HomeMy WebLinkAbout05-06RESOLUTION 05-06
RESOLUTION APPOLNTENG U.S. BANK AS' OFFICIAL CITY BAxNK
FOR TIq-E CITY OF PRIOR LAKE
Motion By: Jim Petersen Second By: Chad LeMair
the City is interested in designating an official depository for public funds
for a four (4) year time period; and
the City wishes to obtain the most competitive and cost effective service to
process its municipal financial transactions; and
the City has formally solicited request for proposals from the local banking
institutions; and
WHEREAS,
the City has evaluated all proposals with respect to service charge costs,
electronic funds processing technology and the potential for earned
investment income based upon quoted interest rates that will be pegged to
the London Interbank Offered Rate (LIBOR) index; and
the City of Prior Lake is interested in appointing the banking institution that
would best serve the financial interests of the City.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
o
The recitals set forth above are incorporated herein as if fully set forth.
That the City of Prior Lake hereby appoints U.S. Bank as its official bank, based upon
the interest rates, service fees and technology considerations set forth in their proposal
ef£ective upon date of conversion in 2005 until December 31, 2008.
Passed and adopted this 3rd day of January, 2005.
YES
Haugen x Haugen
vacant vacant
LeMair x LeMair
Petersen x Petersen
Zieska
City of Prior Lake
NO
{Seal}
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