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Award of this contract for banldng services does not eliminate Landmark Community Bank or <br />Bank of the West-from. financial activities of the City .... The City .will. continue to purchase <br />investments from 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 MI1 be made as to whether to continue with said bank for the following year. A <br />resolution ~vill be recorded in January stating said' bank as the financial institution that w/Il <br />provide the City of Ramsey its banking services for the year. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends that the award for banking services be made to Village Bank for services ~to <br />begin as of November I, 2005. <br /> <br />Council Action: <br /> <br />Motion to adopt attached Resolution #05-I 0~XXX Awarding Banking Services to Village Bank. <br /> <br />Reviewed By; : ..~':~i :-.: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 10/11/05 <br /> <br />-196- <br /> <br /> <br />