HomeMy WebLinkAbout05(I) - Approval of the Annual City Council Appointments ReportAGREEMENT
For Banking Services Between
The City of Prior Lake and U.S. Bank
AN AGREEMENT between THE CITY OF PRIOR LAKE (CITY) and U.S. BANK
NATIONAL ASSOCIATION (U.S. Bank) made and entered into this 1sr day of January 2024.
In consideration of the mutual terms and conditions, promises, covenants and payments
hereinafter set forth, City and U.S. Bank agree to amend the contract as follows:
1. U.S. Bank shall continue to provide depository and banking services as described in its
proposal (The Proposal) dated October 14th 2009 in accordance with the RFP response
between the CITY and U.S. Bank effective January 2010.
2. The services rendered by U.S. Bank shall continue for an additional year ending
December 31st 2024. The agreement may be renewed for an additional year upon mutual
agreement of the parties.
3. U.S. Bank and the CITY agree pricing will remain the same as agreed upon in the
proposal dated October 14th 2009. All other pricing for services will be priced at
consistent reduced levels for specific services.
The City’s current ECR has a floor of 0.20%.
Additional ECR rate, should Fed Funds increase, will be calculated by reference to the
Fed Funds Target which is effective as of the first day of the next full month. 0.45% of
the excess of the actual Fed Funds Target (top of range) will be added to 0.70% to arrive
at the final ECR for that month for 2023. Example: If TFF is raised 0.45%, the ECR
would increase 0.1125%. During the life of the contract, the ECR will not be higher than
1%.
4. U.S. Bank and the CITY both have the right to modify or exit the contract within 60 days
given written notice.
5. U.S. Bank and the CITY agree that all of the terms and conditions of the original
agreement shall remain in full force and effect during the contract unless the agreement is
amended by mutual consent.
Approved:
U.S. BANK NATIONAL ASSOCIATION CITY OF PRIOR LAKE, MN
By: _Jennifer Vucinovich____________ By: __________________________
1221 East Fourth Avenue, Suite 155, Shakopee, Minnesota 55379 (952) 445-3333
December 19, 2023
Mr. Jason Wedel
City of Prior Lake
4646 Dakota Street
Prior Lake, Minnesota 55372
Dear Mr. Wedel,
Please consider our request for appointment of the Prior Lake American as the offi cial newspaper
for the City of Prior Lake in 2024.
We feel very strongly that the publishing of legal notices in the newspaper is of vital importance to
local residents who wish to stay informed about the decisions being made by your elected body.
The rate submitted by the Prior Lake American for 2024 is $8.06 per column inch. The new rate
refl ects a 5 percent increase from that charged in 2023 and is needed to cover the rising costs for
paper and labor, in addition to several postal increases initiated by the U.S. Postal Service over a
14-month period of time.
Notices submitted by the City of Prior Lake will continue to be posted on our newspaper website,
www.plamerican.com and the Minnesota Newspaper Association's statewide public notice website,
mnpublicnotice.com, free of charge.
The legal notice deadline for the Prior Lake American is at noon on Monday, preceding the follow-
ing week’s publication date; during holiday weeks the deadline may be advanced.
Thank you for the opportunity to be of service to you in the past. We hope that relationship can be
continued in the coming year.
Respectfully,
Laurie A. Hartmann
General Manager
Prior Lake American