05-87 Resolution, 03-02-1987RECORD OF RESOLUTIONS
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Form No. 6233-A
Resolution ~'~'o
05-87 __
Passed -- ----I9_____--
RESOLUTION DESIGNATING FINANCIAL
INSTITUTION(S) AS PUBLIC DEPOSITORY(S).
WHEREAS, applications for active deposits have been received frem BancOhio
National Bank, Bank One, the Ohio State Bank, and the Huntington National
Bank, each of which has agreed to accept all or any part of the active
deposits; and,
WHEREAS, applications for interim deposits of the Village of Dublin, Ohio
have been received from the following financial institutions, each of
which has agreed to accept all or any part of the interim deposits at
current market rates when said money becomes available;
BancOhio national Bank, up to $8,000,000.00
Bank One, up to $15,000,000.00
Huntington National Bank, up to $7,000,000.00
Ohio State Bank, up to $5,000,000.00
Freedom Federal, up to $2,000,000.00
State Savings Bank, up to $5,000,000.00 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 with resper_t to the deposit or investment of
its public monies; and
WHEREAS, the electors of the Village of Dublin have adopted a charter,
and said charter provides that the Treasury Investment Board shall
establish directions for the investment of interim and inactive monies
of the Municipality;
NOW, THEREFORE, BE IT ORDAINED by the Village of Dublin, State of Ohio,
7 of the elected members concurring:
Section 1. That the active funds of the Village of Dublin be awarded
for the two-year period commencing March 1, 1987, as follows:
Huntington National Bank General Checking and Payroll Accounts
Sank One Income Tax Account
Section 2. That an investment policy prepared by the Treasury Investment
Board to be kept on file in the office of the Director of Finance is
hereby approved which may be amended or modified as set forth in said
policy.
Section 3. That the Director of Finance is authorized and directed to
enter into the necessary agreements to implement this policy and to
invest public monies pursuant to and in compliance with the terms of
such policy; and
Section 4. That the Director of Finance shall be relieved from any
liability for the loss of any public monies deposited or invested
pursuant to and in compliance with such policy;
Section 5. That this Resolution shall take effect anal be in force
immediately upon its passage.
Passed this 2nd day of March , 1987.
Mayor - Presiding Officer
Attest:
o ~~ ~~~`r.G'a.G4LJ
Jerk of Coun it ~
Sponsor: Finance Director
hereby certify that copies of this OrdinancPi°esol~~~'~n
were posted in the Vif!a~e of Dublin in accordance wiih
Sectior 731.25 of the Ohio Re~lise~! Code.
Clerk of Council
VILLAGE OF DUBLIN
Investment and Depository Policy
March, 1987
I. Objectives and Guidelines
The following investment and deposit objectives will be applied in the management
of Village funds.
A. The primary objective of the Village's investment activities is the
preservation of capital and the protection of investment principal.
B. In investing public funds, the Village will strive to maximize the return
on the portfolio but will avoid assuming unreasonable investment risks.
C. The Village's investment portfolio will remain sufficiently liquid to
enable the Village to mee*_ operating requirements which might be reasonably
anticipated.
D. The Village will diversify its investments to avoid incurring unreasonable
and avoidable risks regarding specific security types or individual
financial institutions.
E. Banks vary in the services they provide, their service fees, interest rates
on interim investments and the minimum compensating balances required for
demand-deposit accounts. The Village's objective is to obtain good
banking services while minimizing the cost of banking services to the Village.
Investments shall be made with the exercise of that degree of judgment
and care, under circumstances then prevailing, which persons of prudence,
discretion and intelligence exercise in the management of their own
affairs, not for speculation but for investment, considering the probable
safety of their capital as well as the probable income to be desired.
II. Active Deposito
In order to obtain a diverse range of services, the Village shall maintain the
general checking and payroll services in one depository. However, in order to
better provide clear separation of the finance department functions, and to
support the financial institutions located within the Village which offer
competitive services, the income tax account shall be maintained in an
alternative depository.
