banking services bids 9-19890
FIRST NATIONAL BANK AND TRUST COMPANY OF SALINA
A SERVICE COMPANY / 101 N. SANTA FE / P.O. BOX 800 / SALINA, KS. 67402 / (913) 827-55641 MEMBER FDIC
October 24, 1988
Bob Biles
City Clerk and Director of Finance
City of Salina
300 W. Ash Street
Salina, KS 67601
Dear Bob:
The opportunity to discuss details of our bank's
repurchase agreements investment program with you was
very much appreciated. This program has provided
safety, flexibility, and competitive rates to our
cash management customers, including public units,
for many years.
We are always looking for ways to adapt our basic
service to most effectively meet the needs and
requirements of our customers. In providing cash
management services for the City of Salina, I am
pleased to stipulate that all securities sold under
repurchase agreement (Repo) to the City will be held
in a joint custody account at the Federal Reserve
Banks of Kansas City. A joint custody safekeeping
receipt naming our bank and the City of Salina will
be issued and the original kept by the City. Further
verification will be provided by copies of our bank's
securities safekeeping statements issued by the
Kansas City Fed. In addition, Repo confirmations
will be executed and provided to the City each time a
Repo is initiated or the investment balance is
changed. As a standard part of our program, the Repo
confirm itemizes the amount of each specific security
sold under Repo to the City as of that date.
We are confident that these procedures will fully
satisfy any statutory requirements that may apply.
Our bank will be committed to these procedures until
December 31, 1989, with extension of this commitment
beyond that date at the agreement of both parties.
The conscientious and objective consideration of our
bank's cash management proposal by the City is
greatly appreciated by both Larry and myself. The
safety, return and convenience of this service will
prove extremely valuable to the City. Thank your for
your consideration.
Sincerely,
TcC �``la cy ya
Ted Haggart
Senior Vice President and
Investment Officer
kw
0
CITY OF SALINA
CORPORATE CASH MANAGEMENT PROPOSAL
FIRST NATIONAL BANK - SALINA, KANSAS
Y
PREPARED FOR:
BOB BILES
CITY CLERK AND DIRECTOR OF FINANCE
•
Larry Britegam
Vice President
Cash Management Services
First National Bank & Trust Co.
101 North Santa Fe
Salina, Kansas 67401
0
0
TABLE OF CONTENTS
1. Cover Page
2. Table of Contents
3. Introduction
4. Existing investment balances and First National Bank
investment rates
5. Account analysis (soft -dollar or balance requirement for
combined totals including activity charges and management
fees for June, July, and August 1988
6. Account analysis breakdown on a fee basis for activity and
management fees to participate in corporate cash management
7. Total available cash for purposes of analizing cash flow for
June, July, and August 1988
8. Actual balances invested under existing program and those under
• the proposal for June, July, and August 1988
9. Three month comparison on average investment balances,
average rate, and averaged income, between current and
proposed systems.
10. Estimated investment amounts on current cash flow and what the
interest income would be
11. Graphs showing estimated amounts that could have been invested on
your daily cash flow
12. Net cash growth using services proposed by First National Bank
using corporate cash management
13. Advantages to City of Salina of utilizing cash management
services at First National Bank of Salina.
14. Summary
•
0
INTRODUCTION
Bob, as were your instructions in your cover letter I went ahead
and used our rates with your investment balances. This should
allow you to compare what the difference in rates would have
generated in income.
I also played what if and went ahead and ran your cash flow as if
you were banking with us. In order to accomplish this I backed
out all of investment entries out of your bank statements. I
took the ending ledger balance off your bank statements as a
starting point for the next months cash flow. I added in your
investment balance to obtain a net cash balance to start with.
All checks (or debits) were posted exactly as they were on your
old system. I then posted all of your deposits and ran an
availability program using a 50%, 45%, and 5% mix. This would
make the assumption that 50% of your items would be available the
• day you deposit them, 45% the next day, and 5% the second day.
Actually .this was probably a conservative approach based off of
your assessment of 90% of your items are drawn off of Salina
Banks. I then plugged in your target balance and invested the
money that was available to come up with the income totals.
•
0
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
BANK: First National of Salina
Total $11,319.53
Average rate for the month of June = 6.285
•
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
June 1
1,770,000
6.20
$ 300.66
2
2,170,000
6.15
365.63
3
2,170,000
6.15
365.63
4
2,170,000
6.15
365.63
5
2,170,000
6.15
365.63
6
2,235,000
6.20
379.64
7
2,290,000
6.15
385.85
8
2,140,000
6.20
363.51
9
2,140,000
6.10
357.64
10
2,140,000
6.10
357.64
11
2,140,000
6.10
357.64
12
•
2,140,000
6.10
357.64
13
2,053,000
6.25
351.54
14
2,974,000
6.20
505.17
15
2,839,000
6.35
493.91
16
2,906,000
6.30
501.58
17
2,964,000
6.35
515.65
18
2,964,000
6.35
515.65
19
2,964,000
6.35
515.65
20
2,964,000
6.40
519.72
21
2,964,000
6.35
515.65
22
1,873,000
6.25
320.72
23
1,778,000
6.30
306.89
24
1,500,000
6.35
260.96
25
1,500,000
6.35
260.96
26
1,500,000
6.35
260.96
27
1,500,000
6.40
263.01
28
1,700,000
6.40
298.08
29
1,650,000
6.70
302.88
30
1,525,000
6.80
284.11
Total $11,319.53
Average rate for the month of June = 6.285
•
0
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
BANK: First National of Salina
Total $11,287.34
Average rate for the month of July = 6.5290
•
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
July 1
1,625,000
6.50
$ 289.38
2
1,625,000
6.50
289.38
3
1,625,000
6.50
289.38
4
1,625,000
6.50
289.38
5
1,720,000
6.50
306.30
6
1,765,000
6.50
314.32
7
1,600,000
6.45
282.74
8
1,600,000
6.35
278.36
9
1,600,000
6.35
278.36
10
1,600,000
6.35
278.36
11
1,625,000
6.35
282.71
12
1,625,000
6.30
280.48
• 13
1,625,000
6.20
276.03
14
1,625,000
6.55
291.61
15
3,075,000
6.65
560.24
16
3,075,000
6.65
560.24
17
3,075,000
6.65
560.24
18
2,875,000
6.70
527.74
19
2,950,000
6.60
533.42
20
2,995,000
6.50
533.36
21
1,995,000
6.60
360.74
22
2,145,000
6.70
393.74
23
2,145,000
6.70
393.74
24
2,145,000
6.70
393.74
25
2,129,000
6.65
387.89
26
2,019,000
6.60
365.08
27
1,869,000
6.35
325.15
28
1,869,000
6.65
340.52
29
1,889,000
6.60
341.57
30
1,889,000
6.60
341.57
31
1,889,000
6.60
341.57
Total $11,287.34
Average rate for the month of July = 6.5290
•
0
CITY OF SALINA, KANSAS
Interest Earnings for August 1988
BANK: First National of Salina
Total $13,264.24
Average rate for the month of August = 6.79677
•
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
August 1
2,039,000
6.70
$ 374.28
2
2,109,000
6.65
384.24
3
2,200,000
6.55
394.79
4
2,300,000
6.50
409.59
5
2,480,000
6.55
445.04
6
2,480,000
6.55
445.04
7
2,480,000
6.55
445.04
8
2,655,000
6.60
480.08
9
2,655,000
6.55
476.44
10
2,700,000
6.55
484.52
11
2,700,000
6.95
514.10
12
2,700,000
6.90
510.41
• 13
2,700,000
6.90
510.41
14
2,700,000
6.90
510.41
15
2,700,000
7.20
532.60
16
2,600,000
7.05
502.19
17
2,500,000
6.95
476.02
18
2,450,000
6.80
456.43
19
2,400,000
6.85
450.41
20
2,400,000
6.85
450.41
21
2,400,000
6.85
450.41
22
2,300,000
6.90
434.79
23
2,050,000
6.75
379.10
24
1,450,000
6.50
258.21
25
1,450,000
7.00
278.08
26
1,475,000
6.95
280.85
27
1,475,000
6.95
280.85
28
1,475,000
6.95
280.85
29
2,075,000
6.95
395.10
30
2,575,000
6.85
483.25
31
2,575,000
6.95
490.30
Total $13,264.24
Average rate for the month of August = 6.79677
•
l�
FIRST NATIONAL BANK AND TRUST COMPANY OF SALINA
A SERVICE COMPANY 1101 N. SANTA FE I P.O. BOX 8001 SALINA, KS. 67402 1 (913) 827-5564 I MEMBER FDIC
INVESTMENT DIVISION
ACC:OUN'1" ANALYSIS
JUNE' -88
CITY OF SALINA
u
COLLECTED
BALANCE
REQUIREMENT
1,625
137,748
19,502
2,124
10,835
26,003
5,201
0
0
0
u
u
0
u
0
5,417
0
u
2,16-1
11,669
0
u
Compensating Balances on Loans 0
-----------------------------------------------------------------------------
'TOTAL COLLECTED BAL. NEEDED 10 SUPPOR1 ACCOUNT ACTIVITY 232,291
BALANCE AVAILABLE TO SUPPORT CREDI"I AND OTHER SERVICES
NOT DIRECTLY CHARGED FOR;
• ADDITIONAL COL. BAL. NEEDED TO SUPPORT ACCNI ACTIVIIY (232,291)
TARGET BALANCE EQUALS: 'Total Col Bal -Comp Bal on Loans+lu`k _ $255,520
AVERAGE
DAILY
LEDGER
BALANCES
AVERAGE
DAILY -
ACCOUNT NUMBER 1111111
FLOAT
JUNE -88 EARNINGS CREDIT
6.293%
AVERAGE
DAILY -
JULX-88 EARNINGS CREDIT
6.350%
COLLECTED
BALANCE
--------------------------------------------------------------
BALANCE
COST
REQUIRED
BANK SERVICES
--------------------------------------------------------------
PER UNIT
ACTIVITY
PER UNIT
Credit Entries
0.150
50
32.5036
Deposit Items - GROUP A
0.055
11,558
11.9180
GROUP B
0.075
1,200
16.2518
GROUP C
0.098
100
21.2357
•Checks - 1st 500
0.100
500
21.6691
501 & OVER
0.080
1,500
17.3353
Return Checks
0.600
40
130.0146
Wire Transfers Incoming
3.500
u
758.4184
Outgoing 1st 5
6.000
0
1,300.1459
OVER 5
4.500
0
975.1094
Collection Items
8.000
0
1,733.5`'279
Bds, Cpns, Drafts
8.000
0
1,733.5279
DTC'S 1st 25
3.000
0
650.0730
OVER 25
1.500
I11
325.0365
OVER 50
0.750
0
162.5182
Col. Balance Reporting
25.u0u
1
5,417.2746
Controlled Disbursement
75.000
0
16,251.8238
Additional Statements
1.u00
0
216.6910
