HomeMy Public PortalAbout02-21-1989 - Special Meeting 11
PROCEEDINGS OF A SPECIAL MEETING OF
THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA. FEBRUARY 21, 1989
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 21, 1989 at the hour of 6:45 P.M. in the Council
3 Chambers in said City. Finance Committee Chairperson Brookbank presided with the following
4 Councilmembers present: Elstro, Lundy, Hankinson, McBride, Hutton, Morris and Paust. Absent: Parker.
5 The following business was had to-wit:
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7 ACCEPTANCE OF PROPOSALS AND AGREEMENTS FOR DEPOSIT OF PUBLIC FUNDS
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9 City Controller, Marge Sweet informed the Council that pursuant to law, the City must designate financial
10 institutions for the deposit and investment of public funds from political subdivisions. This must be done
11 every odd year.
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13 Ms. Sweet said she had sent proposals and agreements to the financial institutions and had received
14 executed documents from Bank One, Star Bank, First Federal Savings, Peoples Federal Savings and Loan
15 and Wayne Bank.
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17 Councilmember McBride questioned the safety of savings and loans with all the recent unfavorable publicity
18 and moved to limit the depositories to the banks. Ms. Sweet assured Councilmember McBride that she only
19 makes short term investments with the savings and loans and does not make deposits with them.She added
20 that they offer the best interest rates on investments.
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22 Councilmember McBride's motion died for lack of a second.
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24 Other discussion indicated that the savings and loans within the Richmond Community were some of the
25 healthiest in the nation.
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27 Councilmember Elstro moved to accept and execute the Proposals and Agreements to Receive Public
28 Funds for Political Subdivisions from Bank One,Star Bank,First Federal Savings and Loan, Peoples Federal
29 Savings and Loan and Wayne Bank, seconded by Councilmember Morris and on unanimous voice vote the
30 motion was carried.
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32 ADJOURNMENT
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34 There being no further business,on a motion duly made,seconded and passed,the meeting was adjourned.
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42 Jane R.Brookbank,Chairman
43 Board of Finance
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47 ATTEST:
48 Mary Merchanthouse,City Clerk
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