III. Maturity
To the extent possible, the Village will attempt to match its investments with
anticipated cash flow requirements. Funds determined to be available which are
not anticipated to be utilized for current fiscal year cash flow requirements
may be invested in securities maturing more than two (2) years from the date of
purchase provided said securities can be converted to cash through trade in a
secondary market prior to maturity.
Investment and Depository Policy
Village of Dublin, Ohio
March, 1987
Page Two
IV. Diversity
A. No more than 20% of the Village's investment portfolio will be placed
with any particular issuer of commercial paper; and
B. The Village's investment with any individual financial institution shall
not constitute more than 30% of said institution's public funds.
V. Authorized Financial Institutions and Dealers
Securities shall be purchased only through financial institutions located within
the United States or through "primary securities dealers" as designated by the
Federal Reserve Bank. A list of these authorized institutions and dealers
will be maintained by the Director of Finance. The Director of Finance:
A. May make additions to the authorized list when the investment and deposit
policy requirements are met;
B. Sha11 make deletions from the list (1) if and as directed by ordinance of
Village Council, (ii) upon failure of the financial institution to meet
the foregoing investment and deposit policy requirements or (iii) upon
request of the financial institution or dealer; and
C. May make deletions from the list based on the following criteria or circum-
stances:
1. Perceived financial difficulties of the financial institution or
dealer;
2. Consistent lack of competitiveness by the financial institution or
dealer;
3. Lack of experience or familiarity of the account representative in
providing service to large institutional accounts; or
4. When deemed in the best interest of the Village.
VI. Instruments Authorized
The Director of Finance may invest on behalf of and in the name of the Village
in the following instruments at a price not exceeding their fair market value:
A. Government Securities
1. Negotiable direct obligations of the U.S. or obligations issued by
Federal agencies the principal and interest of which are unconditicnally
guaranteed by the United States, and bonds, notes, debentures, or
other obligations or securities issued by any Federal government
agency, whether or not they are guaranteed by the United States;
including but not be limited to, the following:
Investment and Depository Policy
Village of Dublin, Ohio
March, 1987
Fage Three
Direct Obligations:
Treasury bills
Treasury notes
Obligations of Federal Agencies:
Government National Mortgage Association (GNMA)
Small Business Association (SBA)
Federal Housing Administration (FHA)
Federal Home Administration (FMHA)
General Services Administration (GSA)
2. Obligations of the Federal Farm Credit Banks, Export-Import Bank of
Washington, Federal Home Loan Mortgage Corporation, or Federal Home
Loan Bank or its district banks, including Federal Home Loan Mortgage
Corporation participation certificates, or obligations guaranteed
by the Government National Mortgage Association.
B. Non-Negotiable Interest Bearing Time Certificates of Deoosit and Savi
Arrnnntc
Non-negotiable Interest Bearing Time Certificates of Deposits and savings
accounts in banks organized under the laws of this State, national banks
organized under the laws of the United States, doing business and
situated in this State, savings and loan associations located in this
State and organized under Federal law and under Federal supervision,
provided that any such deposits and savings accounts are secured by
collateral. as prescribed herein.
C. Negotiable Interest Bearing Time Certificates of Deposit
Negotiable Interest Bearing Time Certificates of Deposit issued by
institutions which are ranked nationally as being in the top fifty (50)
in asset and deposit size within their industry, as disclosed annually
by Business Week Magazine,: provided that any such deposits are secured
by collateral as prescribed herein.
D. Bankers Acceptances
Bankers Acceptances whichare eligible for purchase by the Federal Reserve
System and which are issued by institutions which are ranked nationally
as being in the top fifty !(50) in asset and deposit size, as disclosed
annually by Business WeekMagazine, within their industry.
E. Repurchase Agreements and Reverse Purchase Agreements
Repurchase Agreements of a bank or savings and loan association organized
under the laws of the Unitled States or any State thereof and Reverse
Investment and Depository Policy
Village of Dublin, Ohio
March, 1987
Page Four
Repurchase Agreements for negotiable direct obligations of the United
States, Federal agencies, and Federal instrumentalities of the following
types:
1. United States Treasury bills and notes.
7. Government National Mortgage Association (GNMA).
3. Federal Farm Credit Bank obligations.
4. Federal Home Loan Bank obligations.
F. Commercial Paper/Corporate Bonds
Commercial notes of any United States company provided that such notes are
rated "prime" (P-1) by Moody's Investors Service and (A-1) by Standard
Poor's.
