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She explained staff was authorized to go out for bids to the two local banking institutions, <br />Landmark Community Bank and Northland Security Bank. The proposals for banking services <br />were received and opened on October 26, 1998. Ms Lund advised that Northland Security Bank <br />rated higher on certain issues related to interest rates, cut-off time for deposits, wire costs, and <br />commitment to the community and City. Based on those findings the Finance Committee <br />recommended approval of entering into a contract with Northland Security Bank. <br /> <br />Motion by Councilmember Haas Steffen and seconded by Councilmember Zimmerman to adopt <br />Resolution//98-11-274 Awarding Banking Services to Northland Security Bank. <br /> <br />Further discussion: Mayor Gamec asked if there is a 60 day cancellation clause. Ms. Lund <br />advised that there was such a clause in the original proposal. Councilmember Haas Steffen <br />suggested the motion be amended to add a condition, pending approval of the City Attorney, to <br />provide a provision that the agreement can be terminated upon notice. Councilmember <br />Zimmerman accepted this friendly amendment. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Haas Steffen, Zimmerman, and <br />Beahen. Voting No: None. Absent: Councilmember Beyer. <br /> <br />3) <br /> <br />Authorize Staff to Extend Agreement with Insurance Agent of Record for Year <br />Beginning December 15, 1998 <br /> <br />Administrative Services Manager Waite Smith explained the City annually contracts with an <br />insurance agent to provide insurance and risk management advice and assistance. She reported <br />the Finance Committee recommends extending the agreement with T.C. Field & Company. <br /> <br />Motion by Councilmember Zimmerman and seconded by Councilmember Beahen to authorize <br />staff to extend the agreement with T.C. Field & Company to serve as the City's insurance agent <br />of record for one year, beginning December 15, 1998, for a fee of $3,000. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Beahen, and Haas <br />Steffen. Voting No: None. Absent: Councilmember Beyer. <br /> <br />4) Decide Whether or Not to Waive Statutory Liability Limits for Insurance <br /> Application <br /> <br />Administrative Services Manager Waite Smith explained staff is completing the annual <br />application for general liability and property insurance though the League of Minnesota Cities <br />Insurance Trust, which requires the Council to officially waive or decline to waive statutory tort <br />liability. She advised that the Finance Committee recommends the City not waive the monetary <br />limits. <br /> <br />Mayor Gamec noted there was a great discussion about this matter last year and the decision was <br />made to not wave the limits. <br /> <br />City Council/November 10, 1998 <br /> Page 11 of 14 <br /> <br /> <br />