HomeMy Public PortalAbout02-04-1991 - Specil Meeting 537
PROCEEDINGS OF A SPECIAL MEETING OF
THE COMMON COUNCIL OF THE
CITY OF RICHMOND. INDIANA. FEBRUARY 4. 1991
1 The Common Council of the City of Richmond, Indiana met in special session as a Board of Finance for
2 selection of depositories for public funds on February 4, 1991 at the hour of 6:50 P.M. in the Council
3 4
Chambers in said City. President presided with the following Councilmembers present: Elstro, Lundy,
Brookbank, McBride,Parker, Morris and Paust. Absent: Hankinson. The following business was had to-wit:
5
6 ACCEPTANCE OF PROPOSALS AND AGREEMENTS FOR DEPOSIT OF PUBLIC FUNDS
7
8 City Controller, Marge Sweet informed the Council that pursuant to law, the City must designate financial
9 institutions for the deposit and investment of public funds from political subdivisions. This must be done
10 every odd year.
11
12 Ms. Sweet said she had sent proposals and agreements to the financial institutions and had received
13 executed documents from all of the financial institutions and savings and loans. Ms. Sweet informed Council
14 that currently the City maintains their largest account at Star Bank with the payroll account at Bank One and
15 others are involved through investments,which are selected with need on the best rate offered.
16
17 Councilmember Parker questioned dealing with those institutions that were not based in Richmond and felt
18 they should deal only with Richmond based institutions.
19
20 Councilmember Morris asked if the City allowed for competition and Ms. Sweet explained that all were
21 invited to bid for the depositories if they had a home office or branch in Richmond.
22
23 Councilmember suggested that the Council leave the final daily decisions up to Ms.Sweet since she was the
24 one dealing directly with the institutions.
25
26 Ms. Sweet recommended that Council accept all the proposals submitted and allow her to call to get the best
27 investment rates.
28
29 Councilmember Brookbank moved to accept all proposals received for the deposit of public funds and to
30 allow the City Controller to use her discretion and solicit the best competitive rates, seconded by
31 Councilmember McBride and on unanimous voice vote the motion was carried.
32
33
34 ADJOURNMENT
35
36 There being no further business,on a motion duly made,seconded and passed,the meeting was adjourned.
37
38
39
40
41
42 Sarah L. Hutton, Chairman
43 Board of Finance
44
45
46
47 ATTEST:
48
49 Mary Merchanthouse, City Clerk
50
51
52
53
54 -
55
56
57
58
59
60
61
62
63
64
65
• 538