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E. State Deposits. <br />Bank must be able to accept direct deposits to the City's account from the State of <br />California for various subvention payments, including the Local Agency Investment <br />Fund (LAIF), and guarantee immediate credit for such deposits. <br />1. Does the Bank have an office in Sacramento that maintains a direct Demand <br />Deposit Account (DDA) banking relationship with the State Treasurer's Office <br />and the State Controller's Office? <br />Yes, J.P. Morgan has an office in Sacramento with a direct DDA banking <br />relationship with the State Treasurer's Office and the State Controller's Office. <br />2. Describe the LAIF transfer process. Are the transfers done by telephone, fax, <br />wire ACH, e-mail, etc.? <br />Transfers to LAIF <br />Investment transfers to the State will continue to be initiated by the City via <br />ACCESS Online and posted to the State via wire transfer. <br />J.P. Morgan works with government clients in the State of California to promote <br />compliance with State procedures for LAIF investment transactions. Note that <br />the following are general procedures, and that the City is encouraged to confirm <br />with LAIF to be sure they are in receipt of contracted instructions specific to the <br />City: <br />• For same day transactions, LAIF must be contacted by 1woo a.m. PT. <br />• 15 total transactions per month are allowed, which include both deposits <br />and withdrawals. <br />• Transaction amounts should be in thousand dollar increments with a <br />minimum of $5,000. <br />• Withdrawals of $10 million or more require at least a one -day advance <br />notice to LAIF. <br />• Future -dated transactions can be requested up to 10 calendar days in <br />advance. <br />• Verbal acknowledgment must be initiated by authorized City personnel <br />prior to funds transfer. <br />The City will continue to select a transfer bank other than J.P. Morgan to be used <br />for remitting any withdrawals requested from the fund. The transfer bank that <br />you select will be the bank FROM which your withdrawals will be wired. It is <br />NOT the bank TO which your funds will be sent. Funds will be transferred to the <br />City's designated account at J.P. Morgan. <br />Page 4S JTITIorM <br />