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Council hears request to open FirstBank account to secure better lending terms
Summary
Staff asked the council to authorize opening a FirstBank money-market account and placing $100,000 there to improve lending terms for recurring equipment and vehicle loans; a council member moved to approve the request but the provided excerpt does not show a completed vote.
The finance presenter described a plan to open a FirstBank money-market account and deposit $100,000 from the city's trust funds to secure preferential lending terms for recurring small equipment and police vehicle loans with that bank. He said the city previously liquidated a CD and has roughly $1.7 million in a trust account, and argued the smaller account would yield better loan pricing over repeated transactions.
He said signature cards for the mayor and city manager are on file at FirstBank and noted that the mayor pro tem likely needs to be added to signature authority during the application process. A council member (transcript label S6) moved to approve opening the account; the provided transcript excerpt does not include the recorded result of the vote.
Quote: "I was just simply saying let's put a 100,000 over there at FirstBank to take advantage of more favorable lending terms," the presenter said.
