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Council approves separate bank account for grant funds; Federated Bank presents services
Summary
Council authorized a dedicated Federated Bank account for the OSLID grant (Resolution 20 26-08) to keep grant funds segregated and ease auditing. Justin Smith, vice president of Federated Bank, introduced the bank's retail and commercial offerings to the council.
The council voted to approve Resolution 20 26-08 authorizing the city to open an interest-bearing account at Federated Bank to hold OSLID grant funds and keep them segregated for auditing. Finance staff said a separate account would simplify grant accounting and avoid commingling with general funds.
Justin Smith, identified by council as vice president of Federated Bank, introduced the bank and described its local services: "We are a full service bank... we offer all the services the bank would offer," he said, listing business and retail products. Council members welcomed the local banking option and approved the motion to open the account.
