City Council

5. AUTHORIZATION TO ENTER INTO A 3-YEAR AGREEMENT FOR\nSAFEKEEPING SERVICES\nRecommendation: Staff recommends the Council authorize the City Manager or his\ndesignee to execute the agreements necessary to enter into a 3-year agreement with\nan option to renew 2 additional 1-year terms with BMO for safekeeping services,\nsubject to final language approval by the City Manager and City Attorney, and open a\ndemand deposit account. If the City Council concurs with staff’s recommendation, an\nappropriate motion would be:\n“I move to approve the City Manager or his designee to execute the agreements\nnecessary to enter into a 3-year agreement with an option to renew 2 additional 1-\nyear terms with BMO for safekeeping services, subject to final language approval by\nthe City Manager and City Attorney and open a demand deposit account.”