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Award of this contract for banking services does not eliminate Landmark Community Bank or <br />Bank of' the West-fi'om.financial activities of the City,--The City-will. continue to purchase <br />investments h'om either institution such as certificates of deposits, opening a money market <br />savings account, etc. The City is negotiating a one year agreement. At year ending 2006, and <br />each year thereafter, the services of the City's banking institution will be examined and a <br />recommendation will be made as to whether to continue with said bank for the following year. A <br />resolution will be recorded in January stating said bank as the financial institution that will <br />p,'ovidc the City of Ramsey its banking services for the year. <br /> <br />Staff Rcco~mnendation: <br /> <br />Staff rccommends that the award for banking services be made to Village Bank for services to <br />begin as of November 1, 2005. <br /> <br />Council Action: <br /> <br />Motion to adopt attached Resolution #05-10-XXX Awarding Banking Services to Village Bank. <br /> <br />Reviewed By; : ', <br /> <br />City Administrator <br />Fin ance Officer <br /> <br />FC: 10/11/05 <br /> <br /> <br />