(a) The City Treasurer shall provide notification, electronically or written by first-class mail, to all depositories having an office which receives deposits within the City, and such other depositories as determined by the Director of Finance, at least sixty (60) days prior to the date of designation of eligible depositories by the Director of Finance pursuant to division (b) of this section. Such notice shall:
(1) Request the depository to apply in writing for all or a portion of the City’s public deposits on or before a date specified in the notice;
(2) Identify the term of the proposed agreement with the depository, which period shall be two (2) years unless extended under the terms of the agreement;
(3) Require each depository to submit in its application for designation as an eligible depository the following:
A. The amount of the City’s active deposits that the depository will accept for deposit;
B. The rate or rates of interest, if any, that will be paid on the City’s active deposits;
C. The location of the depository’s offices in the City or, if no offices are located in the City, the location of its nearest offices;
D. A complete listing of all services provided by the depository and the amount of any service charges to be paid by the City for such services;
E. Audited financial statements of the depository;
G. Such other data or information deemed relevant by the Director of Finance.
The application submitted by the depository shall be used by the Director of Finance to designate the City’s eligible depositories in accordance with division (b) of this section and shall be made available to the Council for review.
(b) The Director of Finance shall designate one (1) or more depositories as the eligible depository or eligible depositories of the City's active deposits. The designation of such eligible depository or eligible depositories shall be for a period of two (2) years unless extended under the terms of the agreement, provided that, if more than one (1) depository is designated an eligible depository, the period of such designations shall be the same for all of the eligible depositories. The Director of Finance shall consider the following in making such designation:
(1) The rate or rates of interest paid on active deposits;
(2) The convenience of the location of the depository’s offices;
(3) The service charges, if any, that will have to be paid for the services of the depository;
(4) The financial stability of the depository;
(6) Such additional information as may be required by the cash management and investment policy promulgated pursuant to Section 178.14; and
(7) Any terms or conditions of the depository before accepting the City’s active deposits.
(c) The Director of Finance shall submit the names of all eligible depositories to the City Council at the time of their designation by the Director. The City Council shall have thirty (30) days from the date of submission of the names by the Director of Finance to disapprove the designation of any depository as an eligible depository. Upon expiration of the thirty (30) day period, the Director of Finance may enter into a contract pursuant to Section 178.08 with any eligible depository not disapproved by the City Council within the thirty (30) day period.
(d) As an exception to the process set forth in divisions (a), (b) and (c) of this section, the Director of Finance is authorized to designate as an eligible depository any depository which did not receive the notification required by division (a) of this section and which has opened an office which receives deposits in the City during the term of a contract entered into pursuant to Section 178.08 with the City's other eligible depositories. Any depository seeking such designation shall submit an application in writing to the Director of Finance containing the information specified in division (a)(3) of this section and the Director of Finance shall consider the factors delineated in division (b) of this section in making such designation. The period of such designation and the term of the contract entered into with the eligible depository pursuant to Section 178.08 shall expire on the same date that the contracts with the City's other eligible depositories expire. The Director of Finance shall notify the Council of the name of any eligible depository designated pursuant to this division but the provisions of division (c) of this section shall not apply and the Director of Finance is authorized to enter into a contract with the eligible depository pursuant to Section 178.08 upon designation.
(e) The limitations on the aggregate amount of public monies (as defined in the Uniform Depository Act) which may be deposited with eligible depositories as set forth in the Uniform Depository Act shall be applicable to deposits made by the City in eligible depositories pursuant to this chapter.
(Ord. No. 868-2019. Passed 8-21-19, eff. 8-26-19)