HomeMy WebLinkAboutResolution 2018-008 N.C.S. 01/22/2018Resolution No. 2018 -008 N.C.S.
of the City of Petaluma, California
AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AGREEMENT WITH EXCHANGE BANK TO PROVIDE
BANKING SERVICES TO THE CITY OF PETALUMA
WHEREAS, since 2007 the City of Petaluma has utilized Exchange Bank for needed
services; and
WHEREAS, it is important and prudent for the City to periodically review its banking
service requirements and test the market to assure an appropriate and cost - efficient level of
service is being provided; and
WHEREAS, the City solicited proposals from various banking institutions to provide
banking services for the City of Petaluma; and
WHEREAS, the City has received proposals from three banking institutions; and
WHEREAS, the City has reviewed these proposals and interviewed the top two
banking institutions with the strongest proposals; and
WHEREAS, upon completion of the interviews, the City has determined that
Exchange Bank is the most ideal and cost - effective institution to provide banking services to the
City of Petaluma.
NOW, THEREFORE, BE IT RESOLVED that the City Council authorizes the City
Manager to execute an agreement with Exchange Bank to provide banking services for the City
for an initial term of three years, with three additional one -year extensions available, for an
approximate net cost of $11,665 annually, based on the level of account activity.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE:
I hereby certify the foregoing Resolution was introduced and adopted by the
pprov &'d as to
Council of the City of Petaluma at a Regular meeting on the 22 "d day of January
forri:,,f
2018, by the following vote:
City Att �iney
AYES:
Barrett, Mayor Glass, Vice Mayor Healy, Kearney, King, Miller
NOES:
None
ABSENT:
Albertson
ABSTAIN:
None
LZt-
ATTEST:
GZ
City Clerk ayor
Resolution No. 2018 -008 N.C.S. Page 1