Title
DESIGNATION OF DEPOSITORIES FOR CITY FUNDS
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Consider a resolution designating depositories for City funds.
Body
WHEREAS, banks have petitioned and requested that they be considered and approved as a depository for City funds, and
WHEREAS, each bank states that its deposits are guaranteed by the Federal Deposit Insurance Corporation to a maximum of Two Hundred Fifty Thousand ($250,000.00) Dollars per account, and
WHEREAS, each bank maintains that they are a Qualified Public Depository (QPD) under the Security for Alabama Funds Enhancement (SAFE) Program,
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of Foley, Alabama, that the following banks be designated as approved depositories for the City of Foley’s municipal funds:
Bryant Bank
Centennial Bank
Hancock Whitney
Renasant Bank
Regions Bank
Regions Corporate Trust
Truist