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Isanti extends Falcon National banking agreement while reviewing five RFP responses; council questions interest rate
Summary
Council approved a short extension of the city’s banking agreement with Falcon National to allow staff time to review five proposals received in response to an RFP. Council members expressed concern that the city’s current terms were well below market rates (described in the meeting as "3.8% below prime").
City staff asked the Isanti City Council to extend the city’s banking agreement with Falcon National for a short period while staff reviews five proposals received through a recent request for proposals (RFP); the council approved the extension as part of the consent agenda.
A council member raised concern that the city’s current deposit returns were low and said, “If right now, I can actually get a higher yield on a personal…
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