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SH"L+E <br /> w <br /> REQUEST FOR COUNCIL ACTION <br /> Date: 1/09/12 <br /> Item No.: 7 •d <br /> Department Approval City Manager Approval <br /> ■ <br /> Item Description: Designation of Official Bank Depositories for 2012 <br /> BACKGROUND <br /> State Statute requires the City to designate official bank depositories for which city funds may be deposited <br /> 3 and held for safekeeping. <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 0 Not applicable. <br /> 11 STAFF RECOMMENDATION <br /> 1 d"'? Staff recommends approval of the attached resolution. <br /> '1 3 REQUESTED COUNCIL ACTION <br /> '14 Adopt the attached resolution designating the official bank depositories for 2012. <br /> '1 5 <br /> Prepared by: Chris Miller,Finance Director <br /> Attachments: A: Resolution designating the official depositories for 2012 <br /> '1 6 <br /> Pagel of 3 <br />