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REQUEST FOR COUNCIL ACTION <br /> Date:January 4, 2021 <br /> Item No.: 9.c <br />Department Approval City Manager Approval <br />Item Description: Designation of Official Bank Depositories for 2021 <br /> <br />1 B ACKGROUND <br />2 State Statute requires the City to designate official bank depositories for which city funds may be <br />3 deposited 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 P OLICY O BJECTIVE <br />8 The designation of official bank depositories is required under State Statute. <br />9 F INANCIAL I MPACTS <br />10 Not applicable. <br />11 S TAFF R ECOMMENDATION <br />12 Staff recommends approval of the attached resolution. <br />13 R EQUESTED C OUNCIL A CTION <br />14 Adopt the attached resolution designating the official bank depositories for 2021. <br />15 <br />Prepared by: Jason C Schirmacher, Assistant Finance Director <br />Attachments: A: Resolution designating the official depositories for 2021 <br /> <br />16 <br />Page 1 of 3 <br /> <br />