Office of the City Clerk - Record #: SO2015-4695

• Record #: SO2015-4695
• Type: Ordinance
• Status: Passed
• Intro date: 6/17/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/9/2015
• Title: Designation of Associated Bank, N.A., First Merit Bank, N.A. and MB Financial Bank, N.A. as municipal depositaries of City of Chicago and Chicago Board of Education
• Sponsors: Emanuel, Rahm, Tunney, Thomas
• Topic: FINANCE FUNDS - Depositories of City/School Funds

Date	Journal Page Number	Action By	Action	Result
12/11/2015		City Council	Signed by Mayor
12/9/2015	14715	City Council	Passed as Substitute	Pass
12/7/2015		Committee on Finance	Recommended to Pass	Pass
6/17/2015	489	City Council	Referred

CHICAGO December 9, 2015 To the President and Members of the City Council:
Your Committee on Finance having had under consideration

A communication recommending a proposed substitute ordinance concerning the authority to designate municipal depositories for the City of Chicago and the Chicago Board of Education.

SO2015-4695
















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Substitute Ordinance Transmitted Herewith
This recommendation was concurred in by (a (viva voce vote
of members of the committee with dissenting vote(s)7
Alderman Burke abstains under the provisions of Rule 14.
Respectfully submitted


(signedyjp^ ^.U^V-^

Chairman

SUBSTITUTE
ORDINANCE


WHEREAS, On November 28, 2014, the City Comptroller advertised for bids from national and state banks and federal and state savings and loan associations for the payment of interest upon the funds of the City of Chicago (the "City") and ofthe Chicago Board of Education (the "Board") in accordance with Section 2-32-400 of the Municipal Code of Chicago (the "Code"); and
WHEREAS, The City Comptroller received bids from three financial institutions seeking to be designated as municipal depositories pursuant to the Code and determined that each of these three financial institutions is eligible to be designated as a municipal depository of the City and the Board; and
WHEREAS, The City Comptroller reported such findings to the City Council and the City Council wishes to designate such financial institutions as municipal depositories; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. The following national banks are hereby designated as municipal depositories of the City of Chicago and of the Chicago Board of Education for the purpose of holding and paying interest on municipal deposits, and each such financial institution has on file with the City Comptroller the information required under Sections ...