Account Maintenance
--------------------------------------------------------------
10.000
1
2,166.9u98
Cash Mgmt Service Fee
Spec. Bank Arrangements
u
COLLECTED
BALANCE
REQUIREMENT
1,625
137,748
19,502
2,124
10,835
26,003
5,201
0
0
0
u
u
0
u
0
5,417
0
u
2,16-1
11,669
0
u
Compensating Balances on Loans 0
-----------------------------------------------------------------------------
'TOTAL COLLECTED BAL. NEEDED 10 SUPPOR1 ACCOUNT ACTIVITY 232,291
BALANCE AVAILABLE TO SUPPORT CREDI"I AND OTHER SERVICES
NOT DIRECTLY CHARGED FOR;
• ADDITIONAL COL. BAL. NEEDED TO SUPPORT ACCNI ACTIVIIY (232,291)
TARGET BALANCE EQUALS: 'Total Col Bal -Comp Bal on Loans+lu`k _ $255,520
*Account Analysis "Cost" Breakdown for June, 1988
U
PROCESSING COSTS
Debit/Credit Entries
.15
50
7.50
Deposit Items - Group A
.055
11,558
635.69
Group B
.075
1,200
90.00
Group C
.098
100
9.80
Checks - 1st 500
.10
500
50.00
Over 500
.08
1,500
120.00
Return Checks
.60
40
24.00
Account Maintenance
10.00
1
10.00
Total Processing Cost
MANAGEMENT FEES
Collected Balance Reporting 25.00
Cash Management Service Fee 100.00
Total Management Fees
•
BANK PROFIT
10% of Required Target Balance
NET
*Target Balance = $255,519.86
Comparable Hard Dollar Charge . $ 1,179.19
0
$946.99
1 $ 25.00
1 100.00
$125.00
$107.20
a
FIRST NATIONAL BANK Aw TRUST COMPANY OF SALINA
A SERVICE COMPANY 1101 N. SANTA FE I P.O. BOX 800 1 SALINA. KS. 87402 I (913) 827-5584 1 MEMBER FDIC
INVESTMENT DIVISION
CITY OF SALINA
ACCOUNT NUMBER 1111111
.. JULY. 88 EARNINGS CREDIT
.AUOUST"88 EARNINGS CREDIT
------------------------
ACCOUNT ANALYSIS
JULY -88
AVERAGE DAILY
LEDGER BALANCES
AVERAGE DAILY -----
FLOAT
6.350% AVERAGE DAILY -
6.630% COLLECTED BALANCE
----------------------------------
COST
BANK SERVICES PER UNIT
----------------------------
BALANCE
REQUIRED
ACTIVITY PER UNIT
--------------------------
Credit Entries
0.150
Deposit Items - GROUP A
0.055
GROUP 8
0.075
GROUP C
0.098
• Checks - 1st 500
0.100
501 & OVER
0.080
Return Checks
0.600
Wire lransters Incoming
3.500
Outgoing 1st 5
6.000
OVER 5
4.500
Collection Items
8.000
Bds, Cpns, Dratts
8.000
DTC'S 1st 25
3.000
OVER 25
1.500
OVER 50
0.750
Col. Balance Reporting
25.000
Controlled Disbursement
75.000
Additional Statements
1.000
Account Maintenance
------------------------------------
10.000
Cash Mgmt Service Fee
Spec: Bank Arrangements
52
32.2119
11,610
11.8110
1,161
16.1059
129
21.0451
500
21.4746
1,437
17.1797
0
128.8475
0
751.6106
0
1,288.4753
U
966.3565
0
1,717.9671
U
1,717.9671
0
644.2377
U
322.1198
U
161.0594
1
5,368.6411
U
16.105.941i
0
214.7459
1
---------------------
2,147.4588
Compensating Balances on Loans
-------------------------------------------------------
TOTAL COLLECTED BAL. NEEDED TO SUPPORT- ACCOUNT ACTIVITY
BALANCE AVAILABLE TO SUPPORT CREDIT AND OTHER SERVICES
NOT DIRECTLY CHARGED FOR:
• ADDITIONAL COL. BAL. NEEDED TO SUPPORT ACONT. ACT'IVIT'Y
TARGET BALANCE EQUALS: Total Col Bal -Comp Bal on Loans+10% =
0
0
0
-------------
COLLECTED
BALANCE
REQUIREMENT
-------------
1,675
137,126
18,699
2,715
10,737
24,687
0
0
0
U
0
0
0
U
U
5,369
0
0
2,147
-------------
21,475
U
0
U
224,630
(224,630)
$24"],093
0
*Account Analysis "Cost" Breakdown for July, 1988
PROCESSING COSTS
Debit/Credit Entries
.15
52
7.80
Deposit Items - Group A
.055
11,610
638.55
Group B
.075
1,161
87.08
Group C
.098
129
12.64
Checks - lst 500
.10
500
50.00
Over 500
.08
1,437
114.96
Return Checks
.60
-0-
-0-
Account Maintenance
10.00
1
10.00
Total Processing Cost
$921.03
• MANAGEMENT FEES
Collected Balance Reporting
25.00
1
$ 25.00
Cash Management Service Fee
100.00
1
100.00
Total Management Fees
$125.00
BANK PROFIT
10% of Required Target Balance
NET
*Target Balance
Comparable Hard Dollar Charge
0
_ $247,093.07
$ 1,150.63
$104.60
��muuoun� �u
FIRST ���uuuO��mL BANKmD u�wmu ��0�� ��
SALmNA
A SERVICE COMPANY /1o1w.SANTA ps/p/zBOX mm/axuwA,KS. o/*o2/(9?3)uu,-55n^/MEMBER FDIC
INVESTMENT DIVISION
ACCOUNT ANALYSIS
. AUGUST -88
CITY OF SALINA
ACCOUNT NUMBER 1111111
�AUGU&t-88 EARNINGS CREDIT 6.630%
APICMBEAWa8 EARNINGS CREDIT 6.884,
-------------------------------------
BANK SERVICES
-----------------------
Credit Entries
Deposit It GROUP A
pos Items �
GROUP 8
GROUP 8
����heo�s - 1st 500
��� 501 & OVER
Return Checks
Wire Transfers Incoming
Outgoing 1st 5
OVER 5
Collection Items
8ds, 0pns, Drafts
DT0`S 1st 25
OVER 25
OVER 30
Col. 8alancs, Reporting
Controlled Disbursement
Additional Statements
Account Maintenance
-----------------------
Cash MgTt Service Fee
Spec. Bank Arrangements
AVERA&E DAILY
LEDGER BALANCES
AVERAGE DAILY
FLOAT
AVERAGE DAILY
COLLECTED BALANCE
-------------------
COST
PER UNIT
ACTIVITY
------------------------
0.150
102
8.855
11,610
0.875
1,161
0.898
129
0.100
500
8.880
1,339
0.600
0
3.500
U
6.000
0
4.500
0
8.808
0
8.000
0
3.000
0
1.500
0
0.750
8
25.000
1
75.008
0
1.000
O
10.000
--------~-~-------------
1
BALANCE COLLECTED
REQUIRED BALANCE
PER UNIT REQUIREMENT
--------------------------
30.8515 3,147
11.3122 131,335
15.4258 17,909
28.1563 2,600
20.5677 10`284
16.4541 22,032
123.4060 O
719,8684 0
1,234.0601 0
925.5450 0
1,645.4134 O
1,64S.4134 8
617.0300 8
308.515O 0
164.2575 U
5,141.9169 5,142
15,425.7507 o
205.6767 0
2/056.7668 2`057
------------------
28,568
V
0
0
8nmpensatin8 Balances on Loans
-------------------------------------------------------
TOTAL COLLECTED BAL. NEEDED TO SUPPORT ACCOUNT ACTIVITY
BALANCE AVAILABLE TO SUPPORT CREDIT AND OTHER SERVICES
NOT DIRECTLY CHARGED FOR:
ADDITIONAL COL. BAL. NEEDED TO SUPPORT A8CNT. ACTIVITY
TARGET BALANCE EQUALS: Total Col Bal -Comp Bal on Loans+10% =
215/074
(21S'074)
$236,581
------~----^--
n
U
*Account Analysis "Cost" Breakdown for August, 1988
PROCESSING COSTS
Debit/Credit Entries
Deposit Items - Group A
Group B
Group C
Checks - 1st 500
Over 500
Return Checks
Account Maintenance
Total Processing Cost
• MANAGEMENT FEES
Collected Balance Reporting
Cash Management Service Fee
Total Management Fees
BANK PROFIT
10% of Required Target Balance
NET
*Target Balance
Comparable Hard Dollar Charge
•
.15
102
15.30
.055
11,610
638.55
.075
1,161
87.08
.098
129
12.64
.10
500
50.00
.08
1,339
107.12
.60
-0-
-0-
10.00
1
10.00
$920.69
25.00 1 $ 25.00
100.00 1 100.00
_ $236,581.68
$ 1,150.26
$125.00
$104.57
• CITY OF SALINA
Total available cash for purposes of analizing cash flow for
June 1988.
Date
Balance
June 1
2,416,593.41
2
2,437,462.38
3
2,493,891.33
4
5
6
2,510,549.99
7
2,320,343.70
8
2,326,545.83
9
2,342,356.65
10
2,274,403.46
11
12
13
2,021,775.66
14
3,076,269.61
15
3,131,486.51
16
3,214,836.35
17
•
3,266,355.16
18
19
20
3,253,882.14
21
2,115,886.71
22
2,314,242.46
23
2,327,053.06
24
2,340,325.25
25
26
27
2,295,668.16
28
2,159,371.75
29
2,148,213.60
30
2,212,887.98
0
•
n
U
CITY OF SALINA
Total available cash for purposes of analizing cash flow
for July 1988.
Date Balance
July 1
2,076,457.21
2
3
4
5
2,096,373.03
6
1,918,180.63
7
1,923,059.02
8
1,955,009.98
9
10
11
1,884,319.07
12
1,927,281.46
13
1,943,549.56
14
3,432,799.92
15
3,235,533.39
16
17
18
3,310,119.25
19
3,351,928.99
20
3,494,591.67
21
2,450,240.62
22
2,494,724.51
23
24
25
2,331,395.75
26
2,286,307.67
27
2,344,074.46
28
2,401,659.83
29
2,442,393.79
30
31
n
u
CITY OF SALINA
Total available cash for purposes of analizing cash flow
for August 1988.
Date Balance
August 1
2,542,490.79
2
2,643,046.08
3
2,798,557.80
4
2,996,692.56
5
2,949,739.80
6
7
8
2,834,421.27
• 9
2,952,935.80
10
2,898,828.76
11
2,938,988.66
12
2,973,774.66
13
14
15
2,860,008.48
16
2,727,548.72
17
2,770,685.71
18
2,455,114.76
19
2,574,335.98
20
21
22
2,321,594.03
23
2,298,851.33
24
2,306,620.49
25
2,455,365.95
26
2,608,626.40
27
28
29
2,727,546.40
30
2,589,508.97
31
2,662,391.71
n
LJ
0
•
•
CITY OF SALINA
Actual balances invested under existing program and those under
the proposal for June 1988.
Total Amount Estimated Amount
Invested Invested
Existing System Daily
June 1
1,770,000
2,170,000
2
2,170,000
2,190,000
3
2,170,000
2,245,000
4
-0-
-0-
5
-0-
-0-
6
2,235,000
2,265,000
7
2,290,000
2,075,000
8
2,140,000
2,080,000
9
2,140,000
2,095,000
10
2,140,000
2,025,000
11
-0-
-0-
12
-0-
-0-
13
2,053,000
1,775,000
14
2,974.000
2,830,000
15
2,839,000
2,885,000
16
2,906,000
2,965,000
17
2,964,000
3,020,000
18
-0-
-0-
19
-0-
-0-
20
2,964,000
3,005,000
21
2,964,000
1,870,000
22
1,873,000
2,070,000
23
1,778,000
2,080,000
24
1,500,000
2,090,000
25
-0-
-0-
26
-0-
-0-
27
1,500,000
2,045,000
28
1,700,000
1,915,000
29
1,650,000
11900,000
.30
1,525,000
1;960,000
Avg. Amount
2,193,100
2,277,167
Avg. Rate
5.5967
6.285%
Interest Income
$10,007.17
$11,764.77
0
r 1
U
•
CITY OF SALINA
Actual balances invested under existing program and those under
the proposal for July 1988.
Total Amount Estimated Amount
Invested Invested
Existing System Daily
July 1
1,625,000
1,835,000
2
1,625,000
0
3
1,625,000
0
4
1,625,000
0
5
1,720,000
1,855,000
6
1,765,000
1,675,000
7
1,600,000
1,685,000
8
1,600,000
1,715,000
9
1,600,000
0
10
1,600,000
0
11
1,625,000
1,645,000
12
1,625,000
1,685,000
13
1,625,000
1,705,000
14
1,625,000
3,190,000
15
3,075,000
2,995,000
16
3,075,000
0
17
3,075,000
0
18
2,875,000
3,070,000
19
2,950,000
3,110,000
20
2,995,000
3,255,000
21
1,995,000
2,210,000
22
2,145,000
2,255,000
23
2,145,000
0
24
2,145,000
0
25
2,129,000
2,090,000
26
2,019,000
2,045,000
27
1,869,000
2,104,000
28
1,869,000
2,160,000
29
1,889,000
2,200,000
30
1,889,000
0
31
1,889,000
0
Avg. Amount
2,029,452
2,203,839
Avg. Rate
?
6.5297,
Interest Income
?
$12,218.93
n
U
U
•
CITY OF SALINA
Actual balances invested under existing program and those under
the proposal for August 1988.
