Title
A Resolution Amending Resolution 22-1217 and Approving Other Financial Institution Actions
Summary
Section 2 of Resolution 22-1217 approved a $5MM investment at PNC bank that was found to require signing a very broad Customer Agreement. A request was made on July 14th to tailor the Agreement to state the terms quoted the City which to date has not occurred. The request being made is to invest that $5MM in a new account at The First bank at 1.15% (.40% higher than quoted by PNC) which will also cause that rate to be paid on all eligible interest bearing accounts at The First, including the Sales Tax revenue account. The banks we are currently doing business with are offering additional eligible accounts, programs and products paying higher rates. Requesting permission to utilize these products and monitor performance throughout the fiscal year and update Council as new opportunities arise.
Budgetary Impact: N/A
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
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