An Ordinance

AN ORDINANCE

BY:

NO.

AMENDING SECTION 147.03, DEPOSITORIES, OF THE OAKWOOD ADMINISTRATIVE CODE TO UPDATE PROCEDURES USED TO DESIGNATE DEPOSITORIES FOR THE CITY’S ACTIVE FINANCIAL DEPOSITS.

WHEREAS, upon the recommendation of the Finance Director, Council desires to amend Section 147.03 to update the procedures to be followed when designating depositories for the city’s active financial deposits;

NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OAKWOOD, STATE OF OHIO, THAT:

SECTION I.

Section 147.03, Depositories, of the Oakwood Administrative Code, is hereby amended to read as follows, with new text in bold font and deleted text in ~~strikethrough~~ font.

147.03 DEPOSITORIES

A. The City Manager shall determine the amount of public money which shall be available in active deposits to provide the needed cash flow to pay warrants and checks issued and outstanding (and to provide for a reasonable surplus in addition thereto) and to maximize the interest received on public money of the City. Interest on active deposits shall be paid or credited by the City's designated eligible depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit. No service charge shall be made by a designated eligible depository against an Active Deposit or collected from or paid by the Finance Director unless such service charge is the same as is customarily imposed by institutions in the City receiving money on deposit subject to check, in which event the Finance Director may pay such charge. All public money of the City not deposited in active deposits shall be invested pursuant to Section 147.05.

B. The City Manager shall, by a writing filed with the Clerk of Council, designate one or more eligible depositories as the depository or depositories of the City's active deposits. In making such designation the City Manager shall consider the following:

1. the convenience of the location of the depository's offices;

2. the rate or rates of interest, if any, which the depository will pay on the active deposits;

3. the service charges, if any, that will be made for the services of the depository; and

4. any other terms or conditions with respect to the depository's acceptance of the City's active deposit.

C. The initial designation of depositories for the City's active deposits shall be for a period not to exceed six months and may be made without giving the notice hereinafter provided for. Subsequent designations of depositories for the City's active deposits shall be for a period specified in the City Manager's written designation of depositories described in the paragraph immediately above. That period shall not be less than six months nor longer than five years, and such subsequent designations shall be made after the Finance Director has provided written notice by first class mail to the eligible depositories having an office in the City, and such other eligible depositories as determined by the Finance Director, at least sixty days prior to the date of the action of the City Manager designating depositories for the City's active deposits. If the City has an existing relationship with a particular depository and desires to renew or expand the same, the written notice required by this subsection need only be made to such existing depository. Written notice to all eligible depositories having an office in the City shall only be required in the event that the City desires to change depositories or otherwise seeks new depository relationships.