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Minutes for the Depository Board meeting on Monday, March 28, 2011.
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Board members Mayor Perrin, chair, and City Collector Becky Sharp were in attendance. City Clerk Donna Jackson was unable to attend the meeting. Also in attendance was Chief Financial Officer Ben Barylske.
Chairman Perrin questioned whether all of the banks are collateralized. Ms. Sharp answered yes.
Chairman Perrin then questioned the current interest rates on the bank accounts. Ms. Sharp stated the accounts at Liberty Bank are currently receiving 1.393%, except for the operating account which is still receiving 1.44%. BancorpSouth, where the federal forfeiture account is held, is now a non-interest bearing account. The First Security account is receiving 0.25%. The credit card account is held at First Security. Mr. Barylske explained they are going to reduce that account to take out any excess funds and move the excess funds into the operating account at Liberty Bank. Ms. Sharp noted the interest rates are subject to change every quarter, which will begin at the beginning of April. Chairman Perrin added these accounts will have to bid out again in September.
Discussion was then held regarding Heartland, the company the City uses to handle credit card transactions. Mr. Barylske stated due to the transaction fees they are looking at switching to Elan. Ms. Sharp noted the contract with Heartland expired last year. Mr. Barylske added the change will save the City about $60 a month.
Mr. Barylske discussed the loan with Integrity First Bank. He explained they will have to open a new bank account at Integrity to hold the money the City pulls from the loan. He further explained the account will have a zero balance and there will be no fee for the new account. Chairman Perrin discussed the bidding of the loan and noted the proposed interest rates on the loans ranged from 2.37% to 3.49%, which are all good rates.
Ms. Sharp motioned, seconded by Chairman Perrin, to approve the minutes for the meeting on September 10, 2011. All voted aye.
With no further business, the meeting was adjourned.