Meeting Date: Sponsor(s):
06/12/2019
Conyears-Ervin (Treasurer) Sawyer (6) Dowell (3) Villegas (36) Thompson (11) Moore (17)
Type: Title:
Ordinance
Credit Union Safe Choice Legislation-, Amendment of Municipal Code Chapter 2-32 to designate credit unions as municipal depositary
2-32-400 Bids awarded annually - Conditions.
Advertising. Transmittal and Award of Bids. It shall be the duty of the comptroller, at least once each year before the first day of December, to advertise for bids, from national and state banks and federal. Qualified Credit Unions (as defined in subsection (e) below) and state savings and loan associations seeking to be designated as municipal depositaries, for the payment of interest upon the funds ofthe City of Chicago and Chicago Board of Education. Provided, however, that Chicago local school funds which are designated by the Chicago Board of Education as school internal accounts which, in general, are funds raised and expended for educational programs and for the benefit of students, shall be excluded from the funds of the Chicago Board of Education that are subject to the provisions of this Article V.
Such bids shall be reported by the comptroller to the city council for its information and consideration no later than the fifteenth day of December of each year, to the end that an award or awards may be made upon such bids by the city council before the beginning of each fiscal year.
Such awards shall be made to the highest and best responsible bidder or bidders. The city council shall have the power to reject any or all bids and to designate as many depositaries as it deems necessary to protect the city's interests. Only (i) state or national banks or federal or state savings and loan associations that are regularly organized, and are federally insured under the Federal Deposit Insurance Act, and maintain an office within the corporate limits ofthe City of Chicago or (ii) Qualified Credit Unions shall be designated as depositaries.
Duplica...
Click here for full text