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IESOLUTION NO. 9.8 51 •
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AWARD A CONTRACT WITH METROPOLITAN NATIONAL
BANK FOR THE CITY'S BANKING SERVICES FOR 1997
AND 1998.
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 1997 and 1998 with Metropolitan National Bank.
ADOPTED: December 3, 1996
ATTEST:
APPROVED AS TO FORM:
r...... ' i..
'.'a -
ATTORNEY -HOMAS M- CITY
APPROVED:
ti. ' l
NA
°702
w w w w w w w w w w w �w ■r i
JWLYSIS OF BANKING SERVICE I,6
AVERAGE BALANCE $6,000,000 703
BOATMEN'S FIRST MERCANTILE METROPOLITAN
110 METHOD I I NAT BANK COMMERCIAL BANK OF AR NAT BANK
Projected 91 day T bill yield
Per cent offered
Effective yield
Combined average balance
Estimated annual interest
5.00%
5.00%
5.00%
5.00%
76.00%
93.00%
0.00%
95.00%
3.80%
4.65%
0.00%
4.75%
6,000,000
6,000,000
6,000,000
6,000,000
$228,000
$279,000
$0
$285,000
BOATMEN'S FIRST MERCANTILE METROPOLITAIS
1113 METHOD 11 NAT BANK, COMMERCIAL BANK OF AR NAT BANK
Projected 91 day T bill yield
Per cent offered
Effective yield
Combined average balance
Estimated annual interest
Service costs
Net benefits to the City
E:\123—DATA\DATA\BANKCOST.WK4
5.00%
5.00%
5.00%
5.00%
95.00%
100.00%
0.00%
0.00%
4.75%
5.00%
6,000,000
6,000,000
6,000,000
6,000,000
0
0
285,000
300,000
0
0
(22,211)
(9,173)
$0
$0
$262,789
$290,828
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G Davis 11/15/96 02:43 PM