(a) The Director of Finance is hereby authorized to enter into contract with the eligible depositories designated pursuant to Section 178.03 for the provision of the City’s requirements for various banking services, including, but not limited to, check clearing and collection, account maintenance, bank statement preparation, lockbox services, wire transfers, investment support facilities, safekeeping and custody services, ACH services and other professional services deemed necessary to support the ongoing banking requirements of the City. The contracts authorized herein shall be prepared by the Director of Law and shall contain such terms and conditions as are deemed necessary by the Directors of Finance and Law to protect the City’s interest, including provision for the payment of fees for the banking services, whether through the maintenance of compensating balances or by monthly billing for services rendered and provision for the loss of the designation as an eligible depository, the withdrawal of the City’s deposits and the termination of the contract with the eligible depository because of the failure of the eligible depository to comply with the terms of the contract.
(b) The Director of Finance is hereby authorized to enter into contract with financial institutions and various financial and information service organizations to obtain data and services which will facilitate the processing of City deposits and investments.
(Ord. No. 2353-93. Passed 2-14-94, eff. 2-23-94)