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<br />April 17, 2006 - Regular Meeting
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<br />Page
<br />
<br />573
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<br />Bank of America
<br />with courier service $3,807.32 $1,100,000.00 $1,100,000.00
<br />Bank of America
<br />w/o courier service $2,862.32 $ 806,250.00 $806,250.00
<br />First Charter $2,188.82 $ 0.00 $582,000.00
<br />SunTrust $2,080.00 $ 675,000.00 $565,000.00
<br />BB&T $1,404.00 $ 750,000.00 $750,000.00
<br />Wachovia $1,538.00 $ 436,638.00 $402,581. 00
<br />First Bank $1,255.00 $4,000,000.00 $1,000,000.00
<br />Cabarrus Bank & Trust Declined to bid per telephone call to Pam Dubois
<br />Bank of the Carolinas No Response
<br />F&MBank No Response
<br />
<br />Ms. Dubois recommended the cash management services contract be awarded
<br />to First Charter for five years based on a bid of zero balance and using the
<br />average daily collected balance method. She also asked the Board to allow
<br />the transition process to begin May I, 2006.
<br />
<br />Commissioner Carpenter asked the County Attorney if she could vote on
<br />this item as an employee in the banking industry (Wachovia).
<br />
<br />Richard M. Koch, Acting County Attorney, stated Commissioner Carpenter
<br />could vote if the motion was to award the contract to First Charter. However,
<br />he said she should recuse herself from voting if the motion was to award the
<br />contract to Wachovia.
<br />
<br />UPON MOTION of Commissioner Freeman, seconded by Commissioner Privette
<br />and unanimously carried, the Board approved the five-year Cash Management
<br />Services Contract award to the lowest responsible bidder, First Charter; and
<br />authorized County Manager to execute the contract on behalf of Cabarrus
<br />County. Further, the Board approved the following Corporate Resolution for
<br />banking services, subject to attorney review, and authorized the banking
<br />transition process to begin May 1, 2006.
<br />
<br />Resolution No. 2006-07
<br />
<br />CORPORATE AUTHORIZATION RESOLUTION
<br />
<br />First Charter*
<br />Professional & Executive Banking
<br />845 Church St. N
<br />Suite 305
<br />Concord, NC 28025
<br />
<br />By: County of Cabarrus**
<br />65 Church Street SE
<br />Concord, NC 28025
<br />
<br />*Referred to in this document as uFinancial InstitutionH
<br />**Referred to in this document as uCorporationH
<br />
<br />I, Frankie F. Bonds, certify that I am Secretary (clerk) of the above named
<br />corporation organized under the laws of North Carolina, Federal Employer I.D.
<br />Number 56-6000281, engaged in business under the trade name of Cabarrus
<br />County, and that the resolutions on this document are a correct copy of the
<br />resolutions adopted at a meeting of the Board of Directors of the Corporation
<br />duly and properly called and held on April 17, 2006. These resolutions
<br />appear in the minutes of this meeting and have not been rescinded or
<br />modified.
<br />
<br />AGENTS: Any Agent listed below, subject to any written limitations, is
<br />authorized to exercise the powers granted as indicated below:
<br />
<br />Name and Title of position
<br />A. Pamela S. Dubois, Deputy Co. Manager
<br />B. Susan B. Fearrington, Asst. Finance nir.
<br />C. Shelley B. Farris, Acct. Op. Supv.
<br />D. Margaret R. Burnette, Accountant
<br />
<br />Signature
<br />/s/ Pamela S. Dubois
<br />/s/ Susan B. Fearrington
<br />/s/ Shelley B. Farris
<br />/s/ Margaret R. Burnette
<br />
<br />Facsimile Signature (if used)
<br />
<br />POWERS GRANTED (Attach one or more Agents to each power by placing the letter
<br />corresponding to their name in the area before each power. Following each
<br />power indicate the number of Agent signatures required to exercise the
<br />power. )
<br />
<br /> Indicate
<br />Indicate A, Number of
<br />B, C and/or Signatures
<br /> D Description of Power Required
<br />
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