HomeMy WebLinkAboutResolution No. 6146RESOLUTION NO. 6146
A RESOLUTION AUTHORIZING THE SIGNING OF A
LEASE OR AGREEMENT
THE CITY COUNCIL OF THE CITY OF SAN RAFAEL HEREBY RESOLVES as
follows:
The MAYOR and CITY CLERK are authorized to execute, on
behalf of the City of San Rafael a lease or agreement with
SECURITY PACIFIC NATIONAL BANK
(For Banking Services)
A copy of which is hereby attached and by this reference made a
part hereof.
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
hereby certify that the foregoing resolution was duly and regularly
introduced and adopted at a regular meeting of the Council of said
City on Monday , the 3rd day of August , 1981, by the following
vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Miskimen, Nixon & Acting Mayor Jensen
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Mayor Mulryan
J N M. LEONCIN , City Clerk
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CONTRACT FOR BANKING SERVICES
THIS AGREEMENT made and entered into this 3rd day of
August 1981, by and between SECURITY PACIFIC NATIONAL BANK, here-
inafter called the "Bank", and the CITY OF SAN RAFAEL, a municipal
corporation, hereinafter called "City",
W I T N E S S E T H:
WHEREAS, pursuant to competitive bid entitled "Banking
Services Proposal" a copy of which is attached hereto and marked
Exhibit A, submitted to the City by the Bank and accepted by the
Council of the City, award is made to the Bank for banking
services for the period of three years from September 1, 1981 to
and including August 31, 1984, as follows:
1. General Checking Account and Bank Statements:
The Bank will maintain the City's commercial demand account,
post checks and deposits directly to the account, and furnish
bank statements as of the end of each calendar month. In
addition to a regular statement, to assist the City in
reconciling its account, the City will receive a report
providing a consolidated listing of paid checks in numerical
sequence showing the dollar amount and date paid. An * will
indicate a gap in sequential numbers, and stop payments will
be indicated. Checks will be returned to the City in numerical
sequence.
The Bank will also continue to provide the City with a
monthly Detailed Account Analysis Statement to serve as a
basis upon which to evaluate performance relative to our
agreement.
2. Passbook Savings Account:
The Bank will provide the City upon request a Passbook
Savings Account with no maximum allowable deposit and no
service charges.
3. Wire Transfers:
The Bank will provide for the electronic transfer of funds to
and from opther banks and State and Federal governments with
credited funds available for investment same day received.
In addition, the Bank will provide telephone notification of
receipt of direct deposits by the United States Treasury and
matured investments.
4. Same Dav Crediting of State Subvention Funds:
The Bank will continue to have State Subvention Funds delivered
directly to the Bank's Sacramento Main Office for preparation
and credit in immediate funds to the City same day received.
Additionally, the Bank will telephone and advise the City same
day for deposits of $100,000 or more.
5. Repurchase Agreements:
The Bank will provide repurchase agreements for overnight,
daily or short-term investments in the minimum amount of
$100,000, and in multiples of $25,000 above the minimum.
6. Armored Car Service to Transport Daily Deposits.
7. Investment Consultation and Services:
The Bank is prepared to assist the City in all of its invest-
ment activities. The Bank will assist the Finance Director/
Treasurer in developing the implementing an aggressive
investment strategy, and provide the services of an investment
officer.
Should the City desire to use the Local Agency Investment
Fund, the Bank will make deposits to the fund for the City
via the Sacramento Main Office at no charge.
The Bank will place any legally allowable investment for the
City through the San Rafael office or directly through the
Bank's Investment Department.
8. Safekeeping Service/Securities Clearance
9. Safe Deposit Box 3" x 18" x 12"
10. Parking Meter Revenue - Deposit Consolidation Service:
The Bank will process the daily coin deposits from the City
parking meter revenue including coin counting. Information
regarding collections by route will continue to be provided
through the Bank's Deposit Consolidation Service.
11. Furnish Coin/Currency Requirements
12. MasterCard/Visa:
The Bank will continue to issue the necessary supplies and
equipment for credit sales for the City's Recreation Department.
13. Process All Other Normal Banking Items:
(e.g., Collections, Letters of Credit, Returned Items, Stop
Payments.)
14. Average Daily Balance:
The City will maintain an active demand account with the Bank
during the term of this agreement. The bank shall require no
minimum compensating balance in this account for the above
services. Compensating balance is defined as the bank ledger
balance less float.
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IN WITNESS WHEREOF, the duly authorized officials of
the parties hereto have executed these presents as of the date
first hereinabove written.
CITY OF SAN RAFAEL, a municipal
corporatioq;
By
FREff JE EN, ting Mayor
ATTEST:
C T CLERK
SECURITY PACIFIC NATIONAL BANK
i
By
MANAGER
Approved as to form:
WILLIAM T. BULLARD, .
Assistant City Att tn y
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