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Record #: O2016-6730   
Type: Ordinance Status: Passed
Intro date: 9/12/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 9/14/2016
Title: Amendment of Municipal Code Sections 2-32-400 and 2-32-410 regarding municipal depositaries
Sponsors: Tunney, Thomas, Dowell, Pat, Sawyer, Roderick T., Moreno, Proco Joe, Maldonado, Roberto, Mell, Deborah, Munoz, Ricardo, Willie B. Cochran, Osterman, Harry, Beale, Anthony, Arena, John, Waguespack, Scott, Curtis, Derrick G., Harris, Michelle A., Cardenas, George A., Thompson, Patrick D., Ramirez-Rosa, Carlos, Burnett, Jr., Walter, Silverstein, Debra L., Mitts, Emma, Moore, Joseph, Mitchell, Gregory I., Moore, David H.
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2016-6730.pdf, 2. O2016-6730 (V1).pdf


SECTION 1. Section 2-32-400 of the Municipal Code of Chicago is hereby amended by deleting the language stricken through and by inserting the language underscored, as follows:
2-32-400 Bids awarded annually - Conditions.
Advertising, transmittal and award of bids. It shall be the duty of the comptroller at least once m each year before the first day of December to advertise for bidsA from national and state banks and federal 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 the Chicago Board of Education, to be deposited in banks and savings and loan associations provided 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, are specifically shall be excluded from the funds ofthe 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 net 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 for the protection of to protect the city's interests. Only regularly organized state or national banks insured by the Federal Deposit Insurance Corporation or federal or state savings and loan associations insured by the Federal Savings and Loan Insurance Corporation may that are regularly organized, and are federally insured under the Federal Deposit Insura...

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