HomeMy WebLinkAbout85-1028 Amalgamated Trust 111 $5 - Io
RESOLUTION
ACCEPTING THE PROPOSAL OF AMALGAMATED TRUST AND SAVINGS BANK
FOR COLLECTION SERVICES
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS,
that James J. Cook, City Manager, be and is hereby authorized and directed to accept
the proposal on behalf of the City of Elgin of Amalgamated Trust and Savings Bank for
collection services, a copy of which is attached hereto and made a part hereof by
reference.
Richard L. Verbic, Mayor
Presented: October 28, 1985
Adopted:
Vote: Yeas Nays
Recorded:
Attest:
Nancy Roll, Deputy Clerk
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111
PROPOSAL
Amalgamated Trust and Savings Bank, One West Monroe Street, Chicago,
Illinois 60603, requests the City of Elgin consider our Springfield
Collection Service (S.C.S.).
Present Procedure: All State of Illinois warrants for the City of Elgin
are mailed by the Comptroller's Office. This results in a lost opportunity
for Elgin to increase interest income. Simply stated, the mail or float
time benefits the State of Illinois and not the City of Elgin.
Suggested Procedure: Amalgamated Bank's S.C.S. will accelerate receipt
of monies from Sales, Income, Motor Fuel and Personal Property Replacement
Taxes.
State Treasurer James Donnewald allows the wire transferring of these funds
when a $50.00 fee is paid for each transfer. (See letter attached)
Ama'_zamated's S.C.S. picks up the warrants prior to mailing by the State
Cott: oiler's Office. They are then presented to the State Treasurer's
Office for payment. The next morning these funds are wired to the bank
for credit to the customer's account.
Compensation: Funds are left in the customer's account for one day (two,
if collateralization is required) and then wired per your instructions.
That is the only charge for this service. We pay all transfer fees!
If the City of Elgin is interested in receiving State of Illinois
taxes sooner, we would be happy to furnish names of municipalities using
our service. We would consider it an honor to have the City of Elgin as
a customer.
Respectfully submitted,
Arthur J. Theriault
Executive Vice President