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Department Approval <br />��S�E <br />REQUEST FOR COUNCIL ACTION <br />Date.- 1/03/11 <br />Item No..- 7.c <br />Acting City Manager Approval <br />Item Description.- Designation of Official Bank Depositories for 2011 <br />1 BACKGROUND <br />2 State Statute requires the City to designate official bank depositories for which city funds may be deposited <br />3 and held for safekeeping. <br />4 <br />5 The attached resolution lists those institutions that will be used for various banking services. The <br />6 institutions are selected on a bid basis. <br />"7 POLICY OBJECTIVE <br />8 The designation of official bank depositories is required under State Statute. <br />9 FINANCIAL IMPACTS <br />1 ('-) Not applicable. <br />11 STAFF RECOMMENDATION <br />12 Staff recommends approval of the attached resolution. <br />13 REQUESTED COUNCIL ACTION <br />14 Adopt the attached resolution designating the official bank depositories for 2011. <br />Prepared by: Chris Miller., Finance Director <br />Attachments: A: Resolution designating the official depositories for 2011 <br />Page I of 3 <br />