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Please provide an explanation of how the interest rate for the City's Consolidated Cash account will be <br />determined. <br />Farmers Bank & Trust shall provide an interest rate equal to the 13 week Treasury Bill asked rate <br />(as quoted in the Wall Street Journal) minus 50 basis points effective on the first business day of <br />each month for the City's Consolidated Cash account. This account shall have a rate floor of 1.50% <br />APR and a ceiling rate of 4.00% APR Interest will be accrued daily based on the account's ledger <br />balance and will be credited to the sweep account on the first business day of each month for the <br />prior period As of February 1 S, 2023, the 13 week Treasury Bill rate is 4.64%, therefore the <br />effective rate for the City would be 4.00% APR. <br />All investment services offered to other bank customers will be available to the City, <br />Acknowledged. <br />Bidders are requested to submit a list of any further concessions or services in the space provided below <br />which they may want to offer to the City of Paris and make any comment as further consideration in <br />selecting the City's depository. If needed, please add additional pages. <br />Executive Summary <br />✓ Farmers Bank & Trust would like to extend the offer to WAIVE all service fees for the City of <br />Paris. Waiver would include all account related fees as well as any Treasury Services utilized <br />by the City. <br />✓ Farmers Bank & Trust would like to offer an interest rate for the Consolidated Cash Account <br />that is equal to the 13 week Treasury Bill asked rate (as quoted in the Wall Street Journal) <br />minus 50 basis points effective on the first business day of each month. This account shall <br />have a rate floor of 1.50% APR and a ceiling rate of 4.00% APR. As of February 1 S, 2023 the <br />13 week Treasury Bill rate is 4.64%, therefore the effective rate for the City would be 4.00% <br />APR. <br />✓ Farmers Bank & Trust would like to recommend our Insured Cash Sweep for all funds held in <br />checking, savings, and/or money market accounts. ICS provides 100% FDIC insurance for <br />funds up to $100 million per depositor and is an accepted form of collateral in accordance with <br />state requirements. Certificates of Deposits shall be secured by Federal Home Loan Bank <br />Letters of Credit. Monthly statements will be provided for all collateral types. <br />✓ Farmers Bank & Trust provides a full suite of Treasury Services available to the City including <br />but not limited to Cash Management, ACH origination (direct depositldrafts), wire origination, <br />Remote Deposit Capture, Positive Pay, ACH Protection, and business credit cards. <br />✓ Farmers Bank & Trust will provide a local and skilled support team dedicated to meeting the <br />daily operational needs of the City: <br />Erik Roddy, Market President <br />• � ��d(b„ji n , .903-495-7999 office; 903-795-6909 cell <br />....�.... <br />+ Erik has been with Farmers Bank & Trust for 2 years, serving as Market <br />President and Commercial Lender. He has 19 years of banking experience. <br />4 1 P a g e <br />