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Council accepts banking-services proposal after five‑year solicitation
Summary
After a five‑year solicitation for depository services, staff recommended retaining the incumbent bank (referred to in the transcript as '1st aid'), which met all requirements; council approved the recommendation.
City staff reported results of a routine five‑year solicitation for banking depository services and recommended retaining the incumbent that submitted a compliant bid.
Staff told council the bank (referred to in the meeting as "1st aid") met all requirements and offered terms the city found acceptable, including competitive interest on funds held. Council moved and approved accepting the proposal so the city will continue its banking relationship with the bidder who met solicitation requirements.
Staff noted that most city funds are kept in pooled investments and that solicited rates are structured to account for changing market conditions.
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