60-08 Lengthen Term of Depository Amend 129.10

Home Browse Search

(b) The Director of Finance shall, by a writing filed with the Clerk of Council, designate one or more eligible depositories as the depository or depositories of the City's active deposits. When more than one eligible depository is designated, the active deposits shall be allocated among the eligible depositories from time to time at the sole discretion of the Director of Finance. The Director of Finance shall consider the following in making the designation: (1) The rate or rates of interest paid on active deposits; (2) The convenience of the location of the depository's offices; (3) The service charges, if any, that will be made for the services of the depository; and (4) Any other terms or conditions with respect to the depository's acceptance of the City's active deposits. (c) The initial designation of depositories for the City's active deposits shall be for a period not to exceed two years and shall be made without giving the notice hereinafter provided for. Subsequent designations of depositories for the City's active deposits shall be for a period specified in the Director of Finance's written designation of depositories pursuant to subsection (b) hereof, which period shall not be less than six months nor longer than two years; and sha!I be made after the Director of Finance has provided written notice by first- class mail to the eligible depositories having an office in the City, and such other eligible depositories as determined by the Director of Finance, at least sixty days prior to the date of the action of the Director of Finance designating depositories for the City's active deposits. Such notice shall: provide an estimate of the maximum amount of such active deposits at any time during the period of designation and the proposed period of designation or alternative proposed periods of designation; request such depositories to apply in writing for all or part of the City's active deposits on or before a date and time specified in the notice; request such depositories to state in their application the amount of such active deposits that will be accepted by it, the rate or rates of interest, if any, that will be paid on such active deposits, the service charges, if any, that will be made for its services, other terms or conditions with respect to the depository's acceptance of all or part of the City's active deposits and the location of its offices in the City or, if none are located in the City, the location of its nearest offices; and include or request any other information to or from such depositories which the Director of Finance deems relevant. (d) The Director of Finance shall enter into a contract, approved as to form and content by the Director of Law, with such depositories for the appropriate period determined pursuant to subsection (c) hereof. Such contract shall establish the rate or rates of interest, if any, to be paid by the depository on the City's active deposits, the service charges, if any, the depository may make for its services, and other terms or conditions of the depository's acceptance of the City's active deposits.