Total Amount Estimated Amount
Invested Invested
Existing System Daily
August 1
2,039,000
2,310,000
2
2,109,000
2,410,000
3
2,200,000
2,570,000
4
2,300,000
2,770,000
5
2,480,000
2,720,000
6
2,480,000
0
7
2,480,000
0
8
2,655,000
2,605,000
9
2,655,000
2,725,000
10
2,700,000
2,670,000
11
2,700,000
2,710,000
12
2,700,000
2,745,000
13
2,700,000
0
14
2,700,000
0
15
2,700,000
2,630,000
16
2,600,000
2,495,000
17
2,500,000
2,540,000
18
2,450,000
2,225,000
19
2,400,000
2,345,000
20
2,400,000
0
21
2,400,000
0
22
2,300,000
2,090,000
23
2,050,000
2,065,000
24
1,450,000
2,075,000
25
1,450,000
2,225,000
26
1,475,000
2,380,000
27
1,475,000
0
28
1,475,000
0
29
2,075,000
2,500,000
30
2,575,000
2,360,000
31
2,575,000
2,435,000
Avg. Amount
2,298,323
2,483,226
Avg. Rate
?
6.796%
Interest Income
?
$14,328.32
0
•
•
CITY OF SALINA
Comparision between current investment balances and rates and those
proposed by FNB/Salina
JUNE
Avg. Investment
Balance Avg. Rate Averaged Income
Existing $2,193,000 ? ?
FNB/Salina $2,277,167 6.285 $11,764.77
JULY
Existing $2,029,452 ? ?
FNB/Salina $2,203,839 6.529 $12,218.93
AUGUST
Existing $2,298,323 ? ?
FNB/Salina $2,483,226 6.796 $14,328.32
Avg. rate for FNB/Salina in September was 7.033
a1
• FIRST NATIONAL BANK AND TRUST COMPANY OF SALINA
A SERVICE COMPANY 1 101 N. SANTA FE I P.O. BOX 8001 SALINA, KS. 67402 1(913) 827-5564 1 MEMBER FDIC
INVESTMENT DIVISION
FIRST NATIONAL BANK OF SALINA
CASH MANAGEMENT SERVICES
MONTH OF JUNE, 1988
ACCOUNT # XXXXXXXX
CITY OF SALINA
TOTAL: $11,764.77
Ll
CORPORATE REPO
(thousands)
BEGINNING
ENDING
#
INTEREST
DATE
BALANCE
BUY
SELL
BALANCE
RATE
DAYS
PAID
01
2,100
60
2,170
6.20
1
$ 368.60
02
2,170
20
2,190
6.15
1
369.00
03
2,190
55
2,245
6.15
3
1,134.80
06
2,245
20
2,265
6.20
1
384.74
07
2,265
190
2,075
6.15
1
349.62
2,075
5
2,080
6.20
1
353.32
•08
09
2,080
15
2,095
6.10
1
350.12
10
2,095
70
2,025
6.10
3
1,015.27
13
2,025
.250
1,775
6.25
1
303.94
14
1,775
1055
2,830
6.20
1
480.71
15
2,830
55
2,885
6.35
1
501.91
-16
2,885
80
2,965
6.30
1
511.77
17
2,965
55
3,020
6.35
3
1,576.19
20
3,020
15
3,005
6.40
1
526.90
21
3,005
1,135
1,870
6.35
1
325.33
22
1,870
200
2,070
6.25
1
354.45
23
2,070
10
2,080
6.30
1
359.01
24
2,080
10
2,090
6.35
3
1,090.81
27
2,090
45
2,045
6.40
1
358.58
28
2,045
130
1,915
6.40
1
335.78
29
1,915
15
11900
6.70
1
348.77
30
1,900
60
1,960
6.80
1
365.15
TOTAL: $11,764.77
Ll
•
0
a
FIRST NATIONAL BANK AND TRUST COMPANY OF SALINA
A SERVICE COMPANY / 101 N. SANTA FE / P.O. BOX 800 / SALINA, KS. 67402 / (913) 827-5564 / MEMBER FDIC
INVESTMENT DIVISION
CITY OF SALINA
CORPORATE REPO
(thousands)
FIRST NATIONAL BANK & TRUST OF SALINA
CASH MANAGEMENT SERVICES,
MONTH OF: July, 1988
ACCOUNT # XXXXXXXX
TOTAL $12,218.93
BEGINNING
ENDING
11
INTEREST
DATE
BALANCE
BUY
SELL
BALANCE
RATE
DAYS
PAID
01
1,795
40
1,835
6.50
4
$ 1,307.12
05
1,835
20
1,855
6.50
1
330.34
06
1,855
180
1,675
6.50
1
298.28
07
1,675
10
1,685
6.45
1
297.76
08
1,685
30
1,715
6.35
3
895.08
11
1,715
70
1,645
6.35
1
286.18
12
1,645
40
1,685
6.30
1
290.83
13
1,685
20
1,705
6.20
1
289.61
14
1,705
1,485
3,190
6.55
1
572.45
15
3,190
195
2,995
6.65
3
1,636.98
18
2,995
75
3,070
6.70
1
563.53
19
3,070
40
3,110
6.60
1
562.35
20
3,110
145
3,255
6.50
1
579.65
21
3,255
1,045
2,210
6.60
1
363.28
22
2,210
45
2,255
6.70
3
1,241.79
25
2,255
165
2,090
6.65
1
380.78
26
2,090
45
2,045
6.60
1
369.78
27
2,045
60
2,105
6.35
1
366.21
28
27105
55
2;160
6.65
1
393.53
29
2,160
40
2,200
6.60
3
1,193.40
TOTAL $12,218.93
1�
• FIRST NATIONAL BANK AND TRUST COMPANY OF SALINA
A SERVICE COMPANY 1101 N. SANTA FE 1 P.O. BOX 800 1 SALINA, KS. 67402 I (_913) 827-5564 1 MEMBER FDIC
INVESTMENT DIVISION
CITY OF SALINA
CORPORATE REPO
(thousands)
FIRST NATIONAL BANK & TRUST OF SALINA
CASH MANAGEMENT SERVICES
MONTH OF: August, 1988
ACCOUNT 11 XXXXXXRX
TOTAL $14,328.32
E
BEGINNING
ENDING
#
INTEREST
DATE
BALANCE
BUY
SELL
BALANCE
RATE
DAYS
PAID
01
2,265
45
2,310
6.70
1
$ 424.03
02
2,310
100
2,410
6.65
1
439.08
03
2,410
160
2,570
6.55
1
461.19
04
2,570
200
2,770
6.50
1
493.29
05
2,770
50
2,720
6.55
3
1,464.33
08
2,720
115
2,605
6.60
1
471.04
• 09
10
2,605
2,725
120
55
2,725
2,670
6.55
6.55
1
1
489.01
479.14
11
2,670
40
2,710
6.95
1
516.01
12
2,710
35
2,745
6.90
3
1,556.75
15
2,745
115
2,630
7.20
1
518.79
16
2,630
135
2,495
7.05
1
481.91
17
2,495
45
2,540
6.95
1
483.64
18
2,540
315
2,225
6.80
1
414.52
19
2,225
120
2,345
6.85
3
1,320.27
22
2,345
255
2,090
6.90
1
395.10
23
2,090
25
2,065
6.75
1
381.88
24
2,065
10
2,075
6.50
1
369.52
25
2,075
150
2,225
7.00
1
426.71
26
2,225
155
2,380
6.95
3
1,359.53
29
2,380
120
2,500
6.95
1
476.03
30
2,500
140
2,360
6.85
1
442.90
31
2,360
75
2,435
6.95
1
463.65
TOTAL $14,328.32
E
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CITY OF SALINA
Combined totals for three month period
PROPOSAL
June July August
Average DDA collected balance $247,845.02 $240,764.35 $229,536.16
Earnings credit or fee basis $ 1,143.77 $ 1,121.16 $ 1,116.00
Interest income $ 11,764.77 $ 12,218.93 $ 14,328.32
Net cash growth $ 10,621.00 $ 11,097.77 $ 13,212.32
. Based off of the information I received it was not possible to compare
bottom line difference between our proposal and your existing system. But
based off of the previous analysis we did feel very confident that we
can generate a minimum of $5,000 to $10,000 dollars more a year in income.
Assuming that rates stay in the same pattern that they've been, this
number would actually be higher.
•
0
ADVANTAGES TO THE CITY OF SALINA OF
UTILIZING CASH MANAGEMENT SERVICES
1. Do 100% of your banking at FNB/Salina and receive complete
security on all of your excess cash.
2. Receive good competitive overnight investment rates on
several investment options.
3. Have the ability to increase or decrease your investments or
borrowings on a daily basis.
4. Our transfers are in increments of $5,000, whether it is for
investments or to borrow on a daily basis. This obviously
simplifies your month-end balancing and allows you a clearer
audit trail if you are trying to find a transfer amount.
• 5. Have the ability to use A.C.H. debits or initiate A.C.H.
credits.
6. Receive intra -day credit for deposits made before 12:00p.m.
7. Have the flexibility to deposit up to 5:30 p.m. and receive
same day credit for those items.
8. Your greatest savings will surface with the utilization of
all your resources.
9. A team of professionals whose sole responsibility is to
manage your accounts will make daily recommendations to
maximize income in a safe yet profitable manner.
10. The ability to receive one phone call daily and know exactly
where your cash position is both on a ledger and collected
basis.
11. We feel that we can generate more income for you at
substantially less cost than what you are already paying!
12. To be able to choose and build your own cash management
product for your business from a laundry list of services.
• 13. Direct access to one of the most sophisticated cash
management programs in this part of the country.
n
L
SUMMARY: We really appreciate the opportunity Bob that you have
given us. We feel very confident that our product will fit your
needs exactly. We have spent a considerable amount of time
analyizing your cash flow and feel very strongly that our program
will substantially improve your earnings. As we have talked
about previously we will change your cash management function
around to help add additional profits to your bottom-line. You
and your staff will find it much easier to balance and manage
your money on a daily basis.
One item that was very prevelant was that you currently are
paying a fee equal to what our monthly charges will be, but have
not received the benefits that our program can generate for you.
I've been selling and perfecting cash management programs for now
over 10 years at our bank. We currently have 74 companies that
are using some aspect of our program. I can honestly say that
this product will make you substantially morerp ofit over the
course of a year and at the same time show you exactly what your
cost of your banking relationship is to the penny. I know Bob
that we can generate a minimum of $7,000 to $10,000 dollars a
year more income at no additional cost to you. I also feel that
• this number may actually be higher under certain conditions. Our
goal will be to manage your money the most efficient way
possible.
There's no question that our concept of cash management is a lot
different than almost all banks which provide these types of
services. We have over 10 years experience in offering
sophisticated cash management products to all sorts of businesses
throughout the Midwest. Our goal in a continued effort to stay
on the cutting edge for our customers. Our costs are upfront and
we would appreciate very much the opportunity to provide cash
management services for you.
Lar y Briteg
Vice Presiders
Cash Management Services
0
n
u
A.C.H. SERVICES
One of the areas in your letter stated that if we had other
services that may benefit you that we should also present them.
As our customer base of cash management customers continues to
increase, one reason for this growth has been the implimentation
of electronic based services. We have been able to attract
companies who do business in multiple locations, to do 100% of
their banking with us because of the efficiency of this product.
We feel that the City of Salina could utilize A.C.H. services to
process their monthly payroll. This would allow all of your
employees to have their paycheck automatically deposited and will
save you money in the processing of checks and employees taking
time during their work schedule to go to the bank. I have
• included some information on the product and our pricing, which
includes both soft and hard dollar pricing. You might also note
Bob, that there is a price brake for cash management customers.
•
n
u
ACH ORIGINATION PRICE SCHEDULE
SOFT DOLLAR PRICING
EFFECTIVE 01-01-88
THROUGH 12-31-88
Transmittal Methods
Nacha formatted 1600 BPI tape
Nacha formatted other mag media
Non-nacha formatted 1600 BPI tape
Non-nacha formatted other mag media
Dial-up Transmission industrial
nacha format
•
Per Item Charge:
FED DAY WINDOW
Immediate
PRICE
$15.00 per tape
Information on request
Immediate $20.00 per tape
Information on request
Immediate $10.00 per
transmission
FED NIGHT WINDOW
Debit
.07
.14
Credit
.07
.14
Pre -note
.07
.14
Addenda
.07
.14
SPECIAL CHARGES:
One time charge for non-nacha customization $100.00
Cross referencing set up or maintance per account $ 1.00
OTHER PRICING CONSIDERATIONS:
We require the use of funds for two days by the advanced settlement of
credit transactions or delayed settlement of debit transactions.