Collateralized commercial paper. Medium term corporate notes rated "prime"
(P-1) by Moody's Investors Service and (A-1) by Standard Poor's.
G. Money Market Funds
Money market funds whose portfolios consist of the foregoing (A-F).
H. Now Accounts
Now Accounts, Super Now Accounts or any other si-milar account authorized
by the Federal Reserve's Depository Institutions' Deregulation Committee.
VII. Collateralization of Non-Negotiable Interest Bearing Time Certificates of Deposit
and Savings Accounts
A. All deposits of Village funds in non-negotiable interest bearing time
certificates of deposit made by the Village and all savings accounts or NOW
Accounts of the Village shall be secured by pledged collateral in an amount
equal to at least 100% of the deposit less an amount insured by the Federal
Deposit Insurance Corporation or the Federal Savings and Loan Insurance
Corporation. All securities shall be pledged at market value.
The following securities shall be eligible to be pledged as collateral for
purposes of this section:
1. Bonds, notes or other obligations of the United States; or bonds, notes
or other obligations guaranteed as to principal and interest by the
United States or those for which the faith of the United States is
pledged for the payment of principal and interest thereon, by language
appearing i.n the instruments specifically providing such guarantee or
pledge and not merely by interpretation or otherwise;
Investment and Depository Policy
Village of Dublin, Ohio
March, 1987
Page Five
2. Bonds, notes, debentures or other obligations or securities issued
by any Federal Government agency, or the Export-Import bank of
Washington, bonds, notes, or other obligations guaranteed as to
principal and interest by the United States or those for which the
faith of the United States is pledged for the payment of principal
and interest thereon, by interpretation or otherwise and not by
language appearing in the instruments specifically providing such
guarantee or pledge;
3. Bonds and other obligations of this State;
4. Bonds and other obligations of any county, township, school district,
municipal corporation, or other legally constituted taxing subdivision
of this State, which is rot at the time of such deposit, in default
in the payment of principal or interesC or on any of its bonds or
other obligations, for which the full faith and credit of the issuing
subdivision is pledged;
5. Bonds of other states of the United States which have not during the
ten years immediately preceding the time of such deposit defaulted
in payments of either interest or principal on any of their bonds;
Any and all securities pledged as collateral by any institution where
Village investments have been made shall be delivered either to the
Director of Finance as security for the repayment of public monies
or to an independent third party financial institution approved by
the Director of Finance serving as trustee (the trustee) under a trust
agreement. Fees and expenses of the trustee shall be paid by the
depository.
If the depository fails to pay over ary part of a deposit due the
Village, the Director of Finance shall have the option to sill in
the manner determined by the Director of Finance any of the bonds
or other securities deposited with him pursuant to the provisions of
this policy. If the bonds or other securities are on deposit with a
trustee, the Director of Finance may request the trustee to deliver
to the Director of Finance any of the bonds or other securities on
deposit with the trustee and the Director of Finance shall have the
option to sell such bonds or other securities in the manner determined
by the Director of Finance. When a sale of bonds or other securities
has been made and upon payment to the Director of Finance of the
purchase money, the Director of Finance shall transfer such bonds or
securities whereupon the absolute ownership of such bonds or
securities shall pass to the purchasers, and any surplus remaining
after deducting the amount due the Village and expenses of the sale
shall be paid to the depository.
