TO: B. Kirk, DATE: June 16, 1982.

City Administrator.
c.c.: Mayor & Council.

FROM: J. Maitland,
City Treasurer.

SUBJECT: City's Banking.

RECOMMENDATION:

That the City change their accounts over to the Canadian
Imperial Bank of Commerce effective September 1, 1982.

BACKGROUND AND COMMENTS:.

We recently went for bids on our banking needs, and the
Bank of Commerce came through with the best proposal.. They will be
paying us interest on our combined accounts on the following basis:

. The bank's 30-59 day term deposit rate on our minimum
monthly balance plus the bank's prime lending rate less 3% on daily
average balances in excess of the minimum balance less a $35,960 non-
interest bearing balance required to offset service charges.

I have picked September 1 to give ample time to get new
cheque supplies, deposit slips, etc. , :

New banking resolutions will be forwarded to Council in
due course.

d.