*Deadline 10:00am one business day prior to effective date
**It is suggested that payroll credits are presented 2 days prior to
settlement to ensure funds availability for employees.
•
0
•
0
ACH ORIGINATION PRICE SCHEDULE
HARD CHARGES
EFFECTIVE 01-01-88
THROUGH 12-31-88
****** INPUT FILE FEE ******
Nacha Formatted
Input File 1600 BPI Tape
Nacha Formated
Other Mag Media
Input Requiring
Formatting
CASH MANAGEMENT
CUSTOMER
$12.50
NON CASH MANAGEMENT
CUSTOMER
$15.00
Information available on request
Information available on request
Dial-up Transmission
$9.00
$10.00
Industrial Nacha Format
******
PER ITEM FEE ******
CASH MANAGEMENT
NON CASH MANAGEMENT
CUSTOMER
CUSTOMER
Night Cycle
.07
.07
Premium Per item
Per item fee
1 - 499
.14
.16
500 - 999
.12
.14
1,000 - 9,999
.08
.09
10,000 - 24,999
.07
.08
25,000 - 99,999
.06
.07
100,000 -
.05
.06
WHAT IS THE ACH7
ACH is an acronym for the Automated_Clearing_House. The
Automated Clearing House is a means by which a company can
initiate paperless electronic debit or credit entries to customer
or employee accounts maintained at participating financial
institutions. These institutions can be banks, credit unions or
savings and loan associations. Member institutions in this area
are members of a regional association known as the MID_AMERICA
PAYMENT EXCHANGE, MPX.
•
10
HOW DOES THE ACH WORK?
1. Customer signs a "standing authorization" to allow to
debit his account on a certain day of each month for his
utility payment.
Teie-Chek
the easy way to pay your phone bill
Paying bills can be a real grind ... especially
when you find yourself spending time and
money on stamps, checks and trips to the
post office or trips to present your
payment
But with Tele-Chek, you save time and
• money, because your financial institution
(bank, credit union or savings and loan)
does the work for you. They automatically
deduct your telephone payment from
your account every month. No checks, no
stamps, no trips.
And now, Tele-Chek is better than ever. At
all banks, as well as at participating credit
unions and savings & loans, it offers you:
• Advance notice of payment
About ten days prior to your account being
charged you will be sent an itemized
and if you have questiions,call reviewthe bill,
Northwestern Bell Service Representative
whose number is on the bill.
• Proof of payment
Your financial institution will provide you
with monthly information showing the
amount deducted and what the payment
was for.
• Reliable and consistent service
Even When you're out of town, your phone
bill will be automatically paid. And you
won't have to worry about your payments
getting lost or delayed In the mail.
And Tele-Chek is free.
To sign up, Just fill out the "authorization
card" and return it with your current
payment
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For your records
on (date)
I authorized name of bank
to pay and to charge to my account the
amount of any Tele•Chek drawn on my
account by and payable to the order of
Northwestern Bell. I also agreed to
the terms listed.
0
2. To be certain information provided by the customer is correct,
a "pre -notification" process is followed.
3. On payment date, the company creates a magnetic tape of all -
payment data for customers paying that day and sends it to
the "originating bank."
4. The "originating bank" credits : . account for the total
amount of payments represented -on the tape. The "originating
bank" then strips off the debits from the tape of its own
customers and sends the rest of the items to MPX.
• 5. MPX electronically sorts data and sends the information to
other banks, known as "receiving banks."
b. Each "receiving bank" debits the apporpriate customer account
for that individual's payment.
7. The debit for payment of his bill will show on the
customer's next bank statement.
1]
0
STANDING
THORIZATION
COMPLETED
1
1
PRE -NOTIFICATION
_ _
_ _
MAGNETIC TAPE WITH PAYMENT
DATA SENT TO "ORIGINATING BANK
PROCESS
"ORIGINATING
BANK" CREDITS
ACCOUNT
THEN
STRIPS OFF "ON -US" DEBITS &
SENDS TAPE TO MPX
/
MPX SORTS DATA FROM
TAPE ELECTRONICALLY
AND SENDS
IT TO "RECEIVING
BANKS"
1�/
W
RECEIVING
RECEIVING
REBANKING
RECEIVING
BANK
BANK
DEBITS
DEBITS
DEBITS
DEBITS
CUSTOMER'S
CUSTOMER'S
CUSTOMER'S
CUSTOMER'S
ACCOUNT
ACCOUNT
ACCOUNT
ACCOUNT
0
0
WHY SHOULD UTILIZE AN ELECTRONIC PAYMENT
SYSTEM FOR OUR CUSTOMERS?
1. Banks_are_becoming_more reluctant_to_handle_gaoer_drafts
If these paper items were to become electronic, it is cheaper
and more efficient for the bank to handle the transaction.
2. There are_significant_cost_sav_ings_to_be_realized
• Currently we have costs ranging from 11.8 cents for items
processed through the lockbox to 45.2 cents for items pro-
cessed as bill -as -a -draft items. An ACH item would cost less
than s cents to produce and 7 cents for an originating bank
to process.
.�. Market_Pressure
Currently, T is converting their, bili -as -a --draft customers
over to ACH items and is beginning to study the
possiblity. The Customer Accounting group is already
receivi.ng calls asking when - will be offering this type
of service.
•
0
ADVANTAGES Ty CUSTOMER_OF UTILIZING_ACH_SYSTEM
1. Helps with customer's management of his finances
2. Saves the customer the cost of his check
3. Saves the cost of postage to mail the payment (or• the
cost of gas if he drives to an office)
4. Customer's check could get lost or stolen -- this
type of payment prevents that possibility
5. No late charge would ever be incurred by the customer
• b. Customer's bill would be paid even if he were ill, out
of town or just forgot to pay it
DISADVANTAGES TO_CUSTOMER_OF_UTILIZING_eCH_SYSTEM
1. Loson. flexibility of when to pay his bill
2. Possible overdraft situations could occur for the
customer (He could forget to record the transaction
in his check register)
3. Re -folio of accounts would probably change the customer's
due date (and subsequent payment date)
4. Relative, to the overdraft situation mentioned, his electric
bill might pay, but forgetting to record the transaction
• could cause other checks he has written to return to him
insufficient
0
ADVANTAGES TO____ OF UTILIZING_THE_ACH_SYSTEM
1. Enhances/Improves image of, , to the customer
2. Work load reduced in the districts through elimination
of bill -as -a -draft payments
3. Reduction in float associated with customer's payment is
possible
4. Increase predictability of cash flow to
• 5. Offers competition in the marketplace to payment systems
currently being offered by financial institutions
b. Processing costs in the G.O. reduced through reduced
volume of walk-in payments and lockbox payments
7. Two bill printings would be unnecessary for bill -as -a -draft
customer
8. Reduction of deliquencies and receivables (over the
long-term)
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
Bank: Bank IV Salina. N.A.
Average rate for the Month of June =
5.60%
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
June 1
1,770,000
5.5
266.71
2
2,170,000
°
326.99
3 '
2,170,000
326.99
4
2,170,000
326.99
5
2,170,000
„
326.99
6
2,235,000
„
336.78
7
2,290,000
„
345.07
8
2,140,000
„
322.47
9
2,140,000
„
322.47
10
2,140,000
„
322.47
11
2,140,000
„
322.47
12
2,140,000
„
322.47
13
2,053,000
309.36
14
2,974,000
„
448.14
15
2,839,000
5.625
437.52
16
2,906,000
447.84
17
2,964,000
456.78
18
2,964,000
"
456.78
19
2,964,000
456.78
20
2,964,000
456.78
21
2,964,000
456.78
22
1,873,000
288.65
23
1,778,000
274.01
24
1,500,000
5.75
236.30
25
1,500,000
236.30
26
1,500,000
236.30
27
1,500,000
236.30
28
1,700,000
267.81
29
1,650,000
259.93
30
1,525,000
240.24
Total
10,071.47
Average rate for the Month of June =
5.60%
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
Bank: Bank IV Salina, N.A.
Total
Average rate for the Month of July =
6.01%
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
July 1
1,625,000
5.750
255.99
2
1,625,000
It
255.99
3
1,625,000
It
255.99
4
1,625,000
255.99
5
1,720,000
270.96
6
1,765,000
278.05
7
1,600,000
It
252.05
8
1,600,000
5.625
246.58
9
1,600,000
11
246.58
10
1,600,000
It
246.58
11
1,625,000
5.750
255.99
12
1,625,000
255.99
13
1,625,000
"
255.99
14
1,625,000
6.000
267.12
15
3,075,000
11
505.48
16
3,075,000
It
505.48
17
3,075,000
"
505.48
18
2,875,000
6.250
492.29
19
2,950,000
505.14
20
2,995,000
512.84
21
1,995,000
It
341.61
22
2,145,000
"
367.29
23
2,145,000
"
367.29
24
2,145,000
"
367.29
25
2,129,000
It
364.55
26
2,019,000
"
345.72
27
1,869,000
5.125
313.63
28
1,869,000
6.375
326.43
29
1,889,000
329.93
30
1,889,000
329.93
31
1,889,000
329.93
10,410.16
Total
Average rate for the Month of July =
6.01%
CITY OF SALINA, KANSAS
Interest Earnings for August 1988
Bank: Bank IV Salina, N.A.
Total
Average rate for the Month of August =
6.46%
12,577.41
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
Aug 1
2,039,000
6.375
356.13
2
2,109,000
368.35
3
2,200,000
384.25
4
2,300,000
401.71
5
2,480,000
433.15
6
2,480,000
433.15
7
2,480,000
433.15
8
2,655,000
463.72
9
2,655,000
463.72
10
2,700,000
471.58
11
2,700,000
471.58
12
2,700,000
471.58
13
2,700,000
471.58
14
2,700,000
471.58
15
2,700,000
6.625
490.07
16
2,600,000
if
471.92
17
2,500,000
6.500
445.20
18
2,450,000
It
436.30
19
2,400,000
6.125
402.74
20
2,400,000
402.74
21
2,400,000
402.74
22
2,300,000
6.625
417.46
23
2,050,000
it
372.09
24
1,450,000
263.18
25
1,450,000
°
263.18
26
1,475,000
267.72
27
1,475,000
267.72
28
1,475,000
267.73
29
2,075,000
376.63
30
2,575,000
467.38
31
2,575,000
467.38
Total
Average rate for the Month of August =
6.46%
12,577.41
BANK IV, SALINA
COMMERCIAL INVESTMENT CHECKING ACCOUNT
INITIAL PROJECTION
NOTE: Figured on past 3 months activity for average monthly 'Collected Balance
Requirement'. r
MONTHS OF
Ce- Z<I9-6 -
Account Number
Current Collected Balance Requirement:
Account Maintenance
Deposit 6 Checks @.14 .70
Bi.o SS
R� ws.y ,,Deposited Items @,663 x'3577
XKI '
Return Checks @:.1.00
Other
Other
TOTAL SERVICES
6.00
�3.3G ail.7�f
by 3 - a83.27
/S •3C 8%��� .by 3 - 7/3.'13
REQUIRED COLLECTED BALANCE CALCULATIONS:
Step 1: Total services R 12
Step 2: Divide by 3 mo ave T -Bill Rate
sby 3 -
-by 3
=by 3-
,066 .0673 07062 =by 3 .0475
Step 3: Add base amount requirement of $2500
Step 4: Add other
Step 5: Divide by reserve factor of .88
REQUIRED COLLECTED BALANCE (round to nearest $100)
�,� ooz.74
i2�o3z.yp
f
n'oCy'T�7TTrf'
,QQ LTC Zu?Gop
Effective Date of Change:
Wanda Steuber, Vice President Operations
FIRST BANK
AND TRUST CO.
October 14, 1988
Mr. Robert K. Biles
City Clerk & Director of Finance
City of Salina
300 West Ash
Salina, Kansas 67401
Dear Bob:
235 South Santa Fe
Box 1337
Salina, Ks. 67402.1337
(913) 825-2211
Thank you for the opportunity to bid on the City of Salina's account. I
have enclosed four different options we offer for the investment of the City's
overnight funds, along with a prospectus on each of the money market mutual
funds for your review to see if they are appropriate for the City.
