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FC CASE <br /> <br />AUTHORIZE REQUEST FOR PROPOSALS FOR BANKING SERVICES <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />The City of Ramsey is currently undergoing a conversion o fits financial computer soft-ware. <br />This includes accounts payable, accounts receivable and payroll. In conjunction with this <br />conversion, the City must purchase all new check stock and forms. As all of these changes are <br />proceeding forth (January 1, 1999 is the target date), now is the appropriate time to incorporate <br />any desired changes, need it be bank services, check vendors, etc. <br /> <br />Banking services to the City of Ramsey are currently supplied through several institutions. <br />These services include, but are not limited to, checking and market accounts, certificates of <br />deposit, and other investment alternatives. <br /> <br />The City currently has its banking relationship with Landmark Community Bank, NA. One of <br />two banks that are currently located within the City limits. <br /> <br />The City's checking account is through Landmark Community Bank, NA and is "swept" on a <br />daily basis into a money market checking account. Daily deposits are made to this same money <br />market account. Interest is computed on the money market account based on the rates supplied <br />by the 4M Fund. Interest compounds daily, with same day credits on deposits and wires, if <br />received by 2:00 P.M. <br /> <br />The only direct fees that the City currently experiences is the cost of printing deposit slips <br />through the bank and the costs of payroll and accounts payable checks from an outside vendor. <br /> <br />In addition to the aforementioned accounts, the City maintains money market and jumbo <br />certificates of deposits at the First National Bank of Anoka, First National Bank of Elk River, <br />and Northland Security Bank.. <br /> <br />In an attempt to keep the banking activities local, staff has prepared the attached "Request for <br />Proposal - Banking Services" to be submitted to Landmark Community Bank, NA and Northland <br />Security Bank, both located in the City of Ramsey. <br /> <br />The proposals for banking services would need to be returned to the Finance Officer by 2:00 <br />P.M. on Monday, October 26, 1998. Banking services would commence in January of 1999. <br /> <br /> <br />