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Interest rates would be better and they would be able to transfer funds° The cost to them and not having the City's checking account were the reasons things were not better up to now. They are a business in Ramsey and felt they deserved some consideration. They contribute to several things in Ramsey - the RYAA and Lions and groups that have had things going on. They are the only balnk in Ramsey. Ch~mplin had closed out all business with the bank and ~re dealing with a bank in their own city. They felt the City should continue to look at other banks for doing investments. They would go into a much stronger investment program with the City and put in more time servicing if they could have the City's checking account. They said they would pick up the cost to change it over. Mayor Gamec told them he would bring the matter up to the City Council. Councilman Sorteberg said if everything else is equal, that is the way to go. Mayor C~mec said if all things are equal, he would like to see them have the business. They do a lot in the community. They have given money and prizes to the Jaycees. He said he wanted to look and see how many checks the City h~d left and to get with First Bs~k of Anoka and tell them what is being done and why. Councilman Reim~nn entered the meeting at 6:30 P.M.- Councilman Reimann said it was okay just as long as the City can get equal what it would get ~ny place else. Motion by Councilman Mickelson and seconded by Councilman Reimann to adopt Resolution #80- l~a transferring the City checking account from the First Bank of Anoka to the State Bank of Anoka provided all things are equal. Motion carried. Voting yes-Mayor Camec, Councilmen Sorteberg, Reimann and Mimkelson. Voting no=None. Please refer to resolution file for Resolution #80-144~ City staff thought it would be a lot more efficient and less costly to get both check and savings accounts in one b~uk. Mayor Gamec said he told the bank officials that what Jean is doing is per council direction. Councilman Cox entered the meeting at 6:45 P.M. Councilman Cox said he thought the City ought to give both banks some consideration. Jean said the City's investments ~re mainly with First Minneapolis. Motion by Councilm~n Cox and seconded by Councilman Mickelson 'to adjourn the special council meeting. Motion carried. Voting yes-Mayor Gamec, Councilmen Sorteberg, Reimsm~u, Mickelson and Cox. Voting no-None. Special Council October 20, 1980 Page 2