Using the average of 2,000 checks per month and 12,900 deposited items per
month, that you provided, and assuming the average of 95 deposits per month
shown on the statements is representative of the city's activity, our monthly
charges on the account would be as follows:
Monthly maintenance charge $5.00
Total checks written and deposits:
2,095 at $.10 equals $209.50
Total items deposited:
12,900 at $.04 equals $516.00
Total charges before earnings credit $730.50
That fee would be reduced by an earnings credit based on the collected balance
in the account during the month. The earnings rate used during June was
6.53%, July was 6.59%, and August was 6.89%. I would be happy to calculate
your actual earnings credit if you would provide the average collected balance
during each month.
The balance to be retained in the account will be established by the City.
Any surplus funds left in the account will reduce the monthly fees imposed due
to the earnings credit, but if you feel higher earnings are available by
investing overnight, a collected balance of zero may be maintained.
We would once again thank you for the opportunity to bid on your account and
if we may explain any of the material provided or provide any other needed
information, please contact our Bank at your convenience.
Sincerely,
,_1�9
Steven Michel
Senior Vice resident & Cashier
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
9
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
Bank: First Bank & Trust Co. M,w Q<q°` 1
Type of Investment: Overnight Funds - Secured L. Po.
Invested
Date Overnight
Overnight
Rate
Interest
Earned
JUNE 1
$1,770,000
5.7500%
278.84
2
32,1701000
5.7500%
341.85
3
$2,170,000
5.7500%
341.85
4
$2,170,000
5.7500%
341.85
5
$2,170,000
5.7500%
341.85
6
$2,235,000
5.8750%
359.74
7
$2,290,000
5.8750%
368.60
8
3291409000
6.0000%
351.78
9
329140,000
6.0000%
351.78
10
$2,140,000
6.0000%
351.78
it
$2,140,000
6.0000%
351.78
12
$2,140,000
6.0000%
351.78
13
$2,053,000
6.0000%
337.48
14
$2,974,000
6.0000%
488.88
15
$2,839,000
6.0000%
466.68
16
$2,906,000
6.0000%
477.70
17
$2,964,000
6.0000%
487.23
18
329964,000
6.0000%
487.23
19
329964,000
6.0000%
487.23
20
$2,964,000
6.1250%
497.38
21
$2,964,000
6.1250%
497.38
22
$1,873,000
6.1250%
314.30
23
$1,778,000
6.1250%
298.36
24
$1,500,000
6.1250%
251.71
25
$1,500,000
6.1250%
251.71
26
$1,500,000
6.1250%
251.71
27
$1,500,000
6.1250%
251.71
28
$1,700,000
6.1250%
285.27
29
$1,650,000
6.3750%
288.18
30
$1,525,000
6.3750%
266.35
Total
Average rate for the Month of June =
6.01%
10,820.01
e
It
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
Hank: First Bank 8 Trust Co.
Type of Investment: Overnight Funds - Secured
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
JULY 1
$1,625,000
6.6000%
293.84
2
$1,6259000
6.6000%
293.84
3
$1,625,000
6.6000%
293.84
4
$1,625,000
6.6000%
293.84
5
$1,720,000
6.3750%
300.41
6
$1,765,000
6.3750%
308.27
7
$1,600,000
6.3750%
279.45
8
$1,6009000
6.3750%
279.45
9
$1,600,000
6.3750%
279.45
10
$1,600,000
6.37509
279.45
11
$1,625,000
6.5000%
289.38
12
$1,625,000
6.5000%
'289.38
13
$1,625,000
6.1250%
272.69
14
$1,625,000
6.3750%
283.82
15
$3,075,000
6.5250%
549.71
16
$3,075,000
6.5250%
549.71
17
$3,075,000
6.5250%
549.71
18
$2,875,000
6.5250%
513.96
19
$2,950,000
6.5250%
527.36
20
$2,995,000
6.2500%
512.64
21
$1,995,000
6.3750%
348.44
22
$2,145,000
6.3750%
374.64
23
$2,145,000
6.3750%
374.64
24
$2,145,000
6.3750%
374.64
25
$2,129,000
6.3750%
371.85
26
$29019,000
6.3750%
352.63
27
$1,869,000
6.3750%
326.43
28
$1,869,000
6.3750%
326.43
29
$1,889,000
6.3750%
329.93
30
$1,889,000
6.3750%
329.93
31
$118899000
6.3750%
329.93
Total
11,079.89
Average
rate for the Month
of July = 6.42%
,+
r
CITY OF SALINA, KANSAS
Interest Earnings for August 1988
Bank: First Bank & Trust Co.
Type of Investment: Overnight Funds - Secured
Total
12,772.37
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
AUG 1
$2,039,000
6.3750%
356.13
2
$2,109,000
6.3750%
368.35
3
$2,200,000
6.2500%
376.71
4
$2,300,000
6.2500%
393.84
5
$2,480,000
6.2500%
424.66
6
$2,480,000
6.2500%
424.66
7
$2,480,000
6.2500%
424.66
8
$2,655,000
6.3750%
463.72
9
$2,655,000
6.3750%
463.72
10
$2,700,000
6.3750%
471.58
11
$2,700,000
6.7500%
499.32
12
$29700,000
6.6250%
490.07
13
$2,700,000
6.6250%
490.07
14
$2,700,000
6.6250%
490.07
15
$29700,000
7.0000%
517.81
16
$2,600,000
6.8750%
489.73
17
$2,500,000
6.6250%
453.77
18
$2,450,000
6.6250%
444.69
19
$2,400,000
6.6250%
435.62
20
$2,400,000
6.6250%
435.62
21
$2,400,000
6.6250%
435.62
22
$2,300,000
6.6250%
417.47
23
$2,050,000
6.5000%
365.07
24
$1,450,000
6.2500%
248.29
25
$1,450,000
6.6250%
263.18
26
$1,475,000
6.7500%
272.77
27
$1,475,000
6.7500%
272.77
28
$1,475,000
6.7500%
272.77
29
$2,075,000
6.7500%
383.73
30
$2,575,000
6.6250%
467.38
31
$29575,000
6.5000%
458.56
Total
12,772.37
Average rate for the Month of June = 6.51%
A
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
S<<4
Hank: First
Hank 8 Trust Co.
--'Q
19
�O
Type of Investment:
Money Market Mutual Fund
Trust for U. S.
Treasury Obligations
i
h
Invested
Overnight
Interest
'. Date
Overnight
Rate
Earned
JUNE 1
$1,770,.000
6.2550%
303.33
2
$2,170,000
6.3051%
374.85
' 3
$29170,000
6.3435%
377.13
4
$2,1709000
0.3435%
377.13
5
$29170,000
6.3435%
377.13
6
529235,0006.3306%
387.64
7
52,2909000. q6.3950%
401.22
8 .
$2,140,000,
6.4550%
378.46
9
$291409000
6.4450%
377.87
10
$29140,000
6.4408%
377.62
11
$29140,000
6.4408%
377.62
12
$2,140,000
6.4408%
377.62
13
$2,053,000
6.4555%
363.10
". 14
$219741000
6.4655%
526.80
15
$2,8399000
6.5169%
506.89
16
$2,9069000
6.5164%
518.82
17
$2,964,000
.6.5838%
534.64
18
$2,9649000
6.5838%
534.64 .
19
$2,964,000
6.5838%
534.64
20
$2,964,000
6.6250%
537.99
' 21
$2,964,000
6.6396%
539.17
22
$1,873,000
6.5633%
336.80
23
$197789000
6.5876%
320.90
24
$1,500,000
6.5963%
271.08
25
$195009000
6.5963%
271.08
26
$1,500,000
6.5963%
271.08
27
$1,500,000.
6.5981%
271.15
28
$1,700,000
6.6444%
309.47
29
$1„650,000
6.7450%
304.91
30
$1,525,000
6.8546%
286.39
Total
11,727.19
Average rate for the Month of June = 6.51%
A
CITY OF SALINA, KANSAS
Interest
Earnings for July 1988
Bank:
First Bank 8 Trust Co.
Type of Investment: Money Market Mutual Fund
Trust for U., S.
Treasury Obligations
Invested
Overnight
•Interest
Date
Overnight
Rate
Earned
JULY 1
$1,625,000
6.6144%
294.48
2
$1,625,000
6.61449
294.48
3
$1,625,000
6.6144%
294.48
4
$1,625,000
6.6144%
294.48
5
$1,7201,000
6.5993%
310.98
6
$1,765,000
6.60509
319.39
7
$1,600,000
6.6184%
290.12
8
$19600,600
6.60399
289.49
9
$196009000
6.6039%
289.49
10
$1,600,000
6.6039%
289.49
11
$1,625,000
6.6269%
295.03
12
$1,625,000
6.5850%
293.17
13
$1,625,000
6.5550%
291.83
14
$19625,000
6.6644%
296.70
15
$3,075,000
6.8100%
573.72
16
$39075,000
6.8100%
573.72
17
$3,075,000
6.8100%
573.72
18
$29875,000
6.8150%
536.80
19
$2,950,000
6.7950%
549.19
20
$29995,000
6.7150%
551.00
21
$19995,000
6.7450%
368.67
22
$2,1459000
6.8225%
400.94
23
$2,145,000
6.8225%
400.94
24
$2,145,000
6.8225%
400.94
25
$29129,000
6.8200%
397.80
26
$2,019,000
6.8177%
377.12
27
$1,869,000
6.6772%
341.91
28
$198699000
6.8244%
349.45
29
$1,8899000
6.8052%
352.19
30
$1,8899000
6.8052%
352.19
31
$1,889,000
6.8052%
352.19
Total
119596.08
Average
rate for the
Month of.July = 6.71%
f�
c*
CITY OF SALINA, KANSAS
Interest Earnings for August 1988
Bank: First Bank 8 Trust Co.
Type of Investment: Money Market Mutual Fund
Trust For U. S. Treasury Obligations
Total
0
Average rate for the Month of August = 6.74%
13,523.96
A
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
AUG 1
$2,039,000
6.7050%
374.56
2
$2,109,000
6.71509
388.00
3
$2,200,000
6.7108%
404.48
4
$293009000
6.7150%
423.14
5
$294809000
6.7232%
456.81
6
$29480,000
6.7232%
456.81
7
$2,4809000
6.7232%
456.81
8
$2,655,000
6.7611%
491.80
9
$296559000
6.7605%
491.76
10
$2,700,000
6.7873%
502.07
11
$297009000
7.0266%
519.78
12
$29700,000
6.9854%
516.73
13
$29700,000
6.9854%
516.73
14
$2,700,000
6.98549
516.73
15
$2,700,000
7.2271%
534.61
16
$2,600,000
7.1872%
511.96
17
$2,500,000
6.7263%
460.70
18
$2,450,000
7.0549%
473.55
19
$2,400,000
7.0093%
460.88
20
$2,400,000
7.0093%
460.88
' 21
$2,400,000
7.0093%
460.88
' - 22
$29300,000
7.0174%
442.19
23
$2,0501000
6.9770%
391.86
24
$1,450,000
6.8050%
270.34
25
$19450,000
7.0546%
280.25
26
$1,475,000
7.0950%
286.71
27
$1,475,000
7.0950%
286.71
28
$1,475,000
7.09509
286.71
29
$2,075,000
7.1046%
403.89
30
$29575,000
7.0915%
500.29
31
$2,575,000
7.0211%
495.33
Total
0
Average rate for the Month of August = 6.74%
13,523.96
A
r
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
Hank: First Bank 8 Trust Co.
Type of Investment: Money Market Mutual Fund
Federated Master Trust
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
JUNE 1
$1,770,000
6.4641%
313.47
2
$29170,000
6.4146%
381.36
3
$2,170,000
6.5005%
386.47
4
$29170,000
6.5005%
386.47
5
$2,170,000
6.5005%
386.47
6
$2,235,000
6.5246%
399.52
7
$2,290,000
6.5250%
409.38
8
$2,140,000
6.5299%
382.85
9
$2,140,000
6.5343%
383.10
10
$29140,000
6.5550%
384.32
11
$291409000
6.55509
384.32
12
$29140,000
6.5550%
384.32
13
$290539000
6.5883%
370.57
14
$299749000
6.5832%
536.40
15
$2,8399000
6.6150%
514.52
16
$29906,000
6.6247%
527.44
17
$2,964,000
6.6334%
538.67
18
$2,964,000
6.6334%
538.67
19
$299649000
6.6334%
538.67
20
$2,964,000
6.6351%
538.80
21
$29964,000
6.6351%
538.81
22
$19873,000
6.6503%
341.26
23
$1,778,000
6.6452%
323.70
24
$1,500,000
6.6689%
274.06
25
$1,500,000
6.6689%
274.06
26
$1,500,000
6.6689%
274.06
27
$1,500,000
6.6854%
274.74
28
$197009000
6.7010%
312.10
29
$19650,000
6.7452%
304.92
30
$19525,000
6.7701%
282.86
Total
11,886.36
Average
rate for the Month
of June = 6.60%
1
1
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
Dank: First Bank & Trust Co.
