HomeMy WebLinkAbout#5281 Approving Ipava State Bank for monies Collected by City of Canton for Municpal Cannabis Retailers RESOLUTION NO. 5281
A RESOLUTION APPROVING IPAVA STATE BANK AS THE FINANCIAL
INSTITUTION FOR MONIES RECIEVED FROM THE MUNICIPAL CANNABIS
RETAILERS' OCCUPATION TAX AND CONDITIONAL USE PERMIT FEES
COLLECTED BY THE CITY OF CANTON, ILLINOIS.
WHEREAS, the City of Canton has and/or will be receiving funds from the Municipal
Cannabis Retailers' Occupation Tax, pursuant to Ordinance No. 4156, and certain conditional
use permit fees, pursuant to Ordinance Nos. 4153 and 4171, associated with cannabis sales in
the City of Canton;
WHEREAS, the City Treasurer requested quotes from local banks and/or credit
unions for interest, fees, and regulations on all available bank accounts in order to hold the
funds received from the Municipal Cannabis Retailers' Occupation Tax and conditional use
permit fees collected by the City of Canton;
WHEREAS, IPAVA STATE BANK is the only financial institution that responded
with a quote;
WHEREAS the City Council of the City of Canton, has determined that it is in the
best interests of the City of Canton to hold the funds from the Municipal Cannabis Retailers'
Occupation Tax and conditional use permit fees collected by the City of Canton in a
Checking Account at IPAVA STATE BANK with the interest and fees as seen in Exhibit A,
attached hereto.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Canton,
Fulton County, Illinois, as follows:
1. That the City Treasurer is directed to open a checking account at IPAVA STATE
BANK with the terms attached hereto and incorporated herein as Exhibit A in the name of
"CANNABIS FUNDS" to hold funds collected by the City of Canton from the Municipal
Cannabis Retailers' Occupation Tax and conditional use permit fees.
2. That this Resolution shall be in full force an effect immediately upon its passage
by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor
thereof.
PASSED by the City Council of the City of Canton, Fulton County, Illinois, at a regular
meeting October 6, 2020, upon a roll call vote as follows:
AYES: Aldermen Angela Lingenfelter,Jeff Fritz, Craig West, John Lovell,
Quin Mayhew,Andra Chamberlin
NAYS: None
ABSENT: Aldermen Justin Nelson,Angela Hale
APPROVED:
K nt McDo ell,
McDo ell, M,
ATTEST: (Wa4--�
Diana Pavley-Rock, City Clerk
Exhibit A
Bank Name Interest Rate Account Service Fees Account TVDe
Ipava State Bank 0% None Checking