B. tdhen the depository has deposited eligible securities as described in this
policy with a trustee for safekeeping, the depository may at any time
Investment and Depository Policy
Village of Dublin, Ohio
March, 1487
Page Six
substitute or exchange eligible securities having a current market value
equat to or greater than the current market value of the securities then
on deposit and for which they are to be substituted or exchanged only:
1. If the Director of Finance has authorized the depository to make
s~ich substitution or exchange on a continuing basis during a specified
period without prior approval of each substitution or exchange. Such
authorization may be affected by the Director of Finance by sending
to the trustee a written notice stating that substitution may be
affected on a continuing basis during a specified period which shall
not extend beyond the end of the period of designation during which
the notice is given. The trustee may rely upon such notice, and
upon the period of authorization stated therein;
2. If no continuing authorization for substitution or exchange has been
given by the Director of Finance, the depository notifies the
Director of Finance and the trustee of an intended substitution or
exchange, and the Director of Finance fails to object to the trustee
within ten business days after the date appearing on the notice of
proposed substitution. The notice to the Director of Finance and to
the trustee shall be given in writing and delivered personally or by
certified or registered mail with a return receipt requested. The
trustee may assume in such case that the notice has been delivered
to the Director of Finance;
3. If the Director of Finance gives written authorization for a substitution
or exchange of specific securities.
The depository shall notify the Director of Finance of any substitution
or exchange of securities authorized by this policy. Upon request from
the Director of Finance, the depository and/or the trustee shall
furnish a detailed statement of the. securities pledged to the funds
of the b'illage. The detailed statement will provide the value of all
securities pledged at face value and the then current market value.
C. titith the approval of the Director of Finance, a despository may provide
collateral for deposits of Village funds in non-negotiable interest bearing
time certificates of deposit and for savings accounts or now accounts of
the Village through a single pool of securities pledged toward all deposits
of public funds held by the depository.
The "pooled collateral" option is subject to the following conditions:
1. Securities committed to the pool must have a market value at least
equal to 110% of all public monies on deposit with the depository
including the amount covered by Federal deposit insurance.
Investment and Depository Policy
Village of Dublin, Ohio
March, 1987
Page Seven
2. The securities eligible for deposit in the pool shall be those
described in paragraph A of this section.
3. The securities constituting the pool shall be delivered to a
trustee as described in paragraph A of this section. Fees and
expenses of the trustee shall be paid by the depository.
4. If the depository fails to pay over any part of the deposits due
the Village, the Director of Finance may request the trustee to
deliver to the Director of Finance any of the securities on deposit
with the trustee, not to exceed the amount necessary to produce an
amount equal to the deposits made by the Director of Finance and not
paid over to the Village, less the portions of the deposits covered
by federal deposit insurance, plus any accrued interest due on the
deposits; a.nd in any event, not to exceed the Village's proportional
security interest in the market value of the pool as of. the date of
the depository's failure to pay over the deposits as such interest
and value are determined by the trustee. The Director of Finance
shall have the option to sell such securities in the manner determined
by the Director of Finance. Any surplus remaining after deducting
the amount due the Village and expenses of the sale shall be paid
to the depository.
5. The institution will provide a detailed quarterly statement of the
face and market value of all securities pledged to the pool within
30 days of the end of each quarter.
The institution will also disclose the total amount of public funds
on deposit in each quarterly statement.
6. If at ary time the market value of the pool is less than 110% of all
public deposits held by the trustee, it is the responsibility of the
depository to immediately add sufficient securities to the pool
in an amount that will bring the market value of the pool to at least
110% of all public funds on deposit with the trustee.
7. Failure of the institution to abide by any of the provisions of this
section is cause for immediate suspension of the institution as a
qualified depository for any Village funds.
VIII. Competitive Bidding
The purpose of competitive bidding is to strengthen the investment program in
terms of level and consistency of performance. All sales of securities will be
bid competitively and to the extent practical all inves*_ments wilt. be placed
with vendors yielding the highest returns t.o the Village. The right is
reserved to reject the bid yielding the highest return of interest on any
investments if inconsistent with the Village investment strategy, i.e., maturity,
risk, liquidity, etc.
Investment and Depository Policy
Village of Dublin, Ohio
March, 1987
Page Eight
Price and rate quotations on all
and outside the Village. In the
purchase of securities where all
Director of Finance to be equal,
banking institution situated wit
the same.
trades may be obtained from sources within
case of the sale of securities or the
other factors are considered by *_he
placement will be made in favor of the
zin the Village if two bids or more are
No financial institution will be given deposits of monies needed for operations
without going through an open and fair competitive process. To ensure the
Village of Dublin will receive the best service possible; and that other
financial institutions will have an equal opportunity to competitively bid
future years; the Village will competitively seek bids for a central depository
bank through a request for proposals at least every three (3) years, beginning
in 1987.
As stated in this policy, the Village will competitively bid and invest part
of all of its surplus or excess funds outside the designated central depository
bank. However, this practice will not limit the central depositary bank from
competitively bidding on the Village's investment business as would any other
financial institution.
IX. Reporting
The Director of Finance will be responsible for providing regular reports (at
least quarterly) to Vil?age Council about the Village's investment activities.
The report should include at ?east the details of the Village's portfolio by
institution and instruments.
X. Poolin¢ of Funds
The Director of Finance is authorized to pool cash balances from the several
different funds of the Village for investment purposes.
XI. Policy Changes
The policies as stated herein may be changed only with the approval of Village
Council.
RECORD OF RESOLUTIONS
Dayton Legal Blank, Inc., Form No. 3Q045
32-09
Resolartinn No.
Passed ,~0
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO A MEMORANDUM OF UNDERSTANDING
WITH THE MID-OHIO REGIONAL PLANNING COMMISSION
(MORPC) IN ORDER TO ACCEPT FUNDS FROM THE
AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)
FUNDS DESIGNATED FOR THE REALIGNMENT OF
INDUSTRIAL PARKWAY AND WIDENING OF SR 161
IMPROVEMENT PROJECT (ODOT PID NUMBER 86464)
WHEREAS, the City of Dublin desires to improve traffic safety, operations and
efficiencies of the roadway system including and around the US 33/SR 161/Post Road
interchange; and
WHEREAS, a major component in improving the interchange area is the realignment
of Industrial Parkway and the widening of a portion of SR161; and
WHEREAS, the Dublin Community Plan promotes working cooperatively with
surrounding jurisdictions in regional transportation planning and programming; and
WHEREAS, the City of Dublin and the Ohio Department of Transportation (ODOT)
Director of Transportation have agreed to cooperatively plan, design and construct the
identified transportation improvement projects; and
WHEREAS, the Mid-Ohio Regional Planning Commission (MORPC) has elected to
use a portion of its allocation of transportation funding from the American Recovery
and Reinvestment Act (ARRA) to fund the improvements of Industrial Parkway and SR
161; and
WHEREAS, it is necessary to execute a Memorandum of Understanding with MORPC
to accept certain conditions in order to receive $1,000,000 in ARRA funds.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Dublin,
State of Ohio, ~ of the elected members concurring:
Section 1: The City Manager is hereby authorized to enter into a Memorandum of
Understanding with MORPC in order to accept ARRA funds for the Realignment of
Industrial Parkway and Widening of SR 161 Improvement Project.
Section 2: This resolution shall take effect upon adoption in accordance with Section
4.04(a) of the Revised Charter.
Passed this ~,~ day of ~ , 2009.
!1 ~ ~
Mayor -Presiding Officer
Attest:
Clerk of Council
Office of the City Manager
5200 Emerald Parkway • Dublin, OH 43017-1090
CITY OF DUBLINa Phone: 614-410-4400 • Fax: 614-410-4490 M e m o
To: Members of Dublin City Council
From: Terry Foegler, City Manager
Date: June 25, 2009 U
Initiated By: Barbara A. Cox, PE, Engineering Manager -Development
Re: Resolutions 31-09 and 32-09 Authorizing the City Manager to Enter into
Agreements to Accept American Recovery and Reinvestment Act Funds (ARRA)
Summary
In April, staff submitted the necessary applications to the Ohio Department of Transportation (ODOT)
requesting the US 33/SR 161/Post Road interchange project and Industrial Parkway/SR 161 improvement
projects be considered for funding through the American Recovery and Reinvestment Act (ARRA). These
projects were considered by both ODOT and the Mid-Ohio Regional Planning Commission (MORPC) for
those ARRA funds both agencies have been designated to manage.
The City of Dublin has been awarded a grant of SI,000,000 from the MORPC sub-allocation of the ARRA
funds for the Industrial Parkway/SR 161 improvements. In order to receive these funds, the City is required
to execute the Memorandum of Understanding (MOU) with MORPC.
