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<br />Regular City Council Minutes -1/06/03 <br />Page 12 <br /> <br />a new depository this year due to their favorable return on <br />City investments. <br /> <br />Councilmember Kough sought clarification on City policy <br />regarding how it was determined which banking <br />institutions received the City's business; and encouraged <br />pursuing all options. Mr. Miller advised that every three <br />(3) years, the City bid out banking services, and North Star <br />Bank's status would end in December of 2003. <br /> <br />Mayor Kysylyczyn questioned the status of the City <br />considering the 4M Fund. Mr. Miller responded that staff <br />attempted to keep all options open, and the 4M Fund was <br />always kept as an option, but not offering the most <br />favorable return on investments at this time. <br /> <br />Schroeder moved, Kough seconded, adoption of <br />Resolution No. 10066 entitled, "Resolution on <br />Designation of Depositories," designating North Star Bank <br />and Affinity Plus Federal Credit Union as official City <br />depositories for 2003. <br /> <br />Roll Call <br />Ayes: Maschka, Kough, Schroeder, Klausing and <br />Kysylyczyn. <br />Nays: None. <br /> <br />I. Adopting a Resolution Designating Signatories for Resolution 10067 <br />2003 Designating <br />Schroeder moved, Kough seconded, adoption of 2003 Signatories <br />Resolution No. 10067 entitled, "Resolution of Designation <br />of Bank Signatories, designating Mayor C Neal Beets, and <br />Finance Director Christopher Miller as official signatories <br />for 2003." <br /> <br />Roll Call <br />Ayes: Maschka, Kough, Schroeder, Klausing and <br />Kysylyczyn. <br />Nays: None. <br />