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Minutes for the Depository Board meeting held on Monday, December 31, 2007.
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Board members Mayor Formon, City Clerk Donna Jackson and City Collector Becky Sharp were in attendance. Finance Director Don Ray, Operations Director Misty Micenhamer, Councilman Jim Hargis and Councilman Darrel Dover were also in attendance.
Mayor Formon called the meeting to order.
Mayor Formon motioned, seconded by Ms. Sharp, to elect Ms. Jackson as the chair of the Depository Board. All voted aye, with the exception of Ms. Jackson who abstained from voting.
Chairwoman Jackson explained there had been a recent miscommunication as to the status of the bank bids for the 2008 calendar year. She explained it is her understanding the bids were opened on Friday, December 28, 2007, with Mayor Formon, Ms. Micenhamer and Ms. Kortney White attending the bid opening. Ms. Sharp stated the board needs to determine who should be present when the bids are opened in the future.
Chairwoman Jackson noted on the bids it states “Accounts must be established and active by January 1, 2007.” She questioned whether it should state 2008 instead of 2007. She then questioned whether the typo could cause problems after selecting a bank. Finance Director Don Ray stated he didn’t think it would cause a problem. Mayor Formon explained banks could think they were not eligible to bid because they did not have an active account with the bank as of January 1, 2007. Ms. Sharp stated if the banks had questions concerning the bids they would’ve contacted the City before the deadline. Mayor Formon noted out of the bidders only three meet the specifications due to several offering variable rates instead of fixed rates. Ms. Micenhamer noted the bid states on the first line that it’s for the 2008 calendar year.
Chairwoman Jackson questioned the Bank of America bid that reflects a 12/18/06 bid. Mr. Ray explained they probably tied it to the prime rate and 12/18/06 may be the last time they checked the rate. He ...
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