60-08 Lengthen Term of Depository Amend 129.10

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PLEASE SUBSTITUTE FOR ORDINANCE N0. 60-08 PLACED oall~ READING & REFERRED TO THE FINANCE. COMMITTEE 6/2/08, 2ND READING 6/16/08. ORDINANCE N0. 60-08 BY: Antonio, Bullock, Butler, Dever, Madigan, Powers, Summers. AN ORDINANCE amending Section 129.10, Depositories, of the Codified Ordinances of the City of Lakewood for the purpose of lengthening the permitted term of depository agreements for the City's active deposits. WHEREAS, currently the Director of Finance is permitted to enter into agreements with various depositories for a term not to exceed two (2) years; and WHEREAS, industry standards and the Ohio Revised Code permits a term of up to five (5) years for public funds; and WHEREAS, lengthening this term may allow the City to obtain better terms from depositories as it will afford the depositories more stability when responding to requests for proposals. Now, therefore BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That Section 129.10, Depositories, of the Codified Ordinances of the City of Lakewood, currently reading as follows: 129.10 DEPOSITORIES. (a) The Director of Finance shall determine the amount of public moneys which shall be available in active deposits to provide the needed cash flow to pay warrants and„checks issued and outstanding, and to provide for a reasonable surplus in addition to the amount needed to pay such warrants and checks, and maximize the interest received on public moneys of the City. Interest on active deposits shall be paid or credited by the City's designated eligible depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit. No service charge shall be made by a designated eligible depository against an active depositor collected from or paid by the Director of Finance unless such service charge is the same as is customarily imposed by institutions receiving money on deposit, subject to check, in which event the Director of Finance may pay such charge. All public moneys of the City not deposited in active deposits shall be invested pursuant to Section 129.101.