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RESOLUTION BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS, TO ENTER INTO AN AGREEMENT WITH FARMERS & MERCHANTS BANK TO PROVIDE BANKING DEPOSITORY SERVICES FOR CITY OF JONESBORO
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WHEREAS, the city published notice 2026:19 on June 6, 2026 requesting proposals for Banking Depository Services; and
WHEREAS, proposals were received from 5 banks on June 24, 2026; and
WHEREAS, proposals were reviewed by the Depository Board members; and
WHEREAS, The Bid Tabulation is attached with this resolution; and
WHEREAS, at the Depository Board meeting on August 6, 2026, the Board agreed that Farmers & Merchants Bank submitted the most favorable proposal and they will be invited in for an interview to overview their proposal and the services to be provided; and
WHEREAS, following this interview and receipt of the Farmers & Merchants contract providing banking services for a period of three years, the Depository Board met on September 2, 2026 and agreed to recommend acceptance of this contract for City Council action; and
WHEREAS, the Mayor is authorized to appoint the employees who will have responsibility for signature authority for each bank account.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS, THAT:
SECTION 1: The City of Jonesboro, Arkansas shall execute an agreement with Farmers & Merchants Bank to provide Depository Banking Services for the city through September 15, 2029.
SECTION 2: The Mayor is authorized to appoint the employees who will have responsibility for signature authority for each bank account.
SECTION 3: The Mayor and City Clerk are hereby authorized by the City Council for the City of Jonesboro to execute all documents necessary to effectuate this agreement.