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Contract with Wells Fargo Bank, N.A., for Fiscal Agent Services
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This item requests Board approval to delegate signature authority to the Executive Director to execute a contract with Wells Fargo Bank, N.A., for Fiscal Agent services, pursuant to the Master Banking Services Agreement between the City of Albuquerque and Wells Fargo Bank, N.A.
If approved, the Albuquerque Bernalillo County Water Utility Authority (Water Authority) will enter into an Agreement with Wells Fargo Bank, N.A., enabling Wells Fargo to provide comprehensive Fiscal Agent services that support the Water Authority’s financial operations. These services typically include the management and safeguarding of Water Authority funds; processing of deposits and disbursements; reconciliation of accounts; administration of payment and collection activities; facilitation of electronic funds transfers and wire services; and ensuring compliance with applicable banking, reporting, and security requirements. Wells Fargo will also provide ongoing support for cash management functions, including liquidity oversight, investment sweeps as applicable, and timely reporting to the Water Authority’s Finance/Business Services Division.
Approval of this item will also delegate authority to the Executive Director to approve any future amendments to this contract, if needed, to ensure continuity and efficiency of fiscal agent operations.
FISCAL IMPACT:
The total funding required for this contract has not been finalized; however, current projections indicate that the amount will exceed the $500,000 threshold.