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b) Within three (3) days of receipt, Consultant shall deposit all proceeds received on behalf <br />of City into account, including but not limited to rent, security deposits, and any amount <br />that may become due by tenants. <br />c) Funds may only be withdrawn by Consultant to pay property management related <br />expenditures, including without limitation repairs, utilities, and maintenance, in an <br />amount up to $1,000. Expenditures in excess of $1,000 must be approved by City. <br />d) Non -emergency expenditures above $1,000 must be bid competitively to ensure property <br />management funds are spent efficiently. <br />e) The operating reserve amount in the account shall be $5,000 per parcel. Consultant is <br />required to remit funds above the operating reserve amount after subtracting the projected <br />expenses on a monthly basis. The funds shall be remitted by Consultant to City via ACH <br />or wire within fifteen (15) days of the most recently completed month. On monthly <br />basis, the Consultant should remit an itemized statement identifying revenues and <br />expenditures collected and/or incurred during the period as noted in Section (h) below. <br />(f) All expenditures, regardless of amount, must be supported by itemized invoice that tracks <br />expenditures by tenant and corresponding City approval if applicable. <br />g) Changes to the rental information, such as addition of tenants, and/or rental termination, <br />must be approved by the Public Works Agency. Within ten (10) days of such approval, <br />Consultant shall confirm all changes in writing to City's Public Works and Finance and <br />Management Agencies. <br />h) Consultant is required to maintain books and records in compliance with Generally <br />Accepted Accounting Principles, On a monthly basis or upon City's request, Consultant <br />shall provide alisting of the following: <br />i. Rental income by tenant (identify property address) <br />ii. Expenditures by category (e.g., utilities, maintenance, property management fees, <br />etc.) <br />i) Consultant shall make available all books and records related to the services provided to <br />City Finance staff or Independent Certified Public Accounting Finn acting on behalf of <br />City. <br />J) City maintains the right; either by itself or through a CPA firm acting on its behalf, to <br />conduct an examination of Consultant's books and records related to above -referenced <br />service. The examination may be conducted on annual basis or upon City's discretion on <br />reasonable notice. <br />WEEKLY STATUS REPORTS: <br />Consultant shall provide to the City Weekly Status reports relating to the management and <br />operation of the premises for the preceding calendar week. These documents shall include the <br />following, but not limited to: <br />• Proper records with respect to leasing, management, and operation of the premises (i.e. <br />receipts, disbursements, etc.) <br />• Contractor competitive bids <br />• Tenant Information, Owner's information, beginning date of tenancy, ending tenancy and <br />vacate date, rent amount, security deposit, past due rents, 90 -day notice dates, Fencing, <br />Board Up, and Testing date, 'Utility shut off and meter removal dates. <br />• Status report must also include inspection dates and any action items needed daring the <br />inspection and follow up of the action items. <br />City of Santa Ana RFP 17.065 <br />Page Al -9 <br />