HomeMy WebLinkAbout~Master - Designation of First National Bank as depository bank RESOLUTION NO. 12-449
RESOLUTION APPROVING DESIGNATION OF DEPOSITORY BANK
FOR THE CITY OF AMES, IOWA
WHEREAS,it is the City's policy to periodically request proposals for banking services from
local financial institutions, and the current contract for these services with First National Bank will
expire on September 30, 2012; and,
WHEREAS, four financial institutions responded to the Request for Proposal for Banking
Services (RFP), and a committee reviewed and rated the proposals; and,
WHEREAS,the committee members each evaluated the institutions, and based on the RFP
criteria, the highest rated proposal was received from First National Bank at the lowest calculated
annual cost of$8,142; and,
WHEREAS, fees quoted by the financial institutions are based on a per item cost for
historical or anticipated City transaction volume, and these estimated costs could vary if volume
changes significantly; and,
WHEREAS,it is being requested that the City Council approve a contract with First National
Bank that will expire on September 30, 2015, with a three-year renewal option available.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that designation of First National Bank of Ames, Iowa, as the depository bank for the City through
September 30, 2015, at a calculated annual cost of$8,142 for banking services requested is hereby
approved, with a three-year renewal option.
ADOPTED THIS 28`'' day of August, 2012.
A.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Szopinski
Voting aye: Goodman, Larson, Orazem, Szopinski, Wacha
Voting nay: None Absent: Davis
Resolution declared adopted and signed by the Mayor this 28t'day of August, 2012.