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CABARRUS COUNTY ' <br />5 ' <br />~~ '~ '~, BOARD OF COMMISSIONERS <br />. REGULAR MEETING ' <br />fin, OCTOQER 20, 2008 <br />6:30 P.M. ' <br />AGENDA CATEGORY: <br />Consent Agenda ' <br />SUBJECT: <br />Finance -Designation of First Bank as an Additional Official Depository for ' <br />Cabarrus County Banking Activities <br />BRIEF SUMMARY: <br />f <br />Currently Cabarrus County has a joint account with SMG, the <br />management company for the Arena, for our daily banking activities <br />concerning the Arena. SMG has requested to make a change to First <br />Bank to provide these services due to better fees and interest earnings on <br />deposits. As part of G.S. 159-31, the governing board of each local <br />government shall designate as its official depositories one or more banks. <br />The Finance Department is requesting that First Bank be added to the list <br />of the County's official depositories. <br />REQUESTED ACTION: <br />Motion to approve First Bank as one of the official depositories for <br />Cabarrus County. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Pamela S. Dubois, Deputy County Manager <br />BUDGET AMENDMENT REQUIRED: <br />No <br />COUNTY MANAGER'S RECOMMENDATIONS/COMMENTS: ' <br />This item was approved by the Board for inclusion on the Agenda as a ' <br />Consent item. Approval is recommended. <br />Item# 11 , <br />F_9 Page 110 of 468 ' <br />