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RECITALS:
RESOLUTION NO.1538
A RESOLUTION DESIGNATING THE COLUMBIA BANK TO MAINTAIN
INTEREST BEARING SAVINGS ACCOUNTS FOR CONTRACTORS
RETAINAGE
1. The Columbia Bankhas offered to handlethe interest bearing savingsaccounts for retained
amounts from contractor payments withouta special charge.
RESOLVED:
1. That the Columbia Bankbe designatedto maintain ail interest bearing savingaccounts for
retained amounts from contractor paymentswithout a special charge for the City of Moses Lake.
Saidaccounts shall be kept inthe nameofthe City of Moses Lake,however,interest earnings
shall be disbursed to the contractor when the account is released.
Adopted by the City Council on March 27,1990.
Finance Director