CITY OF HOMER

Finance

HOMER, ALASKA

City Manager

City Clerk

RESOLUTION 03-50

A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA AUTHORIZING THE CITY MANAGER TO EXECUTE THE RENEWAL AGREEMENT FOR A BANKING SERVICES CONTRACT WITH WELLS FARGO BANK ALASKA TO EXTEND THE CONTRACT TO DECEMBER 31, 2004 AT A COST OF MAINTAINING A COMPENSATING BALANCE OF $195,000.00 AND APPROVING THE AUTOMATIC RENEWAL PROVISION.

WHEREAS, The City has had a banking services contract with National Bank of Anchorage, now Wells Fargo, since 1998; and

WHEREAS, The 1998 agreement term was January 1, 1999 to December 31, 2001 with two additional renewal periods; and

WHEREAS, The 1998 agreement had a compensating balance of $78,652.00; and

WHEREAS, City Administration believes that it is in the best interest of the City to continue banking services with Wells Fargo Bank Alaska.

NOW, THEREFORE, BE IT RESOLVED that the City Council of Homer, Alaska authorizes the City Manager to execute the renewal agreement for a banking services contract with Wells Fargo Bank Alaska to extend the contract to December 31, 2004 at a cost of maintaining a compensating balance of $195,000.00 and approving the automatic renewal provision.

PASSED AND ADOPTED by the Homer City Council this 24th day of March, 2003.

CITY OF HOMER

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ATTEST: JACK CUSHING, MAYOR

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MARY L. CALHOUN, CMC, CITY CLERK

Fiscal Note: