Ordinance 58-12RECORD OF ORDINANCES
Ordinance No.
58 -12
Passed
AN ORDINANCE DESIGNATING ELIGIBLE FINANCIAL
INSTITUTIONS AS PUBLIC DEPOSITORIES
Form No. 30043
20
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.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of Ohio,
of the elected members concurring:
Section 1 . 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, 2012 through October
31, 2017.
Maximum Balance Maximum Balance
Financial Institution Active Deposits Interim Deposits
IP Morgan Chase Bank aggregate of both active and interim not to exceed
the Ohio Revised Code Section 135.03 maximum limit.
Citizens Bank aggregate of both active and interim not to exceed
the Ohio Revised Code Section 135.03 maximum
limit.
Emerald Bank of Dublin aggregate of both active and interim not to exceed
$1,000,000.
Fifth Third Bank $20,000,000 $3,000,000
Heartland Bank -0- $3,000,000
Huntington National Bank $5,000,000 $5,000,000
Key Bank National Association aggregate of both active and interim not to exceed
$50,000,000.
PNC Bank aggregate of both active and interim not to exceed the
Ohio Revised Code Section 135.03 maximum limit.
U.S. Bank $100,000,000 $100,000,000
Section 2 . The City Manager and Director of Finance are authorized and directed to enter into
the agreements necessary to implement this ordinance.
Section 3 . This Ordinance shall take effect and be in force on the earliest date permitted by
law.
Passed this day of 4 2012
Mayor - Pr sidi g Officer
ATTEST:
Clerk of Council
Office of the City Manager
City of Dublin Phone: 614 - 1 410-4400 • Fax:b614 -0410 -4490 1090
To: Members of Dublin City Council
\'.
Prom: Marsha I. Grigsby, City Manager � �}
Date: September 6, 2012
Initiated By: Stephen A. Sova, Director of Accounting & Auditing
Memo
Re: Ordinance No. 58 -12 - Designating Eligible Financial Institutions as Public
Depositories
Background
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,
2012. This ordinance authorizes new depository agreements for the period November 1, 2012 to
October 31, 2017.
Banks with branches located in the City of Dublin have submitted applications to be considered as
eligible depositories for active and interim deposits. Active deposits (those needed to support daily
operations) are currently held at JP Morgan Chase Bank and PNC Bank. 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.
Over the upcoming months, Staff will be undertaking a review of the fees that are charged by
City's primary bank, JP Morgan Chase, to ensure they are competitive with other banks in the
market offering similar services.
Recommendation
Staff recommends adoption of Ordinance No. 58 -12 at the second reading /public hearing on
September 24, 2012, to be effective (30) thirty days later.