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File #: 21-007    Version: 1 Name:
Type: Motion Status: Passed
File created: 12/1/2020 In control: City Council
On agenda: 1/5/2021 Final action:
Title: Consider Designation of Official Depository for the City of Northfield
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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City Council Meeting Date:                     January 5, 2021

 

To:                                          Mayor and City Council

                                          City Administrator

 

From:                                          Brenda Angelstad, Finance Director

 

Title

Consider Designation of Official Depository for the City of Northfield

 

Body

Action Requested:                     

The Northfield City Council designate an Official Depository for the City of Northfield.  Merchants Bank is currently the official depository for the City of Northfield.  Competitive bidding is not required to choose a depository, however, from time to time a City may go out for bid for depository services.  Due to satisfaction with current services with Merchant’s bank, and with other work priorities, we are not recommending going out for bid at this time.

 

The Northfield City Council hereby designates Merchants Bank as the official depository.

 

Summary Report:

The Northfield City Code Section 2-57 provides that the designation of the official depository for municipal funds be made at the first Council meeting in January of each year.

 

Alternative Options:

The Council could chose another bank as the Official Depository.

 

Financial Impacts:                     

N/A

 

Tentative Timelines:                     

Per Summary above, this designation needs to be completed at the first meeting in January.