155.08 DESIGNATION AND SELECTION OF DEPOSITORY BANKS.
   (a)   The designation and selection of eligible depository banks shall be in accordance with Ohio R.C. Chapter 135.
   (b)   Eligible depository banks which desire to receive deposits of public moneys shall make application to the Treasurer not later than May 1 of each even year, and more frequently as the Treasurer may request, in accordance with Ohio R.C. Chapter 135.
   (c)   The Treasurer shall initiate legislation to Council not later than June 1 every five years, and more frequently as the Treasurer may deem necessary, to designate the amount of public moneys available for active and interim deposits and to designate those depository banks which are eligible to receive active and interim deposits.
   (d)   The Treasurer shall prepare requests for proposals for the selection of a general depository bank to serve as the primary depository of City funds and to provide general banking services required by the City. Requests for proposals for banking services shall be made to eligible depository banks as often as deemed appropriate by the Treasurer and in such form and in such manner as determined by the Treasurer and as approved by the Law Director. The Treasurer shall maintain records of all requests for proposals and responses received for a period of not less than five years.
   (e)   Following receipt of proposals for banking services, the Treasurer shall select the general depository bank which will best serve the depository and banking services' requirements of the City. The Treasurer shall enter into a depository agreement with the depository bank so selected which shall be for a period not to exceed five years. The Treasurer shall thereafter notify Council of the selection. Council may, for good cause shown, order the cancellation of such contract at any time during the term of such contract.
   (f)   The Treasurer may additionally enter into contract with eligible depository banks other than the general depository bank for the purpose of maintaining special depository accounts as may be established from time to time by ordinance or as required for efficient accounting purposes.
   (g)   Depository banks which are awarded deposits shall comply with the provisions of Ohio R.C. 135.18 and 135.181 concerning security for the repayment of public moneys deposited. The Treasurer shall require all depository banks which are awarded City funds to furnish a statement of the securities pledged against such public deposits at least quarterly.
(Ord. 45-2014. Passed 3-10-14.)