Type of Investment: Money Market Mutual Fund
Federated Master Trust
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
JULY 1
$1,625,000
6.6851%
297.62
2
$1,625,000
6.6851%
297.62
3
$1,625,000
6.6851%
297.62
4
$1,625,000
6.6851%
297.62
5
$1,720,000
6.6901%
315.26
6
$1,765,000
6.7145%
324.69
7
$1,600,000
6.7347%
295.22
8
$1,600,000
6.7427%
295.57
9
$1,600,000
6.7427%
295.57
10
$1,600,000
6.7427%
295.57
11
$19625,000
6.7376%
299.96
12
$1,625,000
6.7537%
300.68
13
$1,625,000
6.7419%
300.15
14
$1,625,000
6.8125%
303.30
15
$3,075,000
6.8146%
574.10
16
$3,075,000
6.8146%
574.10
17
$3,075,000
6.8146%
574.10
18
$2,875,000
6.8541%
539.88
19
$2,950,000
6.8647%
554.81
20
$2,995,000
6.8550%
562.48
21
$1,995,000
6.8949%
376.86
22
$2,145,000
6.9354%
407.57
23
$2,145,000
6.9354%
407.57
24
$2,145,000
6.9354%
407.57
25
$2,129,000
6.9351%
404.52
26
$2,019,000
6.9448%
384.15
27
$1,869,000
6.9273%
354.72
28
$1,8699000
6.95539
356.15
29
$1,889,000
6.9732%
360.89
30
$1,889,000
6.97329
360.89
31
$19889,000
6.9732%
360.89
Total
11,777.73
Average
rate for the Month
of July = 6.82%
I
V
CITY OF SALINA, KANSAS
Interest Earnings for August 1988
Hank: First Bank 8 Trust Co.
Type of Investment: Money Market Mutual Fund
Federated Master Trust
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
AUG 1
$20039,000
6.92549
386.88
2
$2,109,000
6.9541%
401.81
3
$2,200,000
6.9641%
419.75
4
$2,300,000
6.9604%
438.60
5
$2,480,000
7.0009%
475.68
6
$29480,000
7.0009%
475.68
7
$2,4809000
7.0009%
475.68
8
$2,655,000
6.9951%
508.82
9
$2,655,000
6.9854%
508.11
10
$2,7009000
7.0140%
518.84
11
$2,700,000
7.1049%
525.57
12
$2,700,000
7.1609%
529.71
13
$2,700,000
7.1609%
529.71
14
$2,700,000
7.1609%
529.71
15
$2,7009000
7.2001%
532.61
16
$2,600,000
7.1650%
510.38
17
$2,500,000
7.1450%
489.38
18
$2,450,000
7.1741%
481.55
19
$2,4009000
7.2041%
473.70
20
$2,400,000
7.2041%
473.70
21
$2,400,000
7.2041%
473.70
22
$2,300,000
7.2350%
455.90
23
$2,050,000
7.2347%
406.33
24
$1,450,000
7.2250%
287.02
25
$1,450,000
7.3250%
290.99
26
$1,475,000
7.3530%
297.14
27
$1,475,000
7.35309
297.14
28
$1,475,000
7.3530%
297.14
29
$2,075,000
7.3850%
419.83
30
$2,575,000
7.3655%
519.62
31
$295759000
7.3564%
518.98
Total
13,949.69
Average
rate for the Month of
August = 7.16%
u
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
Bank: First Bank R Trust Co.
Type of Investment: Overnight Funds - Unsecured
Total 12,581.36
Average rate for the Month of June = 6.99%
P
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
JUNE 1
$197709000
6.9230%
335.72
2
$2,170,000
6.8480%
407.13
3
$2,170,000
6.8270%
405.88
4
$2,170,000
6.8270%
405.88
5
$2,1709000
6.8270%
405.88
6
$2,235,000
6.9550%
425.87
7
$2,290,000¢
9010%
432.97
8
$2,1409000
6.8760%
403.14
9
$2,140,000
6.7930%
398.27
10
$29140,000
6.80809
399.15
11
$2,1409000
6.8080%
399.15
12
$29140,000
6.8080%
399.15
13
$2,053,000
6.9920%
393.28
14
$2,974,000
6.8670%
559.52
15
$2,839,000
7.1370%
555.12
16
$29906,000
6.9990%
557.24
17
$29964,000
7.0470%
572.26
18
$2,964,000
7.0470%
572.26
19
$29964,000
7.0470%
572.26
20
$2,964,000
7.0680%
573.96
21
$2,964,000
7.0470%
572.26
22
$1,873,000
6.9360%
355.92
23
$1,778,000
7.0270%
342.30
24
$1,500,000
7.0690%
290.51
25
$1,500,000
7.0690%
290.51
26
$1,500,000
7.0690%
290.51
27
$19500,000
7.0890%
291.33
28
$1,700,000
7.1760%
334.22
29
$1,650,000
7.2520%
327.83
30
$1,525,000
7.4650%
311.89
Total 12,581.36
Average rate for the Month of June = 6.99%
P
R
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
Bank: First Bank R Trust Co.
Type of Investment: Overnight Funds - Unsecured
Total. 12,527.64
Average rate for the Month of July 6.50%
Invested
Overnight
Interest
Date
Overnight
Rate
Earned
JULY 1
$1,625,000
7.21509
321.22
2
$1,6259000
7.2150%
321.22
3
$19625,000
7.2150%
321.22
4
$196259000
7.2150%
321.22
5
$1,720,000
7.2620%
342.21
6
$1,7659000
7.1630%
346.38
7
$1,600,000
7.1450%
313.21
a
$1,600,000
7.0410%
308.65
9
$1,600,000
7.0410%
308.65
10
$1,600,000
7.0410%
308.65
11
$1,6259000
7.0550%
314.09
12
$1,625,000
6.9960%
311.47
13
$196259000
6.9720%
310.40
14
$19625,000
7.3260%
326.16
15
$39075,000
7.3690%
620.81
16
$39075,000
7.3690%
620.81
17
$3,075,000
7.3690%
620.81
18
$298759000
7.3960%
582.56
19
$299509000
7.2850%
588.79
20
$2,9959000
7.2150%
592.03
21
$19995,000
7.3730%
402.99
22
$2,145,000
7.4090%
435.41
23
$2,1459000
7.4090%
435.41
24
$2,145,000
7.4090%
435.41
25
$2,129,000
7.3840%
430.70
26
$2,019,000
7.3330%
405.63
27
$1,869,000
7.0890%
363.00
28
$19869,000
7.3740%
377.59
29
$19,889,000
7.3490%
380.34
30
$1,889,000
7.3490%
380.34
31
$11889,000
7.3490%
380.34
Total. 12,527.64
Average rate for the Month of July 6.50%
1�
CITY OF SALINA, KANSAS
Interest Earnings for August 1988
Bank:' First Bank & Trust Co.
Type of Investment: Overnight Funds - Unsecured
Tota1
Overnight
Rate
7.4180%
7.3230%
7.2100%
7.2700%
7.2430%
7.2430%
7.2430%
7.2690%
7.5600%
7.3000%
7.6490%
7.6390%
7.6390%
7.8900%
7.6880%
7.5710%
7.6470%
7.6130%
7.6130%
7.6130%
7.5470%
7.3420%
7.2600%
7.2600%
7.6940%
7.6600%
7.6600%
7.6600%
7.6640%
7.5810%
7.6380%
Average rate for the Month of August =
7.50
Interest
Earned
414.39
423.13
434.58
458.11
492.13
492.13
492.13
528.75
549.91
540.00
565.82
565.08
565.08
583.64
568.70
539.30
523.77
511.01
500.58
500.58
496.24
462.65
407.75
288.41
305.65
309.55
309.55
309.55
435.69
534.82
538.85
14,647.51
Invested
Date
Overnight
AUG 1
$2,0399000
2
$2,1099000
3
$2,200,000
4
$2,300,000
5
$2,480,000
6,
$2,480,000
7
$2,480,000
8
$2,655,000
9
$296559000
10
$2,700,000
11
$2,7009000
12
$2,700,000
13
$2,700,000
14
$2,7009000
15
$2,700,000
16
$2,600,000
17
$2,500,000
18
$2,450,000
19
$2,400,000
20
$2,400,000
21
$2,400,000
22
$2,300,000'
23
$2,0509000
24
$1,450,000
25
$1,450,000
26
$1,475,000
27
$1,475,000
28
$1,475,000
29
$2,075,000
30
$2,575,000
31
$2,575,000
Tota1
Overnight
Rate
7.4180%
7.3230%
7.2100%
7.2700%
7.2430%
7.2430%
7.2430%
7.2690%
7.5600%
7.3000%
7.6490%
7.6390%
7.6390%
7.8900%
7.6880%
7.5710%
7.6470%
7.6130%
7.6130%
7.6130%
7.5470%
7.3420%
7.2600%
7.2600%
7.6940%
7.6600%
7.6600%
7.6600%
7.6640%
7.5810%
7.6380%
Average rate for the Month of August =
7.50
Interest
Earned
414.39
423.13
434.58
458.11
492.13
492.13
492.13
528.75
549.91
540.00
565.82
565.08
565.08
583.64
568.70
539.30
523.77
511.01
500.58
500.58
496.24
462.65
407.75
288.41
305.65
309.55
309.55
309.55
435.69
534.82
538.85
14,647.51
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`Ihe 11�t onal `Bank of�lMMCa gins, K»nw5
$ECONO CENTUM/SINCE IBHI
TELEPHONE (913) 8250511 • POST OFFICE BOX 560 . SALINA, KANSAS 6 74 02-0560
• DOWNTOWN BANK -SANTA FE AND IRON , GOLD STAR FACILITY -NINTH AND MAGNOLIA
Mr. Bob Biles
City Clerk 6 Director
of Finance
City of Salina
P.O. Box 736
Salina, KS 67402-0736
Dear Bob:
October 17, 1988
I am glad to hear you are studying our proposal for the demand deposit
account for the City of Salina. Enclosed you will find the service charges
for June, July, and August as well as the estimated service charge for the
information you provided in your letter of 9-20-88. You will note that we
estimated the number of checks in town and out of town for each month - June,
July and August - to be the same as that of the information you provided
earlier. We also estimated that you average 100 deposits per month.
As we discussed by phone, the earnings credit is paid as a rebate against the
service charge for any funds left on deposit with the bank. Therefore, this
service charge would not be an actual fee unless your balances were zero for
each day of the month.
If you should have questions or need additional information, please give me a
call. We look forward to hearing the outcome of your study.
Sincerely
yours,
Rex Matlack
Vice President
9hee%ahna caums
SECOND CEN1Ua//SINCE iB�
TELEPHONE (913) 825-0511 . POST OFFICE BOX 560 . SALINA, KANSAS 67402-0560
, DOWNTOWN BANK—SANTA FE AND IRON . GOLD STAR FACILITY—NINTH AND MAGNOLIA
October 12, 1988
Mr. Bob Biles
City Clerk & Director
of Finance
City of Salina
Room 206, 300 W. Ash
Salina, KS 67401
Dear Bob:
We certainly appreciate the opportunity to look at the City of Salina's
demand deposit and investment account relationship. After considerable
discussion and study of your current situation, we would present the follow-
ing alternatives to the City of Salina. We could provide a non-interest
bearing checking account provided that the City of Salina maintains an
average balance of $225,000. It should be stressed that this balance require-
ment is an average balance as opposed to a minimum balance and therefore,
there will be no service fee as long as the average balance is maintained,
even though on a given day the balance may fall below the $225,000 figure.
We calculate the $225,000 after our analysis of the information you provided
me in that the City writes approximately 2,000 checks per month as you
deposit 12,900 items per month. Of the items deposited, you mention that 90%
are originated within the city limits while 9% are within the State of
Kansas. Therefore, we assumed that your deposits are largely collected
funds. Enclosed for your use is a copy of our service fee brochure which
outlines the cost associated with handling the account and includes the
charges used in developing the target balance.
