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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submitzal Date: Originating Department- Presented By: Agenda Item No.: 1-14-2009 Council Date: Finance Gene Anderson 20, 1-26-2009 RECOMMENDED MOTION: Move to approve a resolution authorizing a depository agreement with Liberty National Bank and authorizing the City Manager to negotiate and execute all necessary documents. PoLicY IssuE(s): Fiscal Policy The current City depository agreement expires February 28, 2009. The City published two bid notices in the Paris News requesting bids from interested banking institutians. In addition, the bid form was mailed to local banks that have expressed interest in bidding in the past. The City received two bids. When contacted after the bid closing, the non-bidding banks indicated either they were not soliciting government funds at this time or that the spreads on governmental deposits were too thin for them to bid. The other issue encountered was that one of the bids received was hand delivered 25 minutes after the deadline far bid submission. I confirmed with the City Attorney that the late bid could not be considered by the City. Therefore, it is recommended that the remaining bid from Liberty National Bank be accepted. The bid is a strong bid offering CD rates that significantly exceed our current rates. BOARD/COMMISSION RECOMMENDATION: NONE E XHIBITS: Liberty bid document and spreadsheet comparing current agreement to the recommended agreement. ACI'ION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $NA ❑ Departrnent Report ~ Resolution Budgeted Amt $NA ❑ Presentation ❑ Ordinance y'tD Actual $NA P bli i ❑ u c Hear ng ❑ Other Acct Name NA Acct Number NA FISCAL NOTES: None REVIEWED AND APPROVED BY: Z Administration [D City Clerk ❑ Community Development ❑ EMS/IT E Finance ❑ Fire ❑ Municipal Court Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities City of Paris Revised 2/04/08 O