HomeMy WebLinkAbout~Master - Resolution Approving Designation of Depository Bank RESOLUTION NO. 18-492
RESOLUTION APPROVING DESIGNATION OF DEPOSITORY BANK
FOR THE CITY OF AMES
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, 2018; and,
WHEREAS, seven financial institutions responded to the Request for Proposal for Banking
Services (RFD), 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$11,508; 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, 2021, 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 30,2021,at a calculated annual cost of$11,508 for banking services requested is hereby
approved, with a three-year renewal option.
ADOPTED THIS 28`h day of August, 2018.
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by: Gartin
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 28' day of August, 2018.