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Record #: O2019-1459   
Type: Ordinance Status: Failed to Pass
Intro date: 3/13/2019 Current Controlling Legislative Body: Committee on Committees, Rules and Ethics
Final action:
Title: Amendment of Municipal Code Chapter 2-32 to designate credit unions as municipal depositary
Sponsors: Sawyer, Roderick T., Dowell, Pat, Villegas, Gilbert, Arena, John
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2019-1459.pdf
Related files: R2019-362
Chicago City Council March 13th, 2019 Referred to Committee on Finance

ORDINANCE 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, Credit Unions (as defined in subsection (el below) and slate savings and loan associations seeking to be designated as municipal depositaries, for the payment of interest upon the funds of the 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 (_ 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) Credit Unions federally insured under the Federal Credit Union Act shall be designated as depositaries.
Duplicate Copy of Bid to Be Submitted to the Treasurer. Each bank, Credit Union or savings and loan association that submits a bid to the comptroller pursuant to subsection...

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