Title
Consider moving PFCD Bank Account From BB&T
Summary
Description of Topic: (who, what, where, when, why and how much)
Currently BB&T is charging as much as $22 per month in bank fees. We need to move this account to another bank that does not have fees, which would be one of the following: The First, Bryant Bank or Centennial Bank, based on RFP's received by the Finance Department.
Also, there needs to be a new account created for McKenzie Village & Foley Square as stated in Section 5.d(1) of Resolution 82 that provides that the maintenance of the account will be in a separate account "Project User Fee (Foley Square/McKenzie Village) Fund".
Body
WHEREAS, BB&T is currently charging the Public Facilities Cooperative District (PFCD) monthly bank fees, and
WHEREAS, the Finance Department sent out RFP's for banking services and found that Centennial Bank, Bryant Bank and The First Bank do not charge fees, and
WHEREAS, under Resolution 82 the PFCD is required to maintain user fees in a separate bank account.
NOW THEREFORE BE IT RESOLVED that the City of Foley Public Facilities Cooperative District, as follows:
SECTION 1: Approves closing the Public Facilities Cooperative District bank account at BB&T due to the expense of monthly fees and authorizes the Finance Department to select one of the aforementioned banks with the highest interest rate.
SECTION 2: Authorizes the Finance Department to open new bank accounts with one of the aforementioned banks with the highest interest rate for General Operations and Project User Fee transactions.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.