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Carthage council adopts insurance‑broker resolution, keeps Guaranty Bank for banking; approves claims report
Summary
Council adopted a resolution to change brokers for liability insurance and approved staying with Guaranty Bank for municipal banking services. The committee reported the broker agreement and the bank recommendation; the claims report of $2,673,127.60 was approved by the council.
The City Council on May 13 adopted a resolution authorizing a broker agreement for liability insurance and advanced an ordinance to continue municipal banking services with Guaranty Bank.
At the committee on insurance, audits and claims, City Administrator Tracy Cox reviewed a proposed broker agreement to move liability insurance placement to Allis Acres Arnie (as read in the committee report) and explained that the new broker would be paid via commission from the insurance provider. The committee approved forwarding the broker agreement as Resolution 20‑86, and the council adopted the resolution by voice vote at the May 13 meeting.
The committee also reviewed bids for banking services and recommended keeping municipal accounts at Guaranty Bank, which was reported to offer the highest interest rate tied to the treasury bill rate plus 0.10% for checking accounts. The council read the corresponding ordinance on the agenda (council bill 25‑33) to authorize a contract with Guaranty Bank for banking services.
Separately, the committee on claims filed a report in the amount of $2,673,127.60. A councilmember moved to approve the May 13 claims as presented; the council approved the claims by voice vote during the meeting.
