There being five (5) yea votes and no (0) nay votes thereon, said ordinance was declared duly passed and it was so ordered.

A copy of the resolution, having been placed on the desks of each member of Council prior to introduction, was read by title.

Mr. Stephens explained that the Montgomery County ED/GE Program is a regional cooperative program that promotes economic opportunity; business, industrial, commercial, and research facility expansion; and job creation. The city of Oakwood has participated in the Montgomery County ED/GE Program since its inception in 1991. Oakwood’s last renewal of the agreement took place in 2011, and is due to renew participation again as the county rolls out an updated ED/GE plan for 2020.

This resolution will authorize Oakwood’s participation in the updated program in ways that are feasible and appropriate to the city’s needs, resources, and responsibilities in the community.

Thereupon, it was moved by Mr. Stephens and seconded by Mrs. Hilton that the resolution be passed.

Upon call of the roll on the question of the motion, the following vote was recorded:

There being five (5) yea votes and no (0) nay votes thereon, said resolution was declared duly passed and it was so ordered.

A copy of the ordinance, having been placed on the desks of each member of Council prior to introduction, was read by title.

Vice Mayor Byington explained that this ordinance updates part of the city’s Administrative Code relating to the city’s financial deposits. The code includes an outdated provision that effectively requires the city to engage in a bidding process every five years before selecting a bank or banks with which to deposit funds. This procedure made sense years ago, when changing banks was as simple as moving the money, signing new signature cards, and obtaining new checks. But banking now involves electronic financial links between the city and a variety of state agencies, wire transfers, ACH deposits, and automatic debits, all of which make changing banks a much more onerous and disruptive undertaking.

This ordinance streamlines the process by allowing the city to simply renew its depository agreements every five years without soliciting new bids. Bidding would only be required in the event that the city desires or needs to change banks for any reason.

Thereupon, it was moved by Vice Mayor Byington and seconded by Mr. Epley that the second reading be waived and that the ordinance be passed tonight.

Mayor Duncan confirmed with Mr. Jacques that a 4/5 vote will need to occur in order to waive the second reading.

Upon call of the roll on the question of the motion, the following vote was recorded: