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Committee authorizes auditor to solicit bids for five‑year depository agreement
Summary
The finance committee unanimously recommended the council authorize the city auditor to solicit bids for the five‑year depository agreement (required every five years per packet reference). The auditor will return with recommended institutions and terms for council action.
The finance committee recommended that city council authorize the city auditor to solicit bids for the depository agreement, a process described in the meeting packet as required every five years.
The presenter explained the city currently holds relationships with four financial institutions and that authorizing a solicitation will allow the auditor to gather rates and terms from banks and financial institutions, returning later with recommendations for council to approve a resolution selecting depositories.
Committee members asked no substantive questions; Mrs. Russell and Mr. Whitten indicated support and the chair announced a unanimous recommendation to move the solicitation forward. The auditor aims to consider multiple respondents and return with a ranked recommendation and suggested resolution language.
The committee did not take a council vote on selection at this meeting; the action authorizes the procurement step (advertising and solicitation) only.
