122-02 Ordinance RECORD OF ORDINANCES
Dayton Lezal Blank Co. Form No 30043
122-02
Ordinance No Passed
AN ORDINANCE 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 in length ;and
WHEREAS, the City of Dublin has received applications for deposit of active and interim
monies from various eligible financial institutions; and
WHEREAS, the City of Dublin has established good working relationships with its existing
designated public depository financial institutions, and has negotiated a favorable bank service
fee structure for its active monies on deposit for the next five years.
THEREFORE BE IT ORDAINED by the Council of the City of Dublin, State of Ohio,
of the elected members concurring that:
Section 1. That the following eligible financial institutions be designated as public
depositories of the City of Dublin's public monies for a five year period from November 1, 2002
through October 31, 2007:
Financial Institution Maximum Balance Maximum Balance
Active Deposits Interim Deposits
Bank One, NA $20,000,000 $40,000,000
Champaign National Bank 5,000,000 5,000,000
Fifth-Third Bank 100,000,000 100,000,000
Heartland Bank -0- 3,000,000
Huntington National Bank 30,000,000 30,000,000
Key Bank National Association aggregate of both active and interim not to
exceed $50,000,000
National City Bank 20,000,000 20,000,000
U.S. Bank 150,000 150,000
Section 2. That the active deposits of the City of Dublin be awarded to Bank One, NA for
the period November 1, 2002 through October 31, 2007, except for those deposits noted in
Section 3.
Section 3. That active deposits be awarded to National City Bank in amounts limited to the
payment obligations incurred by the City of Dublin under its purchasing card program with said
institution.
Section 4. That the City Manager and Director of Finance are authorized and directed to
enter into the agreements necessary to implement this ordinance.
Section 5. This Ordinance shall take effect and be in force in accordance with Section
4.04(a) of the Dublin City Charterr.
Passed this ~ day of~l~P.
~"~`ia_b,~i~ , 2002.
ay r - P ~ ing Officer
ATTEST:
1 hrre~y ce~_ti$y ihnt copies of tE~, OR;I;~aencs/Re*_-fltuten were I,a Cpl
Clerk of Council Gfy of Dvt~lin in accer~anre wit9~ Sec`iar 731.2s' of the Olio Revi e~ C~~<
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I t k of Council, Duhlin, Ohio
Office of the City Manager
5200 Emerald Parkway; Dublin, Ohio 43017-1006
Phone: 614-410-4400; Fax: 614-410-4490 M e m o
CITY OF DUBLIN
To: Members of the Dublin City Council
From: Jane S. Brautigam, City Manager S •
Date: August 27, 2002
Initiated by: Stephen A. Sova, Director of Accounting & Auditing ~(~w ~4v~~
Re: Ordinance No. 122-02, An Ordinance 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 expire on October 31, 2002.
This ordinance authorizes new depository agreements for the period November 1, 2002 to October 31,
2007.
RECOMMENDATION: Adoption of Ordinance No. 122-02 after second reading on September 16,
2002; to be effective 30 days later.
T:\2002\0690RD-122-02 MEMO.doc
Office of the City Manager
5200 Emerald Parkway; Dublin, Ohio 43017-1006
c[T~~ of noa~in Phone: 614-410-4400; Fax: 614-410-4490 M e m o
To: Members of the Dublin City Council
From: Jane S. Brautigam, City Manager
Date: August 27, 2002
Initiated by: Stephen A. Sova, Director of Accounting & Auditing
Re: Designating Eligible Financial Institutions as Public Depositories
Section 135.12 of the Ohio Revised Code requires local government entities to designate eligible
financial institutions as depositories of public monies. These "Memorandums of Agreement" with each
iristitution may not exceed a duration of five years, and specify maximum dollar amounts of active,
interim or inactive City of Dublin funds they may hold on deposit. The City's current Agreements expire
on October 31, 2002.
The City's active funds are currently on deposit with Bank One, with a small amount also at National City
Bank to the extent that such funds are needed to meet the City's obligations incurred under the purchasing
card program. As you will recall from the discussion at the July 22 Council Meeting, staff recommends
retaining Bank One as the City's primary depository for active monies. This is based on several factors:
1) Bank One has been the depository for active money since 1989 and has retained that designation
through several formal request for proposal processes; 2) Service fees charged by Bank One are as low or
lower than those charged to other municipalities by other banks, and Bank One agreed to maintain those
rates for another five years; and 3) Staff has developed a good working relationship with Bank One and is
very satisfied with its level of service.
Several local banks have submitted applications to be considered as eligible. depositories for interim
deposits as well. From time to time the City does invest interim moneys (funds not needed immediately to
support current operations) in certificates of deposit or federal government agency notes through local
banks. Such amounts are awarded to the bank offering the best and most advantages terms at the time of
investment.
The new "Memorandum of Agreement" with each financial institution will be effective for the period
November 1, 2002 through October 31, 2007 once executed.
T:\2002\0G9-1-0RD-122-02 MBMO.doc