(a) The Director of Finance shall determine the amount of public moneys which shall be available in active deposits to provide the needed cash flow to pay warrants and checks issued and outstanding, and to provide for a reasonable surplus in addition to the amount needed to pay such warrants and checks, and maximize the interest received on public moneys of the City. Interest on active deposits shall be paid or credited by the City’s designated eligible depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit. No service charge shall be made by a designated eligible depository against an active deposit or collected from or paid by the Director of Finance unless such service charge is the same as is customarily imposed by institutions receiving money on deposit, subject to check, in which event the Director of Finance may pay such charge. All public moneys of the City not deposited in active deposits shall be invested pursuant to Section 129.101.
(b) The Director of Finance shall, by a writing filed with the Clerk of Council, designate one or more eligible depositories as the depository or depositories of the City’s active deposits. When more than one eligible depository is designated, the active deposits shall be allocated among the eligible depositories from time to time at the sole discretion of the Director of Finance. The Director of Finance shall consider the following in making the 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 be made for the services of the depository; and
(4) Any other terms or conditions with respect to the depository s acceptance of the City’s active deposits.
(c) The initial designation of depositories for the City’s active deposits shall be for a period not to exceed six months and shall be made without giving the notice hereinafter provided for. Subsequent designations of depositories for the City’s active deposits shall be for a period specified in the Director of Finance’s written designation of depositories pursuant to subsection (b) hereof, which period shall not be less than six months nor longer than five years; and shall be made after the Director of Finance has provided written notice by first-class mail to the eligible depositories having an office in the City, and such other eligible depositories as determined by the Director of Finance, at least sixty days prior to the date of the action of the Director of Finance designating depositories for the City’s active deposits. Such notice shall: provide an estimate of the maximum amount of such active deposits at any time during the period of designation and the proposed period of designation or alternative proposed periods of designation; request such depositories to apply in writing for all or part of the City’s active deposits on or before a date and time specified in the notice; request such depositories to state in their application the amount of such active deposits that will be accepted by it; the rate or rates of interest, if any, that will be paid on such active deposits; the service charges, if any, that will be made for its services, other terms or conditions with respect to the depository’s acceptance of all or part of the City’s active deposits and the location of its offices in the City or, if none are located in the City, the location of its nearest offices, and include or request any other information to or from such depositories which the Director of Finance deems relevant.
(Ord. 60-08. Passed 7-7-08.)
(d) The Director of Finance shall enter into a contract, approved as to form and content by the Director of Law, with such depositories for the appropriate period determinated pursuant to subsection (c) hereof. Such contract shall establish the rate or rates of interest, if any, to be paid by the depository on the City’s active deposits, the service charges, if any, the depository may make for its services, and other terms or conditions of the depository’s acceptance of the City’s active deposits.
(e) The limitations on the aggregate amounts of public moneys that may be on deposit with eligible depositories as set forth in the Uniform Depository Act shall apply under this chapter.
(Ord. 44-85. Passed 11-18-85.)