HomeMy Public PortalAboutResolution 2018-18, Authorizing Engagement Of Banking Services For The City Of Riverdale - Quad City Bank RESOLUTION NO. 2018-18
RESOLUTION AUTHORIZING ENGAGEMENT OF
BANKING SERVICES FOR THE CITY OF RIVERDALE
WHEREAS. In an effort to improve banking services,reduce service charges and fees,and
increase return on City of Riverdale balances on deposit, its City Clerk/Treasurer did solicit proposals
from other banks meeting the qualifications required for municipal depositaries; and,
WHEREAS,the City Council of the City of Riverdale("City") is authorized and required to
approve depositaries for the City's funds(Riverdale City Code Chapter 19.03:6); and,
WHEREAS, following his review of proposals and interviews with staff from several banks
having offices convenient to Riverdale City Hall,the Clerk/Treasurer does recommend accepting the
proposal from Quad Cities Bank and Trust; and,
WHEREAS, upon due consideration of the nomination,the City Council desires to approve his
recommendation.
NOW THEREFORE, BE IT RESOLVED,BY THE CITY COUNCIL OF THE CITY OF
RIVERDALE, SCOTT COUNTY, IN THE STATE OF IOWA:
SECTION 1. That the City Council approves the recommendation of the Quad City Bank and
Trust Company as its principle depositary and bank of record.
SECTION 2. That the City Council authorizes its Clerk/Treasurer to transition the City of
Riverdale's banking services and deposits from its current bank, Wells Fargo,to the Quad City
Bank and Trust Co. in an expeditious and fiscally` U prudent manner.
PASSED AND APPROVED this ct day of V' ,2018.
-.' -
chael Bawden,1,49 or
ATTEST:
Ronald Fullerlove, City Clerk
Prepared by Tim Long May 8, 2018