Minutes 11/22/1983 - Laserfiche WebLink

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') c f..wI(., TUESDAY NOVEMBER 22, 1983 - In response to a recent "Request for Proposal" invited by the City for banking services for the City's Insurance Trust Fund, City Manager Edmonds reported that proposals have been received for United Virginia Bank (Martinsville) , Virginia National Bank (Martins- ville), Patrick Henry National Bank, and Piedmont Trust Bank, and that acceptance of the proposal submitted by Patrick Henry National Bank is recommended (by a special committee composed of himself, Finance Director Richard D. Fitts, School Superintendent Dr. James - Calkins, and the City's insurance consultant) on the basis that: 1. We do not need to establish a formal trust (as stipulated in one proposal) and incur the cost involved; 2. Patrick Henry National Bank offers unlimited electronic trans- fer at no cost; 3. Patrick Henry National Bank offers an interest rate fixed to 91-day Treasury Bills with no discount; and 4. All other proposals either have charges for services or pro- pose a lower rate of return. After some discussion, Council unanimously authorized the acceptance of the Patrick Henry National Bank proposal. Upon recommendation of City Manager Edmonds, Council established a permanent Insurance Committee to provide oversight and make recommendations concerning administration of the City's Insurance Trust Fund and matters relating to the City's employee group medical insurance program, with the membership of said committee to be composed of a member of the City School Board (to be designated by the Board); the Superintendent of City Schools, or his designee; a member of City Council, with Vice-Mayor Oakes agreeing to serve; and City Manager Edmonds, or his designee. To maintain employee off-duty disability benefits, formerly provided under the City's group insurance program but not available under the program recently adopted, and upon recommend-