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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Jeffrey, Olson, Pearson, <br />and Strommen. Voting No: None. Absent: Councilmember Cook. <br /> <br />Councihnember Cook returned to the meeting. <br /> <br />6) Authorize Request for Proposals for Banking Services <br /> <br />Finance Officer Lund explained banking services to the City of Ramsey are currently supplied <br />fl~rough several institutions. These services include, but are not limited to, checking and market <br />accounts, certificates of deposit, and other investment alternatives. The City currently has its <br />banking relationship with Bank of the West, one of the. three banks that are currently located <br />within thc City limits. She explained the City's checking account is through Bank of the West <br />and is '~swept" on a daily basis into an automatic investment account. Daily deposits are handled <br />in the same manner as checking. The City is required to keep a minimum balance in a non- <br />intcrest bearing checking account to cover service fees associated with the account such as wire, <br />etc. Thc remaining balance is swept over into an automatic investment account and invested into <br />.~;ccuritics on a daily basis. It should be noted that the non-interest beating checking account to <br />cover fees became effective when the Bank changed over to Bank of the West from Northland <br />Sccuritics. Previously, the City earned interest earnings on all funds, and were charged no <br />service ices. Thus, the current proposal that the City has with the bank says that the City will <br />retain the services of said bank if no terms have changed. Because of the change in terms and <br />additional banks located in the City, the City wishes to seek bank service proposals and offers for <br />the City's banking needs effective immediately after Council adoption. The proposed date <br />would be November 1,2005. : <br /> <br />Finance Officer Lurid explained in addition to the aforementioned accounts, the City maintains <br />money market and jumbo certificates of deposits at Landmark Community Bank and First <br />National Bank of Elk River Bank. She advised in an attempt to keep the banking activities local, <br />staff' has prepared the Request for Proposal - Banking Services to be submitted to Landmark <br />Cmnmunity Bank, NA, Bank of the West and Village Bank, all located in the City of Ramsey. <br />Thc Finance Committee recommended that the Council direct staff to 'solicit proposals for <br />banking services by the above banks. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Olson, to ratify the <br />recommendation of the Finance Committee for Case No. 6 and to direct staff to solicit proposals <br />t'or banking services by distributing the ,Request for Proposal - Banking Services" to Landmark <br />Community Bank, NA, Bank of the West and Village Bank. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Olson,' Cook, Elvig, <br />Jeffi'ey, and Pearson. Voting No: None. <br /> <br />City Council / September 13, 2005 <br /> Page 31 of 33 <br /> <br />P75 <br /> <br /> <br />