The Will County Treasurer’s Office informed Harris Bank today that we are sending seven (7) checking accounts out for review. The accounts are part of routine office operation, and had a total balance of $9.6MM at the end of July 2011.

We are inviting approved county depositories to make proposals by the close of business on Thursday, September 15, 2011. The successful proposals will have these accounts for 24 months, but with our right to review the account after 18 months.

Accounts

Fund Purpose Account Type Balance
Collector’s Class A Fund Tax Redemption Interest Checking $15,793.34
Collector’s Class A Fund Back Tax Interest Checking $2,040,960.48
Collector’s Class A Fund Mobile Home Tax Interest Checking $248,749.05
Collector’s Class A Fund Collector’s Special A Interest Checking $2,017,800.46
Treasurer’s Class B Fund Inheritance Tax Interest Checking $96,810.12
Treasurer’s Class D Fund Special Trust Fund Interest Checking $4,373,577.94
Treasurer’s Class D Fund Sale In Error Interest Checking $790,811.02

Total

$9,584,502.41

Minimum Parameters

  • Interest Bearing Account with a yield greater than (or equal to) 20 basis points
  • No fee for Insufficient Funds (NSF)
  • No fee for ACH/Wire Transfer
  • No fee for Stop Payment
  • No charge for the first box of checks for each account (standard order size)
  • Unlimited check-writing*

* With exception of the Collector’s Special A Account, which writes approximately 300 checks annually, these accounts see less than 100 checks annually.

Split Proposals

Please submit two (2) proposals as follows:

  1. One proposal for all seven (7) accounts as a group
  2. One proposal divided between the four (4) Collector’s Class A Fund and the three (3) Treasurer’s Class B/D Funds

Split Award

We will make the investment based upon the yield of each instrument, which means there could be separate awards to separate financial institutions. If we divide the award, it will be along the Corporate and Treasurer’s accounts.

Collateral Reminder

Our policy requires time deposits in excess of FDIC insurance limits be secured by some form of collateral to protect public deposits in a single institution.

Eligibility

This proposal is open only to financial institutions that are approved Will County Depositories as of September 1, 2011. Each proposing institution must meet requirements in the 2011 Will County Treasurer’s Investment Policy (Revised) for Authorized Financial Dealers and Institutions, Collateral Pledge Schedule, and Safekeeping of Collateral.

How to Propose

Please submit proposals by the deadline to the following address:

Brian McDaniel, Chief Investment Officer
Will County Treasurer’s Office
302 North Chicago Street
Joliet, IL 60432

Subject: Banking Account Bid

Deadline

Please submit proposals by close of business on Thursday, September 15, 2011.

Award Announcement

The Treasurer’s Office will announce its decision on Thursday, September 22, 2011.

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