HomeMy WebLinkAbout12-08 OrdinanceRECORD OF ORDINANCES
Durum Leeal BLmI.. Lic Funs No 3UOAt
IZ-~g
Ordiranm~e No. Pa.rserl , 20
AN AMENDMENT OF ORDINANCE 73-07 DESIGNATING
ELIGIBLE FINANCIAL INSTITUTIONS
AS PUBLIC DEPOSITORIES
WHEREAS, Section 135.01 (L) of the Ohio Revised Code provides that any municipal
corporation which has adopted a charter may, by ordinance, set forth special provisions for the
deposit or investment of its public monies; and
'~ WHEREAS, the electors of the City of Dublin have adopted a charter, and the charter
provides that legislation may be adopted to establish policy for the investment of the City's
monies; and
WHEREAS, Section 135.12 of the Ohio Revised Code provides that designations of eligible
depositories extend for a period of time not exceeding five years m length; and
WHEREAS, Dublin City Council has previously approved Ordinance 73-07, which
authorizes several financial institutions as public depositories for the period of November 1,
2007 through October 31, 2012; and
WHEREAS, the City of Dublin has received additional applications for deposit of active and
interim monies from eligible financial institutions.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of
Ohio, ~ of the elected members concurring that:
Section 1. The following eligible financial institutions be designated as public depositories
of the City of Dublin's public monies for the period April 16, 2008 through October 31, 2012:
Financial Institution Maximum Balance Maximum Balance
Active Deposits Interim Deposits
Emerald Bank $100,000 $100,000
Nationwide Bank $50,000,000 $200,000,000
Section 2. The public depositories listed in Section 1 are in addition to those depositories
previously authorized by Ordinance 73-07, through October 31, 2012.
Section 3. The City Manager and Director of Finance are hereby authorized and directed to
enter into the agreements necessary to implement this ordinance.
Section 4. This Ordinance shall take effect and be in force in accordance with Section
~ 4.04(a) of the Dublin Revised Charter.
Passed this ~ ~~L1 day of ~~~s~, 2008.
~ ~til.e-r~n.~.
Mayor -Presiding Officer
ATTEST:
Clerk of Council
CITY OF DUBLIN_
Office of the City Manager
5200 Emerald Parkway • Dublin, OH 43017-1090
Phane:6l4-410-4400 • Fax: 614-410-4490
TO: Members of City Council
FROM: Jane S. Brautigam, City I~4anager
DATE: February 28, 2008
Memo
INITIATED Marsha I. Grigsby, Deputy City Manager/Director of Finance
BY: Stephen A. Sova, Director of Accounting & Auditing
RE: Ordinance No. 12-08 -Amending Ordinance 73-07, Designating Eligible
Financial Institutions as Public Depositories
Summary
Section 135.12 of the Ohio Revised Code requires governmental entities to designate individual
financial institutions as depositories of public monies for a period not to exceed five years. The
City of Dublin's current depository agreements with various local banks were authorized by
Ordinance 73-07 and expire on October 31, 2012. Subsequent to Ordinance 73-07 becoming
effective on November 1, 2007, City staff «~as contacted by two additional local banks which
«~~ere interested in becoming public depositories of City monies. These eligible financial
institutions were inadvertently overlooked during staff's solicitation for such applications last
summer.
Both Nationwide Bank and Emerald Bank have submitted applications to be considered as
eligible depositories for the City's interim deposits. Both institutions are federally-chartered
banks operating under the oversight of the Federal Deposit Insurance Corp. Nation«~ide Bank,
with a retail branch at 5100 Rings Road, acquired the former Nationwide Federal Credit Union in
2007 and has over $l.l billion in assets. Emerald Bank, located at 6215 Perimeter Drive, is a
wholly-owned subsidiary of l~liddlefield Bank Corp. (Middlefield, Ohio) with over $400 million
in assets. Both institutions meet the requirements for becoming public depositories for the City
of Dublin. Ordinance 12-08 would add both of these banks to the current listing of banks
approved as public depositories by Ordinance 73-07. The City's active deposits will continue to
be held at JPMorganChase Bank as authorized by that ordinance.
Periodically, the City invests interim deposits (amounts not needed immediately to support daily
operations) in certificates of deposit. or similar time deposits. Such amounts are awarded to the
bank offering the best and most advantageous terms at the time of investment.
Recommendation
Staff recommends adoption of Ordinance No. 12-08 at the second reading on March 17, 2008, to
become effective thirty days later.