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Smithville board outlines timetable to rebid banking services; contract planned for Oct. 1
Summary
At a Smithville work session, staff detailed a schedule and required qualifications for a request for proposals to provide city banking services, noting $19 million in the city’s checking account and plans to decide on a new provider in June.
Smithville mayor and board members heard a staff presentation on the city’s plan to solicit bids for its banking services and a proposed timeline that would lead to a June decision and a new contract effective Oct. 1.
The item matters because Smithville currently holds about $19,000,000 in its demand (checking) account and four certificates of deposit with its incumbent, Central Bank; staff said the city needs a new or renewed banking contract that ensures federal insurance coverage, local branch access and full collateralization of deposits.
Rick, a retired banker who presented the work-session briefing, said…
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