Meeting Type: BCC Work Session
Meeting Date: 3/12/2019
Item Status: New
From: Kimberly Creech, Clerk/Treasurer
Submitted by: Kimberly Creech, Clerk/Treasurer
______________________________________________________________________
ITEM TITLE
Title
Banking Services
Body
STAFF RECOMMENDATION
Recommendation
Related to the Baldwin County Commission banking services with Hancock Bank, authorize the Clerk/Treasurer to sign the option letter for an additional twelve (12) months of service with the same terms.
End
BACKGROUND INFORMATION
Previous Commission action/date: April 5, 2016
Background: During Baldwin County Commission meeting April 5, 2016, the following actions were taken:
1. Awarded basic banking services to Handcock Bank for period of June 1, 2016 to May 31, 2019, with two (2) 12-month options, at an interest rate tied to the 90-day treasury bill plus 0.12% with a floor of 0.63% and the Commission will pay the bank service fees; and
2. Awarded the Baldwin County Merchant Services to Hancock Bank for a period of June 1, 2016 to May 31, 2019, with two (2) 12-month options, at a cost-plus price with a discount rate of 0.0% and transaction fee of $0.10; and
3. Awarded the Baldwin County Commission Lockbox Services to Hancock Bank for the period of June 1, 2016 to May 31, 2019, with two (2) 12-Month options, and the Commission will pay the bank service fees.
See attached spreadsheet for historical interest rates.
FINANCIAL IMPACT
Total cost of recommendation: N/A
Budget line item(s) to be used: N/A
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Kim Creech
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A