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This record contains private information, which has been redacted from public viewing.
Record #: O2016-8706   
Type: Ordinance Status: Failed to Pass
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Designation of municipal depositaries for Year 2017
Sponsors: Emanuel, Rahm
Topic: FINANCE FUNDS - Depositories of City/School Funds
Attachments: 1. O2016-8706.pdf
Related files: R2019-362


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
December 14, 2016











TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the City Comptroller, I transmit herewith, together with the Treasurer, the designation of Municipal Depositories for 2017.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, on September 19th, 20th, 26th, and 27th, 2016, the City Comptroller advertised for bids from national and state banks and federal and state savings and loan associations for interest upon the funds of the City of Chicago and of the Chicago Board of Education to be deposited in banks and savings and loan associations, in accordance with Section 2-32-400 of the Municipal Code of Chicago (the "Code"); and

WHEREAS, on or prior to October 28, 2016, the City Comptroller received bids from financial institutions seeking to be designated as municipal depositaries, and subsequently, determined that 14 bidders were eligible to be so designated; and

WHEREAS, pursuant to Section 2-32-400 of the Code, the City Comptroller is required to report such bids to the City Council to the end that an award or awards may be made upon such bids; now, therefore,

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

SECTION 1. The following national and state banks and federal and state savings and loan associations, pursuant to an advertisement required by the Code have applied to become municipal depositaries 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 satisfactorily filed with the City Comptroller the information required by Sections 2-32-430, 2-32-440 and 2-32-450 of the Code:


Amalgamated Bank of Chicago; Associated Bank;
Bank of America National Association; BMO Harris Bank N.A.; Citibank, N.A.; Fifth Third Bank; First Merit Bank;
I...

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