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TUESDAY, SEPTemBER 13, 1988 <br /> <br />term cash (money) management program which it'would offer the City of <br />Martinsville (as it now provides a number of institutions and the City of <br />Alexandria, Virginia) to obtain for Martinsville the optimal r'eturn on its <br />short-term investments, indicating that through Capitoline's servi£es the City <br />might expect to realize one-half of one percent more than it now realizes in <br />return. For Capitoline's money-management services (under a contract which <br />would be subject to cancellation on thirty-days' notice), the annual service <br />fee (based on average monthly balances) would be 3/8ths of one percent of <br />$2,000,000.00, or a minimum of $7,500.00. Funds would not be insured nor would <br />they be invested in-or-through CRESTAR BANK; however, as set forth in a <br />proposed "RFP" (Request For Proposal)prepared by the City's Finance Director, <br />Mr. Richard D. Fitts, in the event Council should decide to invite proposals <br />from firms which would offer enhanced cash management systems, all investment <br />vehicles would be of a type fully approved by the Treasurer of the Commonwealth <br />of Virginia and all financial institutions/organizations offering such <br />proposals must meet all guidelines for servicing Virginia municipalities, as <br />set forth in the Virginia Security for Public Deposits Act (Chapter 23, CODE OF <br />VIRGINIA, as amended). Council took this matter under advisement and indicated <br />an interest in receiving more information thereon. <br /> <br />Mayor Oakes then declared this meeting adjourned. <br /> <br />W. H , Clerk of Council <br /> <br /> <br />