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2007_0910_Packet
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2007_0910_Packet
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1/10/2012 12:41:30 PM
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Roseville City Council
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Council Agenda/Packets
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i <br />2 <br />� <br />� <br />6 Department Approval <br />� �� .� r�� <br />REQUEST FOR COUNCIL ACTION <br />Manager Approved: <br />Date: 911012007 <br />Item No: 7•d <br />Agenda Section: <br />��c��� � nk <br />9 Item Description: Revised Designation of �f�cial Bank Depositories for 2007 <br />� 47 <br />�i <br />[� <br />� i <br />I �+ <br />_._I� <br />I� <br />]� <br />- �� <br />14 <br />_.�U <br />�1 <br />_ ...�� <br />. �� <br />�� <br />�5 <br />�� <br />�� <br />—�� <br />, r� <br />Background <br />State Statute requires the City to designate official bank depositories for which city funds may be <br />deposited and held for safekeeping. Earlier this year, a resolution was passed listing those <br />institutions that were to be used for various banking services. Recently, the City was able to <br />negotiate a banking arrangement with M&� Bank, the City's investment safekeeping agent, to <br />waive all investment coupon wire transfer fees in exchange for maintaining a minimal deposit. <br />Deposited funds will earn an investment return that is below what the City earns on its portfolio <br />as a whole, but will be substantially better than what we would earn by simply leaving it in our <br />regular checking account. <br />This arrangementwill save the City approximately $500 -$1,000 annually. <br />Staff Recommendation <br />Staff recommends approval of the attached resolution. <br />Council Action Requested <br />Adopt the attached resolution designating the official bank depositories for 2007. <br />
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