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HomeMy WebLinkAboutResolution No. 5125n RESOLUTION NO. 5125 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 A copy of which is hereby attached and by this reference made a part hereof. I, MARION A. GRADY, City 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 City Council of said City held on MONDAY the 21st _ day of JUNE 19 76 , by the following vote, to wit: AYES: COUNCILMEN: Jensen, Miskimen, Mulryan, Nixon and Mayor Bettini NOES: COUNCILMEN: None ABSENT: COUNCILMEN: None MARION A. GRADY - City C1 k q CONTRACT FOR BANKING SERVICES THIS AGREEMENT made and entered into this day of June, 1976, by and between SECURITY PACIFIC NATIONAL BANK, hereinafter called the "Bank", and the CITY OF SAN RAFAEL, a municipal corporation, hereinafter call -ed "City", W I T N E S S E T H: WHEREAS, pursuant to competitive bid entitled "General Account 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 July 1, 1976 to and including June 30, 1979, as follows: 1. Depository For Funds (General Checking Account). Bank will maintain normal commercial account, post checks and deposits directly to the account or accounts, and furnish bank statements as of the end of each calendar month, no later than five working days after the end of the month. Bank will endorse and photograph all checks deposited by the City and will provide all required checks, deposit slips and other instruments, printed to the City's specifications, free of charge. 2. Armored Car Service. Bank will provide, at no charge to the City, armored car service twice a week for the purpose of picking up parking meter revenue. The coin is to be counted by Bank and deposited to City's checking account within 24 hours from receipt. Record of collections to be maintained by route numbers and provided to the City. Any foreign coin not acceptable for deposit is to be returned to City. 3. Daily Messenger Service. Bank will provide messenger service for daily pickup of commercial deposits, at no expense to City. 4. City Employee Savings Bond Service. The Bank will issue United States Savings Bonds under a payroll savings plan for the City's employees. 5. Savings Account. Bank will provide the City with a regular savings account. The account would facilitate transfer of funds from the checking account to the savings account and from the savings account to the checking account. The City can make the transfer request by telephoning the bank and the transfer of funds will be made on the same day. 6. Repurchase Agreements. Bank will provide repurchase agreements for weekend or other short-term investments of excess cash in the commercial account. The City agrees that such repurchase agreements will be in minimum amounts of $100,000.00 and in $25,000.00 multiples above the minimum. Interest shall accrue on the day the order is placed and shall not accrue on the day the in- vestment period ends. The Bank shall quote to the City the competitive interest rate at the time the order is placed by telephone. 7. Investment Services. The Bank will pick up State Subvention Funds in Sacramento for immediate credit to the City's account. The City Treasurer will be notified by telephone prior to 1:00 p.m. on the day funds of $100,000.00, or more, are received. Smaller sums received will be deposited immediately, but notification will be effected the following business day. Bank will telephone the City Treasurer by 10:30 a.m. each morning to inform him of the balance in the account, together with current interest rates on pertinent investment opportunities. 8. Economic Research Service. Bank will provide Economic Research service to assist the City in accumulation of data for City's periodic studies, budgeting and other purposes as necessary. 9. Average Daily Balances. City shall maintain an active depository account with the Bank during the term of this agreement. The Bank shall require no minimum average daily account balance in this account. 10. Mutual Cooperation. Both parties to this contract pledge their mutual cooperation in effectively handling all services hereinabove provided. IN WITNESS WHEREOF, the duly authorized officials of the parties hereto have executed these presents as of the date first hereinabove written. ATTEST: CITY CLERK App M`RRY Al . City Atb as for ,j ey CK -2- CITY OF SAN RAFAEL, a municipal corporation By C. PAUL BETTINI, Mayor SECURITY( PACIFIC NATIONAL BANK i By ANAGER .