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This record contains private information, which has been redacted from public viewing.
Record #: O2020-6251   
Type: Ordinance Status: Passed
Intro date: 12/16/2020 Current Controlling Legislative Body: Committee on Finance
Final action: 3/24/2021
Title: Designation of municipal depositaries for Year 2021
Sponsors: Lightfoot, Lori E.
Topic: FINANCE FUNDS - Depositories of City/School Funds
Attachments: 1. O2020-6251.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

December 16, 2020










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


Ladies and Gentlemen:

At the request of the Comptroller, I transmit herewith an ordinance designating municipal depositaries for 2021.

Your, favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE


WHEREAS, on September 15, 2020 and September 22, 2020 the City Comptroller advertised for bids from national and state banks and federal and state savings and loan associations for interest upon the funds ofthe 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 ofthe Municipal Code of Chicago (the "Code"); and

WHEREAS, on or prior to October 30, 2020, the City Comptroller received bids from financial institutions seeking to be designated as municipal depositaries, and subsequently, determined that 13 bidders were eligible to be so designated; and

WHEREAS, pursuant to Section 2-32-400 ofthe 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, N.A.;
Bank of America National Association;
BMO Harris Bank N.A.;
Citibank, N.A.;
Fifth Third Bank National Association; GN Bank;
JPMorgan Chase...

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