OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
December 18, 2019
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe City Comptroller, I transmit herewith an ordinance designating the 2020 municipal depositaries.
Your favorable consideration ofthis ordinance will be appreciated.
Very truly yours,
ayor
ORDINANCE
WHEREAS, on October 7, 2019 and October 8, 2019, 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 priorto November 18, 2019, the City Comptroller received bids from financial institutions seeking to be designated as municipal depositaries, and subsequently, determined that 12 bidders were eligible to be so designated; and
WHEREAS, pursuant to Section 2-32-400 ofthe Code, the City Comptroller reported such bids to the City Council on December 12, 2019 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, N.A.;
Bank of America, National Association;
BMO Harris Bank N.A.;
Citibank, N.A.;
Fifth Third Bank, National Association;
JPMorgan Ch...
Click here for full text