HomeMy WebLinkAbout105 - 09/17/1985 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH FIRST INTERSTATE BANK TO BE THE CITYS D ORDINANCE NO. 105 , 1985
OF THE COUNCIL OF THE CI7-70F FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT
WITH FIRST INTERSTATE BANK OF FORT COLLINS, N.A.
TO BE THE CITY'S DEPOSITORY FOR FUNDS AND
TO PROVIDE BANKING SERVICES
WHEREAS, since 1977 the City of Fort Collins has contracted with a
local bank for depository and other banking services ; and
WHEREAS, bids have been received by the Purchasing Department from two
local banks and First Interstate Bank of Fort Collins, N.A. was the low
bidder charging an annual cost for the requested services of zero; and
WHEREAS, the City's previous experience with First Interstate Bank of
Fort Collins, N.A. as its depository bank has been favorable with the bank
efficiently processing an increasing volume of utility bill payments and
providing ever expanding services at the City's request; and
WHEREAS, it is in the best interest of the citizens of the City of
Fort Collins that a contract for depository and banking services be entered
into with the First Interstate Bank of Fort Collins, N.A. ; and
WHEREAS, the term of the Depository Agreement is three years and
requires the approval of City Council by ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and he hereby is, authorized to enter
into a Depository Agreement with the First Interstate Bank of Fort Collins,
N.A. providing the City of Fort Collins with depository and other banking
services.
Introduced, considered favorably on first reading, and ordered
published this 3rd day of September, A.D. 1985, and to be presented for
final passage on the 17th day of September, A.D. 1985.
AT�TEESTS
City Clerk
Passed and adopted on final reading this 17th day of September, A.D.
1985.
I`Nyor
ATTEST:
1U
Lity Clerk