HomeMy WebLinkAbout2003-02-24 03-96 ORDERCOUNCIL ACTION
Item No.
Date: February 24, 2003
Item/Subject: Order, Authorising the City Manager to Execute a Three Year
Extension to the Management Agreement between the City of Bangor and Merrill
Merchants Bank for Trust Services for Airport Department Funds.
Responsible Department: Airport _
Commentary: During the last three years, Merrill Merchants Bank has donean
excellent job of servicing the Airport's trust account. The Bank has met m exceeded
the appropriate benchmark in terms of return. James Macleod, the trust advisor, has
consulted with the Airport Finance Manager wherever necessary regarding Airport
cash needs and long-term strategies. He has met with her quarterly to review the
portfolio and transactions. Communications have been excellent.
The Airport recommends that the trust services agreement be extended for an
additional three years as provided in the current agreement.
Rebecca Hopo
Department Head
Managees Countermen
I®iC'lA�t �/FN1//pC/W/%C�/✓Gr�/P�rnw/N/� .
City Manager
Associated Information
Budget Approval:
Finance Director
Legal Approval: -
7
City Solicitor
Introduced for
K passage
_ First Reading
Referral
Page of
03-96
9J="gip "awed ca C cilo Greene Febrwu 26. 2003
CITY OF BANGOR
frITLE.) Order, Authorizing me City Manager to Execute a Three Year Extension be the
Management Agreement between the City of Bangor and MCMII Merchants Bank for Trust
Services for Airport Department Funds.
WHEREAS, Merrill Merchants Bank Is the curtent Trustee for the Airport Departments trust
account; and
WHEREAS, Merrill Merchants Bank has serviced the Airport and the trust acetum very well for
the First three years of the agreement and the City wishes to extend the agreement for an
additional three years as provided in the agreement,
NOW, THEREFORE, BE IT ORDERED BY THE CRY COUNCIL OF THE CITY OF BANGOR THAT
The City Manager Is hereby authorized to execute a Management Agreement three Year
extension between the qty of Bangor and Merril Merchants Bank for Trust Services for Airport
Department fund&
Ix C[YY COONCIL
Peervaq 26. 2003
xmcimm ma ae ata seceoaea
Passed
jTITLE,j Aa earivimg tee City xaoager to
�ecute a TTrtee Yeai @ttvsiou to tee
xamgeaemt Agreeoeut eetweu the City of
Trust Services to Airport Departmevc Puude
Assigned to Councilor rofty�
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