from my Other deposit ticcmm
maiwircd by me Company wkh the Back.
2. ITe Bavk shall love m dud= or obligatiom viswg our of thu Agramen other man throe specifically
set forth herein. The Company agreex mat the Bank shag not be lWik m ds Company or any other
persoa for soy failum m d Y due m any mum beyond me Bank's control (inrludiog but mr limikd to
damage m, destrucdoa or mopot gky of dais Bank's loot p ftsg or stmmuWmdoos fwfl6m;: fire.
Baal or any other natural list[ era, acts of Cod or force majeum; mites, civil d'umrbames or a t,
labor dispurm, rion or war; delays or bmakdowm m public cam toom, wmpotmtwo, mail or
coiakr services.) Fuehu, the Company agora Iat , whh the excepdm of acts of gran rcgligerce,
BaW or wiI11W miscoeduc[, We Sauk a not Im Babk m the Cotapany for my error w jucf m nt, or
for uayacts doveak my milfh iby the ma frgoodhim. mfm my miakhe w kworfans,m
for eeymiog the Bitmay l good faun do m mtraia from doing , meva:tior wins thk Apeemmr. w
m evens shall tls Back be Babk m the COmpavy for avy special. ie heen m musMUeetiw demagm,
even if or Em hu beev advised of the pss tMi of such damage¢. The Boot shall have m obligation
m rate or tefnio in taking any BcUOa tale tlio Agrr®em (woWil upon the Cosr¢aay's imtiunioo
or rA or l si if, w tk BBVt'S WamOa• ooh action W ImCdOa amdd expme the Boot b legal gabJity
m risk m bra.
g. For all pupmm rek m nsis Apsmeot or de Arnim, the Bank may rely m and shall be hew
harmless or lnticckd m aotkg d good faith k W the wrilkn ar vethvl wmnetiom m Ehecdom of the
Company m sere pemoo ik; A d by tlx r ft w good, sins m h m amLOrixd mpre6e or div of the
Company wins inspect b thk mMi a%l m the Aaoum, whither ir not stab wmuvtioae is d w or
art coots w m m mcomWnv wkh avythwg eonmioed w thk Agreement m any pmviwo waauuim or
dvecdoe m the Beek.
9. AB mdcea mquh by or ptovkkd for to rhk Agin shall be in wririog tied shall be effeuive when
deposited w the U.S. M , first class pomp prepaid, addtmeW to the putks m follows:
If m th Book: V m the Compoy:
Upohw, NC 27701
zs
10. No assigrmsm of thu Agacemem or righb here r shall be valid or effmtive uoless oonno W m in
wntitsg by dse Bank. If any term, condition or provision of Wu Agreemem shall be held to be invalid,
illegal or urenfororabk, the validity, legality or erJorceability of nC mmadir r of this Agreement strait
in no way be aff:ml or'uryuuoci thereby. Thu Ag matort IS subject to de laws of North Carolina ani
to applicable sate and federal butting toles and regdatimu.
THIS AGREEMENT is ettcutW and delivered by or on behalf of the Company and the Bank as of the
date firm above wrihm.
ACCEPTED DATE:
0tange County Cemd Carolina Bads and Trust CovWauy
rcvuun xwcwa+navro rtuxxurt_rammnmq
e<a..AnT[m aa,TeaT,Ta
w 61
Boyd W. Harru, W Aaumm Tserumr
a.waa,ma.lWffORT.,w