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Commission extends bank depository contract for one year and creates consolidated municipal-court fund

5957134 ยท July 16, 2025
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Summary

The commission authorized a one-year extension of the city's depository contract with Happy State Bank and created a consolidated municipal court building security and technology fund required by new state law.

The City Commission authorized two financial housekeeping items on July 1.

Happy State Bank extension: The commission approved Resolution No. 27-2025 to accept a one-year extension term offered by Happy State Bank (a division of Centennial Bank) for the city's depository services contract. Joel Boyer, director of finance, said the bank offered a competitive rate (25 basis points over the weekly 13-week Treasury bill auction) and expanded certificate-of-deposit term options to 365 days, which the city may use for short-term investments. The extension keeps the city's depository arrangement in place while staff prepares a request-for-proposal process for the next multi-year contract.

Consolidated municipal-court fund: The commission also adopted Resolution No. 26-2025 to establish a special revenue fund consolidating the municipal-court technology and security fees into a single fund, as required by recent state legislation (House Bill 1950). City staff said the measure is a formality to comply with the new law and allows the consolidated fund to be used for the purposes previously allowed for the separate funds.

Ending: Both measures passed by recorded motion and hand/voice vote. Staff said they will bring the RFP consultant selection and next-step timeline for the depository contract back to the commission in October.