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<br />~I <br /> <br />:i <br />i; <br />'I <br />I <br /> <br />, <br />Ii <br /> <br />RESOLUTION NO _.9-2_": 0 0 8 <br /> <br />;: <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />, RESOLU'l'ION ESTABLISHING GUIDELINES FOR SELECTING THE CI'l'Y' S BANK 1\SSOCrl>:rES <br />! AND DEPOSITORIES <br /> <br /> <br />; Whereas, banking services i:\nd the bdnkinq industry has chem9ec1 <br />jsignificantly in the last few yearsi and <br />! Whereas, the City's banking relationship with its cunentpdmary <br />depository has been affected by these changes; <br /> <br />I NOH, therefore be it resolved tha.t the City shall adopt the following <br />i I policy: <br />;! <br /> <br />1. The City shall obtain banking selyLces whi::h facilitate tfh: bu:=:,in'?~3s of <br />the City in the most efficient manner including the Use of one or more <br />financial institutions. <br />2. Every attempt shaLL be made to utilize a cornpeLi. ti ve procurement prOCeCl111'e <br />to obtain these services. Selection shall be based on cost versus service <br />provided. ~3peci.al service factors which allow F'inance to more efLLciently <br />conduct the business of the CitS may be included. <br />3. The City shall review all such services at least every three years to <br />enSUH: that the goals of providing services in the most efficient manner is <br />being maintained. <br />4-. As part of its review ,the City she\1l consider services which it lS not <br />currently using but which are available to determine if an al te,rnate set of <br />services may meet the City's needs in a more efLicient manner. <br />5. Every effort shall be made to maintain a written agreement with each <br />servicE:' providet' that includes an agreement .to provide a 6 month notice fo:!: <br />any change in Et service including a change in fee, a new or siginficantly <br />modif:Led condition, 01' for termination by eit,her party. <br />6. Annually, the City Council shall designate depositories in which the City <br />she\ll be permitted to kef~p funds. <br />7. Either- a corporate surety bond or collateral shall be required as security <br />when c1eposi ts made at any depository exceedE. the r. D. I. C. or F. S. L. I. C <br />guarantee. <br /> <br />Adopt,ed t.his 28t,h day of January, 1992. <br /> <br /> <br />ke, Hayer <br /> <br />fb~~ ~Ch~_ <br /> <br />David H. Childs, City Hanaqer: <br /> <br />Ii <br />I <br />'ATTEST: <br />II <br />II <br />-! <br /> <br /> <br />A. Egan <br />I Finar.:.ce Director! <br />City Clerk <br />