The bank can also offer a cash management account whereby we monitor your
checking account balance and transfer in and out of the investment account to
maintain a target balance of $225,000 in the checking account. The cash
management service offers two investment options to the City. We can invest
your funds in either a National Bank of America Money Market account or a
Federated Mutual Fund. I have presented interest calculation figures for you
as well as interest rates for each option on the attached sheets. The
Federated Mutual Fund, "Trust for U.S. Treasury Obligations", which we offer
is a $1 fund of Treasury securities which can be increased or decreased on a
daily basis. You will find enclosed a prospectus on the Trust for U.S.
Treasury Obligations Mutual Fund and a current list of assets held by the
fund.
Mr. Bob Biles
October 13, 1988
Page Two
We also calculated an adjusted daily overnight investment position based on
the $225,000 target balance for your checking account and have presented the
investment amounts and overnight earnings for the adjusted balance as en-
closed. You will note as you look at these adjusted investment balances,
that we would be able to invest an average of approximately $145,000 per day
in addition to your current investment position.
Again, we were pleased to have the opportunity to make this proposal for the
City of Salina's account relationship and would look forward to serving the
City in this capacity. If you should have questions or comments, please let
me know. I would look forward to visiting with you.
Sincerely yours,
Rex Matlack
Vice President
RM/cl
Encl
r
v
Y
National Bank of America
w
BALANCES AS PRESENTED BY THE CITY INVESTED IN T°`<
NBA MONEY MARKET ACCOUNT
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
June 1
1,770,000
5.7500
278.84
2
2,170,000
5.7500
341.85
3
2,170,000
5.7500
341.85
4
2,170,000
5.7500
341.85
5
2,170,000
5.7500
341.85
6
2,235,000
5.7500
352.09
7
2,290,000
5.7500
360.75
8
2,140,000
5.7500
337.12
9
2,140,000
5.7500
337.12
10
2,140,000
5.7500
337.12
11
2,140,000
5.7500
337.12
12
2,140,000
5.7500
337.12
13
2,053,000
5.7500
323.42
14
2,974,000
5.7500
468.51
15
2,839,000
5.7500
447.24
16
2,906,000
5.7500
457.79
17
2,964,000
5.7500
466.93
18
2,964,000
5.7500
466.93
19
2,964,000
5.7500
466.93
20
2,964,000
5.7500
466.93
21
2,964,000
5.7500
466.93
22
1,873,000
5.7500
295.06
23
1,778,000
5.7500
280.10
24
1,500,000
5.7500
236.30
25
1,500,000
5.7500
236.30
26
1,500,000
5.7500
236.30
27
1,500,000
5.7500
236.30
28
1,700,000
5.7500
267.81
29
1,650,000
5.7500
259.93
30
1,525,000
5.7500
240.24
TOTAL
10,364.63
Monthly Average
2,193,100
5.7500
National Bank of America
BALANCES AS PRESENTED BY THE CITY INVESTED IN
NBA MONEY MARKET ACCOUNT
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
July 1
1,625,000
5.7500
255.99
2
1,625,000
5.7500
255.99
3
1,625,000
5.7500
255.99
4
1,625,000
5.7500
255.99
5
1,720,000
5.7500
270.96
6
1,765,000
5.7500
278.05
7
1,600,000
5.7500
252.05
8
1,600,000
5.7500
252.05
9
1,600,000
5.7500
252.05
10
1,600,000
5.7500
252.05
11
1,625,000
5.7500
255.99
12
1,625,000
5.7500
255.99
13
1,625,000
5.7500
255.99
14
1,625,000
5.7500
255.99
15
3,075,000
5.7500
484.42
16
3,075,000
5.7500
484.42
17
3,075,000
5.7500
484.42
18
2,875,000
5.7500
452.91
19
2,950,000
5.7500
464.73
20
2,995,000
5.7500
471.82
21
1,995,000
5.7500
314.28
22
2,145,000
5.7500
337.91
23
2,145,000
5.7500
337.91
24
2,145,000
5.7500
337.91
25
2,129,000
5.7500
335.39
26
2,019,000
5.8750
324.98
27
1,869,000
5.8750
300.83
28
1,869,000
5.8750
300.83
29
1,889,000
5.8750
304.05
30
1,889,000
5.8750
304.05
31
1,889,000
5.8750
304.05
TOTAL
9,950.04
Monthly Average
2,029,452
5.7742
National Bank of America
BALANCES AS PRESENTED BY THE CITY INVESTED IN
NBA MONEY MARKET ACCOUNT
CITY OF SALINA, KANSAS
Interest Earnings for Aug 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
Aug 1
2,039,000
5.8750
328.20
2
2,109,000
5.8750
339.46
3
2,200,000
5.8750
354.11
4
2,300,000
5.8750
370.21
5
2,480,000
5.8750
399.18
6
2,480,000
5.8750
399.18
7
2,480,000
5.8750
399.18
8
2,655,000
5.8750
427.35
9
2,655,000
5.8750
427.35
10
2,700,000
5.8750
434.59
11
2,700,000
5.8750
434.59
12
2,700,000
5.8750
434.59
13
2,700,000
5.8750
434.59
14
2,700,000
5.8750
434.59
15
2,700,000
5.8750
434.59
16
2,600,000
5.8750
418.49
17
2,500,000
5.8750
402.40
18
2,450,000
5.8750
394.35
19
2,400,000
5.8750
386.30
20
2,400,000
5.8750
386.30
21
2,400,000
5.8750
386.30
22
2,300,000
5.8750
370.21
23
2,050,000
5.8750
329.97
24
1,450,000
5.8750
233.39
25
1,450,000
5.8750
233.39
26
1,475,000
5.8750
237.41
27
1,475,000
5.8750
237.41
28
1,475,000
5.8750
237.41
29
2,075,000
5.8750
333.99
30
2,575,000
5.8750
414.47
31
2,575,000
5.8750
414.47
TOTAL
11,468.02
Monthly Average
2,298,323
5.8750
National Bank of America
BALANCES AS PRESENTED BY THE CITY INVESTED IN
TRUST FOR U.S. TREASURY OBLIGATIONS
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
DATE
INVESTED
OVERNIGHT
OVERNIGHT
RATE
INTEREST
EARNED
June 1
1,770,000
6.0050
291.20
2
2,170,000
6.0551
359.99
3
2,170,000
6.0935
362.27
4
2,170,000
6.0935
362.27
5
2,170,000
6.0935
362.27
6
2,235,000
6.0806
372.33
7
2,290,000
6.1450
385.54
8
2,140,000
6.1050
363.80
9
2,140,000
6.1950
363.21
10
2,140,000
6.1908
362.97
11
2,140,000
6.1908
362.97
12
2,140,000
6.1908
362.97
13
2,053,000
6.2055
349.04
14
2,974,000
6.2155
506.44
15
2,839,000
6.2669
487.44
16
2,906,000
6.2664
498.91
17
2,964,000
6.3338
514.34
18
2,964,000
6.3338
514.34
19
2,964,000
6.3338
514.34
20
2,964,000
6.3750
517.68
21
2,964,000
6.3876
518.87
22
1,873,000
6.3133
323.97
23
1,778,000
6.3376
308.72
24
1,500,000
6.3463
260.81
25
1,500,000
6.3463
260.81
26
1,500,000
6.3463
260.81
27
1,500,000
6.3481
260.88
28
1,700,000
6.3944
297.82
29
1,650,000
6.4950
293.61
30
1,525,000
6.6046
275.95
TOTAL 11,276.57
Monthly Average 2,193,100 6.2597
National Bank of America
BALANCES AS PRESENTED BY THE CITY INVESTED IN
TRUST FOR U.S. TREASURY OBLIGATIONS
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
Monthly Average 2,029,452 6.4612
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
July 1
1,625,000
6.3644
283.35
2
1,625,000
6.3644
283.35
3
1,625,000
6.3644
283.35
4
1,625,000
6.3644
283.35
5
1,720,000
6.3493
299.20
6
1,765,000
6.3550
307.30
7
1,600,000
6.3684
279.16
8
1,600,000
6.3539
278.53
9
1,600,000
6.3539
278.53
10
1,600,000
6.3539
278.53
11
1,625,000
6.3769
283.90
12
1,625,000
6.3350
282.04
13
1,625,000
6.3050
280.70
14
1,625,000
6.4144
285.57
15
3,075,000
6.5600
552.66
16
3,075,000
6.5600
552.66
17
3,075,000
6.5600
552.66
18
2,875,000
6.5650
517.11
19
2,950,000
6.5450
528.98
20
2,995,000
6.4650
530.48
21
1,995,000
6.4950
355.00
22
2,145,000
6.5725
386.25
23
2,145,000
6.5725
386.25
24
2,145,000
6.5725
386.25
25
2,129,000
6.5700
383.22
26
2,019,000
6.5677
363.29
27
1,869,000
6.4272
329.11
28
1,869,000
6.5744
336.65
29
1,889,000
6.5552
339.25
30
1,889,000
6.5552
339.25
31
1,889,000
6.5552
339.25
TOTAL
11,165.18
Monthly Average 2,029,452 6.4612
National Bank of America
BALANCES AS PRESENTED BY THE CITY INVESTED IN
TRUST FOR U.S. TREASURY OBLIGATIONS
CITY OF SALINA, KANSAS
Interest Earnings for Aug 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
Aug 1
2,039,000
6.4550
360.60
2
2,109,000
6.4650
373.55
3
2,200,000
6.4608
389.42
4
2,300,000
6.4650
407.38
5
2,480,000
6.4732
439.82
6
2,480,000
6.4732
439.82
7
2,480,000
6.4732
439.82
8
2,655,000
6.5111
473.62
9
2,655,000
6.5105
473.57
10
2,700,000
6.5373
483.58
11
2,700,000
6.7766
501.28
12
2,700,000
6.7354
498.24
13
2,700,000
6.7354
498.24
14
2,700,000
6.7354
498.24
15
2,700,000
6.9771
516.11
16
2,600,000
6.9372
494.16
17
2,500,000
6.7683
463.58
18
2,450,000
6.8049
456.77
19
2,400,000
6.7593
444.45
20
2,400,000
6.7593
444.45
21
2,400,000
6.7593
444.45
22
2,300,000
6.7674
426.44
23
2,050,000
6.7270
377.82
24
1,450,000
6.5550
260.40
25
1,450,000
6.8046
270.32
26
1,475,000
6.8450
276.61
27
1,475,000
6.8450
276.61
28
1,475,000
6.8450
276.61
29
2,075,000
6.8546
389.68
30
2,575,000
6.8415
482.65
31
2,575,000
6.7711
477.69
TOTAL
13,055.98
Monthly Average
2,298,323
6.6912
0
TRUST FOR
U.S. TREASURY OBLIGATIONS
PORTFOLIO AS OF 10/03/88
SECURITY NAME
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES, TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
UNITED STATES TREASURY NOTE
U.S. TREASURY OBLIGATIONS BOUGHT
UNDER REPURCHASE AGREEMENT
TOTAL FACE VALUE
FUND NUMBER
FEDERATED SECURITIES CORP.
Distributor
DUE DATE
10/31/88
11/15/88
11/15/88
11/15/88
11/15/88
11/15/88
11/15/88
11/15/88
11/15/88
11/15/88
11/15/88
11/30/88
11/30/88
11/30/88
11/30/88
11/30/88
11/30/88
12/31/88
12/31/88
01/31/89
01/31/89
02/15/89
02/15/89
02/15/89
02/28/89
02/28/89
02/28/89
05/15/89
05/15/89
05/15/89
05/15/89
VARIOUS
e".�w Io %r/et
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
YIELD
59 ON YOUR EDGE TERMINAL
6.90%
6.67
6.68
6.74
6.77
6.80
6.90
7.01
7.07
7.13
7.15
6.71
6.88
7.10
7.12
7.14
7.20
7.26
7.30
7.38
7.43
7.51
7.55
7.57
7.81
8.09
8.11
7.99
8.04
8.09
8.13
7.95
FACE
VALUE
(000)
5,000
50,000
35,000
25,000
20,000
25,000
10,000
25,000
25,000
25,000
5,000
30,000
60,000
25,000
10,000
30,000
15,000
25,000
25,000
15,000
10,000
45,000
25,000
15,000
75,000
25,000
20,000
25,000
25,000
10,000
40,000
3,978,545
$ 4,778,545
For more complete information on the fund, including charges and expenses, send for a current prospectus or
call 800-245-5040; in PA, 800-792-2340. Read the prospectus carefully before investing or sending money.
