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w w �
RESOLUTION NO.
w m
9.261 •
w w w■ w� r
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AWARD A CONTRACT WITH TWIN CITY BANK FOR THE
CITY'S BANKING SERVICES FOR 1995 and 1996.
7d,(
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to award a contract to provide
the City's banking services for 1995 and 1996 with Twin City Bank.
ADOPTED: October 18, 1994
ATTEST. APPROVED:
�UITY ULEK
APPROVED AS TO FORM:
THOMAS M. CAKFENTE\7-
CITY ATTORNEY
1275
A -X--
CITY OF LITTLE ROCK
ANALYSIS OF BANKING SERVICES BIDS
FOR THE YEARS 1995 AND 1996
SUMMARY OF RESULTS — ANNUAL BENEFIT TO THE CITY
First Commercial Bank
Twin City Bank
Metropolitan National Bank
Worthen National Bank
RECOMMENDATION: Twin City Bank
/08
BID BID
METHOD METHOD
I II
$256,151 —
— $270,670
$223,508 $212,690
$205,485 $211,611
M
M
CITY OF LITTLE ROCK 709
ANALYSIS OF BANKING SERVICES BIDS
FOR THE YEARS 1995 AND 1996
BIDDER: FIRST COMMERCIAL BANK
BID METHOD I —
City receives 87.26% of the T— Bill Rate.
Value to the City on average deposits of $5,871,000 at 5 %=
$256,151
Other optional services proposed:
Lock box services at no additional charge.
Investment advisory services for 10 basis points of assets
covered (for $40,000,000 fee would be $40,000).
BID METHOD II —
N /A.
BIDDER: TWIN CITY BANK
BID METHOD I —
N /A.
BID METHOD II —
City receives 100% of the T— Bill Rate.
Value to the City on average deposits of $5,871,000 at 5 %=
$293,550
City is charged fees per established schedule, but fees
will not exceed 10% of interest earned if interest rate drops
below 4 %, so long as balances exceed $5,000,000. Cost
to City =
$22,880
Net benefit to the City =
$270,670
Other optional services proposed:
Investment advice and assistance at no cost.
Other service possibilities at competitive rates.
710
CITY OF LITTLE ROCK
ANALYSIS OF BANKING SERVICES BIDS
FOR THE YEARS 1995 AND 1996
BIDDER: METROPOLITAN NATIONAL BANK
BID METHOD I —
City receives 76.14% of the T— Bill Rate.
Value to the City on average deposits of $5,871,000 at 5%=
$223,508
BID METHOD II —
City receives 81.77% of the T— Bill Rate.
Value to the City on average deposits of $5,871,000 at 5 %=
$240,035
City is charged fees per established schedule. Cost to
the City =
$27,426
Net benefit to the City =
$212,609
BIDDER: WORTHEN NATIONAL BANK
BID METHOD 1 —
City receives 70% of the T —Bill Rate.
Value to the City on average deposits of $5,871,000 at 5 %=
$205,485
Other optional services proposed:
Investment advisory services at no additional charge.
Cash management services at no additional charge.
BID METHOD II —
City receives 84.7% of the T —Bill Rate.
Value to the City on average deposits of $5,871,000 at 5 %=
$248,636
City is charged fees per established schedule. Cost to
the City =
$37,025
Net benefit to the City =
$211,611