HomeMy WebLinkAbout114-00 Ordinance RECORD OF ORDINANCES
Da on Le al Blank Co. Form No 0043
114-00
Ordinance No Passed
An Ordinance Extending the Designation Period of Eligible Financial
Institutions as Public Depositories an Additional Two Years, to October 31,
2002.
WHEREAS, the City of Dublin Ordinance 124-97, passed by City Council on
September 15, 1997, provided for certain financial institutions to be designated as
eligible depositories for the active and interim monies of the City of Dublin for a
three-year period ending October 31, 2000, inclusive of an optional one-year
extension subsequently exercised; and
WHEREAS, the 123rd Ohio General Assembly amended Section 135.12 of the
Ohio Revised Code effective November 2, 1999, permitting such eligible
despository designations to extend for a period of time not exceeding five years in
length; and
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 City of Dublin has established a good working relationship with
its existing designated public depository financial institutions for active and
interim monies, and has negotiated a favorable bank service fee structure for its
active monies on deposit for the next two years.
NOW, THEREFORE BE IT ORDAINED by the Council of the City of Dublin,
State of Ohio, of the elected members concurring that:
ra..~ Section 1. That the existing Memorandums of Agreement between the City of
Dublin and the following financial institutions be amended to extend their
designation period as eligible depositors an additional two years to October 31,
2002.
Financial Institution Maximum Balance Maximum Balance
Active Deposits Interim Deposits
Bank One, NA $20,000,000 $40,000,000
Fifth Third Bank 30,000,000 20,000,000
Firstar Bank 20,000,000 -0-
Heartland Bank -0- 2,000,000
Huntington National Bank 30,000,000 30,000,000
Key Bank aggregate of both active and interim
not to exceed $50,000,000
National City Bank 10,000,000 20,000,000
Section 2. That the active deposits of the City of Dublin continue to be
awarded to Bank One, NA, for an additional two year period from November 1,
2000 through October 31, 2002, inclusive.
Section 3. That the total designation periods of both the original and amended
~ Memorandums of Agreement with the financial institutions listed in Section 1
extends from November 1, 1997 through October 31, 2002, inclusive. This period
does not exceed the Ohio Revised Code Section 135.12 limit of five years
maximum duration.
Section 4. That the City Manager and Director of Finance are authorized and
directed to enter into the agreements necessary to implement this ordinance.
RECORD OF ORDINANCES
Dayton Legal Blank Co. Form No. 30043
114-00 (Continued)
Ordinance No Passed
Section 5. This Ordinance shall take effect and be force in accordance with
Section 4.04(a) of the Dublin City Charter.
Passed this ~ day of Q ~ b G? , 2000.
Mayor - residing Officer
ATTEST:
Clerk of Council
1 hereby eertify That colaies of this Ordinancei Kesolution were posted in th
(+y of Dubbin in accordance with Section 731.?5 of the OlZio Revised lode.
fir... ~
~~C! of Council, Dublin. Ohio
P:\PER\PRINDK\2000\081-ORD-114-OO.doc
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Office of the City Manager
5200 Emerald Parkway, Dublin, Ohio 43017-1006
Phone: 614-761-6500 ,Fax: 614-889-0740
CITY OF DUBLIN Memo
To: Members of Dublin City Council
From: Timothy C. Hansley, City Manager
Subject: Ordinance No. 114-00, An Ordinance Proposing Extension of Depository Agreements with
Eligible Financial Institutions
Date: September 11, 2000
Initiated by: Stephen A. Sova, Director of Accounting & Auditing
As was discussed at the June 5, 2000 Council meeting (see attached memo), staff recommends that existing
"Memorandums of Agreement" with eligible financial institutions, for the deposit of the City's active and
interim moneys, be extended an additional two years to October 31, 2002. This will be done in lieu of
initiating a formal Request for Proposal process to select financial institutions as eligible depositories. A
recent change in state law allows "Memorandums of Agreement" to extend for a length of five years
instead of the two-year period previously mandated.
The financial institutions listed in the Ordinance have all been contacted and are willing to extend their
Memorandums of Agreement another two years; such agreements will thus cover afive-year period
(November 1, 1997 to October 31, 2002). Bank One will continue to be the City's designated depository
for active public moneys.
Please let me know if you have any questions.
Attachment
P:\PER\PRINDK\2000\082-ORD-000-00 memo.doc
Director of Finance
5200 Emerald Parkway • Dublin, Ohio 43017-1006
Phone: 614-761-6500 • Fax: 614-889-0740 Memo
CITY OF DUBLIN
To: Timothy C. Hansley, City Manager
r»~ From: Marsha I. Grigsby, Director of Finance
Subject: Proposed Extension of Depository Agreement with Bank One, NA
Date: May 31, 2000
Prior to November 2, 1999, Section 135.12 of the Ohio Revised Code (ORC) required that local
governments entered into depository agreements for public moneys every two years. House Bill
220 modified ORC Section 135.12 to allow public depositories to be designated for a period of five
years. A copy of the updated ORC Section is attached.
The City's designated public depository is Bank One, NA and has been since March 1989. Since
1991, we have utilized a Request For Proposal (RFP) process for selecting the City's designated
depository. Bank One has been selected, based on overall costs, in all three processes. The current
depository agreement was awarded for the period November 1, 1997 to October 31, 1999 and then
extended for one year in accordance with the renewal clause included in Ordinance.
Based on the recent change in the law, I would like to extend the City's current depository
agreement for an additional two years. This would result in Bank One being the City's designated
public depository for a total of five years.
I am comfortable with extending our agreement based on our continued good working relationship
with Bank One and the fact they have agreed to extend the current fees for the additional two years.
We compared our current fee structure with Bank One's current standard fees, the fees Bank One
currently charges the City of Westerville, and the fees Fifth Third charges the City of Upper
Arlington. Overall, our current fees are lower than both Westerville and Upper Arlington. Bank
One's standard fee for one service has been reduced since our agreement was executed and they
have agreed to modify our current fee structure to incorporate the reduced fee.
Prior to the change in the law, we were anticipating that we would begin the process of requesting
proposals from the local financial institutions again in June so that we would be able to make a
recommendation by September. My recommendation is to extend the current agreement and plan
to request proposals again in two years. I would like to include this memo in City Council's June
1 packet to make sure they do not have a problem with extending the agreement for an additional
two years. If extending the agreement is not the preferred option, I will need to begin revising our
most recent RFP so that it can be distributed by the end of June.
Please let me know if you have any questions.
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