Federated Securities Corp., Distributor, Federated Investors Tower, Pittsburgh, PA 15222-3779.
Average Net Yield to Shareholders for
the seven day period ended October 3, 1988 - 7.58%*
Average Maturity - 24 Days
* This is the net annualized yield for seven days ending October 3, 1988 based
on the average daily income dividend of $.000207579 and the net asset
value of $1.00 per share. This yield, therefore, is subject to change and
should not be construed as indicative of future results.
TRUST FOR U.S.,TREASURY OBLIGATIONS
MONTHLY REPORT OF INCOME
The following daily dividends reflect the income earned on ($1.00) each day.
JULY 1988
AUGUST 1988
SEPTEMBER 1988
OCTOBER 1988
1
$.000188065
1
$.000190549
1
$.000199921
1
$.000211678
2
.000188065
2
.000190822
2
.000206435
2
.000211678
3
.000188065
3
.000190706
3
.000206435
3
.000204242
4
.000188065
4
.000190822
4
.000206435
4
5
.000187653
5
.000191046
5
.000206435
5
6
.000187807
6
.000191046
6
.000201275
6
7
.000188176
7
.000191046
7
.000197365
7
8
.000187778
8
.000192085
8
.000201501
8
9
.000187778
9
.000192068
9
.000203584
9
10
.000187778
10
.000192803
10
.000203584
10
11
.000188408
11
.000199360
11
.000203584
11
12
.000187260
12
.000198229
12
.000202789
12
13
.000186438
13
.000198229
13
.000202428
13
14
.000189435
14
.000198229
14
.000202975
14
15
.000193425
15
.000204853
15
.000204881
15
16
.000193425
16
.000203758
16
.000203665
16
17
.000193425
17
.000199131
17
.000203665
17
18
.000193562
18
.000200135
18
.000203665
18
19
.000193014
19
.000198884
19
.000203281
19
20
.000190822
20
.000198884
20
.000201062
20
21
.000191644
21
.000198884
21
.000203503
21
22
.000193768
22
.000199106
22
.000203971
22
23
.000193768
23
.000198001
23
.000204205
23
24
.000193768
24
.000193289
24
.000204205
24
25
.000193698
25
.000200125
25
.000204205
25
26
.000193635
26
.000201232
26
.000204473
26
27
.000189785
27
.000201232
27
.000205065
27
28
.000193820
28
.000201232
28
.000204322
28
29
.000193294
29
.000201496
29
.000204393
29
30
.000193294
30
.000201137
30
.000211678
30
31
.000193294
31
.000199209
31
6.96%
6.99%
7.45%
7.64%
31 Days
31 Days
30 Days
3 Days
Each
monthly annualized
yield is based
on
the income dividends listed above, and
the
net asset value
of
$1.00 per share
on
each day. This
yield,
therefore, is
subject
to change and should not be construed
as indicative of future results.
National Bank of America
ADJUSTED BALANCES INVESTED IN
NBA MONEY MARKET ACCOUNT
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
Monthly Average 2,260,433 5.7500
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
June 1
2,815,000
5.7500
443.46
2
2,625,000
5.7500
413.53
3
2,230,000
5.7500
351.30
4
2,230,000
5.7500
351.30
5
2,230,000
5.7500
351.30
6
2,380,000
5.7500
374.93
7
2,360,000
5.7500
371.78
8
1,975,000
5.7500
311.13
9
2,115,000
5.7500
333.18
10
2,130,000
5.7500
335.55
11
2,130,000
5.7500
335.55
12
2,130,000
5.7500
335.55
13
1,978,000
5.7500
311.60
14
2,934,000
5.7500
462.21
15
2,774,000
5.7500
437.00
16
3,026,000
5.7500
476.70
17
3,019,000
5.7500
475.60
18
3,019,000
5.7500
475.60
19
3,019,000
5.7500
475.60
20
3,054,000
5.7500
481.11
21
3,004,000
5.7500
473.23
22
1,303,000
5.7500
205.27
23
1,723,000
5.7500
271.43
24
1,530,000
5.7500
241.03
25
1,530,000
5.7500
241.03
26
1,530,000
5.7500
241.03
27
1,820,000
5.7500
286.71
28
1,975,000
5.7500
311.13
29
1,600,000
5.7500
252.05
30
1,625,000
5.7500
255.99
TOTAL
10,682.88
Monthly Average 2,260,433 5.7500
National Bank of America
ADJUSTED BALANCES INVESTED IN
NBA MONEY MARKET ACCOUNT
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
July 1
1,810,000
5.7500
285.14
2
1,810,000
5.7500
285.14
3
1,810,000
5.7500
285.14
4
1,810,000
5.7500
285.14
5
1,890,000
5.7500
297.74
6
1,845,000
5.7500
290.65
7
1,470,000
5.7500
231.58
8
1,620,000
5.7500
255.21
9
1,620,000
5.7500
255.21
10
1,620,000
5.7500
255.21
11
1,675,000
5.7500
263.87
12
1,580,000
5.7500
248.90
13
1,805,000
5.7500
284.35
14
3,185,000
5.7500
501.75
15
4,555,000
5.7500
717.57
16
3,180,000
5.7500
500.96
17
3,180,000
5.7500
500.96
18
2,980,000
5.7500
469.45
19
3,065,000
5.7500
482.84
20
3,080,000
5.7500
485.21
21
2,330,000
5.7500
367.05
22
2,305,000
5.7500
363.12
23
2,305,000
5.7500
363.12
24
2,305,000
5.7500
363.12
25
2,559,000
5.7500
372.51
26
1,914,000
5.8750
308.08
27
1,689,000
5.8750
271.86
28
2,054,000
5.8750
330.61
29
2,114,000
5.8750
340.27
30
2,114,000
5.8750
340.27
31
2,114,000
5.8750
340.27
TOTAL
10,942.30
Monthly Average
2,238,484
5.7742
National Bank of America
ADJUSTED BALANCES INVESTED IN
NBA MONEY MARKET ACCOUNT
CITY OF SALINA, KANSAS
Interest Earnings for Aug 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
Aug 1
2,269,000
5.8750
365.22
2
2,294,000
5.8750
369.24
3
2,410,000
5.8750
387.91
4
2,815,000
5.8750
453.10
5
2,930,000
5.8750
471.61
6
2,930,000
5.8750
471.61
7
2,930,000
5.8750
471.61
8
2,855,000
5.8750
459.54
9
2,670,000
5.8750
429.76
10
2,760,000
5.8750
444.25
11
2,635,000
5.8750
424.13
12
2,680,000
5.8750
431.37
13
2,680,000
5.8750
431.37
14
2,680,000
5.8750
431.37
15
2,715,000
5.8750
437.00
16
1,840,000
5.8750
296.16
17
2,385,000
5.8750
383.89
18
2,465,000
5.8750
396.76
19
2,310,000
5.8750
371.82
20
2,310,000
5.8750
371.82
21
2,310,000
5.8750
371.82
22
1,515,000
5.8750
243.85
23
1,795,000
5.8750
288.92
24
1,430,000
5.8750
230.17
25
2,030,000
5.8750
326.75
26
2,380,000
5.8750
383.08
27
2,380,000
5.8750
383.08
28
2,380,000
5.8750
383.08
29
2,970,000
5.8750
478.05
30
3,080,000
5.8750
495.75
31
2,400,000
5.8750
386.30
TOTAL
12,270.39
Monthly Average
2,459,129
5.8750
National Bank of America
ADJUSTED BALANCES INVESTED IN
TRUST FOR U.S. TREASURY OBLIGATIONS
CITY OF SALINA, KANSAS
Interest Earnings for June 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
June 1
2,815,000
6.0050
463.13
2
2,625,000
6.0551
435.47
3
2,230,000
6.0935
372.29
4
2,230,000
6.0935
372.29
5
2,230,000
6.0935
372.29
6
2,380,000
6.0806
396.49
7
2,360,000
6.1450
397.32
8
1,975,000
6.2050
335.75
9
2,115,000
6.1950
358.97
10
2,130,000
6.1908
361.27
11
2,130,000
6.1908
361.27
12
2,130,000
6.1908
361.27
13
1,978,000
6.2055
336.29
14
2,934,000
6.2155
499.62
15
2,774,000
6.2669
476.28
16
3,026,000
6.2664
519.51
17
3,019,000
6.3338
523.88
18
3,019,000
6.3338
523.88
19
3,019,000
6.3338
523.88
20
3,054,000
6.3750
533.40
21
3,004,000
6.3876
525.87
22
1,303,000
6.3133
225.38
23
1,723,000
6.3376
299.17
24
1,530,000
6.3463
266.02
25
1,530,000
6.3463
266.02
26
1,530,000
6.3463
266.02
27
1,820,000
6.3481
316.54
28
1,975,000
6.3944
346.00
29
1,600,000
6.4950
284.71
30
1,625,000
6.6046
294.04
TOTAL
11,614.32
Monthly Average
2,260,433
6.2597
National Bank of America
ADJUSTED BALANCES INVESTED IN
TRUST FOR U.S. TREASURY OBLIGATIONS
CITY OF SALINA, KANSAS
Interest Earnings for July 1988
INVESTED OVERNIGHT INTEREST
DATE OVERNIGHT RATE EARNED
July 1
1,810,000
6.3644
315.60
2
1,810,000
6.3644
315.60
3
1,810,000
6.3644
315.60
4
1,810,000
6.3644
315.60
5
1,890,000
6.3493
328.77
6
1,845,000
6.3550
321.23
7
1,470,000
6.3684
256.48
8
1,620,000
6.3539
282.01
9
1,620,000
6.3539
282.01
10
1,620,000
6.3539
282.01
11
1,675,000
6.3769
292.64
12
1,580,000
6.3350
274.23
13
1,805,000
6.3050
311.80
14
3,185,000
6.4144
559.72
15
4,555,000
6.5600
818.65
16
3,180,000
6.5600
571.53
17
3,180,000
6.5600
571.53
18
2,980,000
6.5650
535.99
19
3,065,000
6.5450
549.60
20
3,080,000
6.4650
545.54
21
2,330,000
6.5950
414.61
22
2,305,000
6.5725
415.06
23
2,305,000
6.5725
415.06
24
2,305,000
6.5725
415.06
25
2,559,000
6.5700
460.62
26
1,914,000
6.5677
344.40
27
1,689,000
6.4272
297.41
28
2,054,000
6.5744
369.97
29
2,114,000
6.5552
379.66
30
2,114,000
6.5552
379.66
31
2,114,000
6.5552
379.66
TOTAL 12,317.31
Monthly Average 2,238,484 6.4612
National Bank of America
ADJUSTED BALANCES INVESTED IN
TRUST FOR U.S. TREASURY OBLIGATIONS
CITY OF SALINA, KANSAS
Interest Earnings for Aug 1988
INVESTED
OVERNIGHT
INTEREST
DATE
OVERNIGHT
RATE
EARNED
Aug 1
2,269,000
6.4550
401.27
2
2,294,000
6.4650
406.32
3
2,410,000
6.4608
426.59
4
2,815,000
6.4650
498.60
5
2,930,000
6.4732
519.63
6
2,930,000
6.4732
519.63
7
2,930,000
6.4732
519.63
8
2,855,000
6.5111
509.29
9
2,670,000
6.5105
476.25
10
2,760,000
6.5373
494.33
11
2,635,000
6.7766
489.21
12
2,680,000
6.7354
494.54
13
2,680,000
6.7354
494.54
14
2,680,000
6.7354
494.54
15
2,715,000
6.9771
518.98
16
1,840,000
6.9372
349.71
17
2,385,000
6.7683
442.26
18
2,465,000
6.8049
459.56
19
2,310,000
6.7593
427.78
20
2,310,000
6.7593
427.78
21
2,310,000
6.7593
427.78
22
1,515,000
6.7674
280.89
23
1,795,000
6.7270
330.82
24
1,430,000
6.5550
256.81
25
2,030,000
6.8046
378.45
26
2,380,000
6.8450
446.33
27
2,380,000
6.8450
446.33
28
2,380,000
6.8450
446.33
29
2,970,000
6.8546
557.76
30
3,080,000
6.8415
577.31
31
2,400,000
6.7711
445.22
TOTAL
13,964.47
Monthly Average
2,459,129
6.6912