The MOU states that the project is to meet ODOT requirements for design and plan development, that the
funding can be forfeited if plan and right-of--way clearance is not received by December 2009, that MORPC
will not replace the funding from other sources or fund cost ovemms, and that the City will fund all other
project costs and perform reporting as required by the ARRA.
ODOT will administer the funds for MORPC and requests that Dublin enters into a project agreement
identifying the requirements associated with the Federal funds and establishing the responsibilities for the
administration of the project. A copy of the ODOT LPA (Local Public Agency) Federal Local-Let Project
Agreement is attached. The ODOT agreement contains many of the same requirements of the City. This
agreement requires additional specifications to be included in the City's bid document, a Disadvantaged
Business Enterprise (DBE) goal to be set, job creation posting to the appropriate state websites, and monthly
reporting by both the contractor and the City.
Engineering, Finance and Legal staff have reviewed both agreements and have no suggested revisions to the
documents. The project has been programmed in the City's Capital Improvement Program, and the City will
issue debt to fund its share of the project. Costs may be added to this project due to the requirements of
obtaining federal funds, including federal prevailing wage rates (versus state prevailing wage rates),
disadvantaged business requirements, reporting requirements, and contract administration requirements.
Staff recently met with representatives of ODOT and MORPC to discuss the status of the project and to
review the requirements due to the addition of federal dollazs for the funding of the project. The following
schedule was determined at the meeting:
Tracings Complete (to District 6) July 15, 2009
Sale (Bid Opening) September 24, 2009
Award October 5, 2009
Recommendation
Staff recommends approval of Resolutions 31-09 and 32-09 to secure the awazded ARRA funds.
Memorandum of Understanding Between
the City of Dublin and
the Mid-Ohio Regional Planning Commission (MORPC}
Whereas, the United States Government is providing transportation funding through the American
Recovery and Reinvestment Act (ARRA} including asub-allocation of approximately $28 million to
MORPC; and
Whereas, use of these funds entails fulfilling all federal and state requirements by following the Ohio
Department of Transportation's (ODOT} Project Development Process (PDP} including federal
obligation of funds by March 2, 2010; and
Whereas, if ARRA funding is not obligated on time it will be lost to the region and the state, now
therefore
The City of Dublin and MORPC agree as follows:
1. MORPC agrees to assign $1,000,000 of its sub-allocation of ARRA funds to the City of Dublin
for the realignment of Industrial Parkway and State Route 161.ODOT identifies the project
as U N I-S R 161-12.980, PI D 86464.
2. By accepting these funds, the City of Dublin agrees that:
a. It will follow the ODOT requirements in developing its ARRA project.
b. It has reviewed its project's development status, its project development capabilities
and therefore pledges it can obtain environmental and right-of--way clearance and file
complete and acceptable plans with ODOT by December 2009, and it can obtain
federal funding obligations for the project by March 2, 2010.
c. It understands that failure to meet the obligation deadline on time will result in
forFeiture of the ARRA funding and MORPC will not replace the funding.
d. In the event it cannot maintain the project schedule to achieve obligation by March 2,
2010, it will notify MORPC and ODOT as early as possible so MORPC may reallocate
the funding to other projects that can meet the obligation deadline.
e. In the event that MORPC and ODOT judge the project's progress will not permit it to
achieve obligation by the March 2, 2010 deadline, it agrees MORPC may reassign the
ARRA funds to another project.
f. It recognizes that because of the special nature of the ARRA funds, MORPC will
allocate all ARRA funds to projects, and no additional funding will be available for
project cast overruns.
g. It understands that ARRA funds are not a grant and are provided on a cost
reimbursement basis.
It will cover all project costs in excess of the ARRA commitment from non-ARRA
sources to complete the project.
It will make a good faith effort to fulfill MORPC's policy of routine accommodations for
bicyclists and pedestrians.
It agrees to provide reporting required by federal law and to meet the requests of
Congress and the state of Ohio.
Terry D. Foegler
City Manager
City of Dublin
Date
Chester R. Jourdan, Jr. Date
Executive Director
Mid-Ohio Regional Planning Commission