HomeMy WebLinkAboutCC Res 1972 1971-04-06
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RESOLUTION NUMBER ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH EFFECTING A CHANGE IN BANKING
FACILITY.
WHEREAS,
the City Council of the City of Seal Beach wishes to
establish a policy whereby it may from time to time
designate a depository bank within the City boundaries;
and
it is desirous of designating such bank in a fair and
equitable manner contingent with the highest level of
service to the City; and
WHEREAS, proposals have previously been invited from banks
within the City;
WHEREAS,
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NOW, THEREFORE, BE IT RESOLVED that effective May 1, 1971, Security
Pacific National Bank, located on Pacific Coast Highway in the City
of Seal Beach be selected to handle the City's active operating and
payroll accounts for a period of not less than two years at which
time said depository shall be subject to review.
PASSED, APPROVED, AND ADOPTED by the City Council of the City qf
Seal 8~ach, California, at a regular meeting thereof held on the
J:P day of ~. ~, ,1971, by the following vot,e:
AYES: councilmen~.h-t. ~,...~~ .f./_~ ~-o{ -'--'~
NOES: Councilmen~""'" ___
ABSENT: Councilmen 'p:',.I~
VACANCY: Councilmen ~~~~
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ATTEST:
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March 31, 1971
MEMORANDUM
To:
From:
The Honorable Mayor and Council Members
The city Manager
Subj:
Change in Banking Facilities For Operating
and Payroll Accounts
As a part of the review of finance operations, the staff requested
proposals from local banks for services rendered to the city.
The three proposals submitted (1) Bank of America, (2) Security
Pacific, (3) United California Bank, are quite similar. However,
the city has, for the past eight years, designated the Bank of
America to handle the operating and payroll accounts. During
that time the city was not provided with services which we find
are available.
Some of the free services offered by banks whenever we deposit
operating ,SInd :payrol.l"accounts: are:
1. Account reconcilement.
2. Check sequencing.
3. Armoured car pickup and delivery to City Hall. '
4. Free checks provided.
5. Process water bill payments through
lock box procedures.
6. Credit investigation service.
7. Safety deposit box.
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Inasmuch as Security Pacific Bank, Pacific Coast Highway Branch,
has submitted a proposal which has some services not provided by
others, one of which is free checks, and inasmuch as the Bank of
America has had the operations and payroll accounts for eight
years, it is suggested that the attached resolution be approved
which designates Security Pacific, Pacific Coast Highway Branch,
as the depository for operating and payroll account funds.
This does not change the city's policy of investing funds with all
other local banks, nor does it change any other special funds
handled by local banks.
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The City Treasurer and the city Finance Director have recommended
that the change be made.
The resolution also provides for review of the depository eyery
two years which gives the city an added assurance of keeping
current on all banking services available.
AGENDA ITEM ~