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The disclosures made by a financial institution pursuant to Subsections 6-8.2 through 6-8.4 shall be posted on the city’s website for public viewing within 30 days of submission to the Collector-Treasurer and shall be available for public inspection and copying.
(CBC 1985 6-8.8; Ord. 2013 c. 9)
(A) The Collector-Treasurer shall include in each of the city’s request for proposals for banking services a provision that describes additional bid preference, consistent with commonwealth and federal law, for those financial institutions that maintain the best performance scores, as described in this Section.
(B) The Collector-Treasurer shall describe, within the city’s request for proposals, banking services for which the city seeks to utilize local banks and financial institutions for account services and shall make best efforts to reach out to eligible local banks and financial institutions, as described in M.G.L. Chapter 44, Section 55, who may submit proposals for banking services.
(C) Upon making such evaluation and ranking, the Collector-Treasurer may:
(1) Maintain or increase the value of city banking services contracts or city deposits held by a preferred financial institution, which is an eligible financial institution that scores in the top 25% of local reinvestment performance;
(2) Maintain or decrease the value of city banking services contracts or city deposits held by an eligible financial institution that scores between the twenty-fifth and seventy-fifth percentiles of local reinvestment performance, not inclusive of the classifications described in division (C)(1) above; provided that the Collector Treasurer may increase the level of city banking services contracts or city deposits held by an eligible financial institution that scores between the twenty-fifth and seventy-fifth percentiles of local reinvestment performance when it has been determined by the Collector-Treasurer that preferred financial institutions’ capacities to maintain city deposits are at their maximum;
(3) Terminate city banking services contracts or city deposits from an ineligible financial institution, which is a financial institution that scores in the bottom 25% of local reinvestment performance;
(4) Commence and negotiate business relationships with a financial institution that does not presently do any banking business with the city; provided that the financial institution scores within the top 75% of local reinvestment performance;
(5) Enter into negotiations with a financial institution aimed at promoting institutional programs and behavior that are consistent with the public policy goals heretofore stated; and
(6) Take other such steps, consistent with sound fiscal practice and applicable law, as may be necessary or desirable.
(D) No contract for banking services shall be awarded to and no city deposits shall be made in a financial institution that has exhibited a pattern of discriminatory or other illegal credit practices or has committed past criminal or civil violations that have resulted in significant harm to the city’s financial interests.
(E) The Collector-Treasurer shall submit the names of all eligible or ineligible financial institutions to the Mayor and to the Boston City Council at the time of their designation by the Collector-Treasurer. The Mayor, with the majority vote of the City Council, shall have 30 days from the date of submission of the names by the Collector-Treasurer to approve the designation of each financial institution as an eligible or ineligible financial institution.
(F) A financial institution that fails to disclose the required information pursuant to Sections 6-8.2 and 6-8.4 or scores in the bottom 25% of local reinvestment performance shall not be eligible to receive city deposits or conduct any other banking transaction with the city until such financial institution submits the required forms and has been reviewed by the Boston City Council and approved by the Mayor.
(CBC 1985 6-8.9; Ord. 2013 c. 9)
Each of the provisions and Subsections of this Section are severable. If any of its provisions, Sections or Subsections shall be held unconstitutional or otherwise invalid by any court of competent jurisdiction, the decisions of such court shall not affect or impair any of the remaining provisions, Sections or Subsections.
(CBC 1985 6-8.10; Ord. 2013 c. 9)
This Section establishes and authorizes revolving funds for use by City Departments, Boards, Committees, Agencies or Officers in connection with the operation of programs or activities that generate fees, charges or other receipts to support all or some of the expenses of those programs or activities. These revolving funds are established under and governed by M.G.L. Chapter 44, Section 53E½.
(CBC 1985 6-9.1; Ord. 2017 c. 2)
A Department or Agency Head, Board, Committee or Officer may incur liabilities against and spend monies from a revolving fund established and authorized by this Section without appropriation subject to the following limitations.
(A) Fringe benefits of full-time employees whose salaries or wages are paid from the fund shall also be paid from the fund, except for those employed as school bus drivers.
(B) No liability shall be incurred in excess of the available balance of the fund.
(C) The total amount spent during a fiscal year shall not exceed the amount authorized by the Boston City Council on or before July 1 of that fiscal year, or any increased amount of that authorization that is later approved during that fiscal year by the Mayor and City Council.
(CBC 1985 6-9.2; Ord. 2017 c. 2)
Except as provided in M.G.L. Chapter 44, Section 53E½ and this Section, the laws, charter provisions, ordinances, rules, regulations, policies or
procedures that govern the receipt and custody of city monies and the expenditure and payment of city funds shall apply to the use of a revolving fund established and authorized by this Section. The City Auditor shall include a statement on the collections credited to each fund, the encumbrances and expenditures charged to the fund and the balance available for expenditure in the regular report the city auditor provides the Department, Board, Committee, Agency or Officer on appropriations made for its use.
(CBC 1985 6-9.4; Ord. 2017 c. 2)
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