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Legislation #: 050120 Introduction Date: 2/3/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to enter into Depository Trust Agreements with certain banks; approving the form and fixing the term of such agreements; and determining the amount of City funds as time deposits authorized to be deposited under these programs.

Legislation History
DateMinutesDescription
2/2/2005 Filed by the Clerk's office
2/3/2005 Referred to Finance Committee
2/16/2005 Advance and Do Pass, Debate
2/17/2005 Passed

View Attachments
FileTypeSizeDescription
050120.pdf Authenticated 77K Authenticated
0501205-year Opportunity Cost Analysis.xls Advertise Notice 48K 5-year analysis
050120Affirmative Action Work Copy.xls Other 19K KCMO Banks- Affirmative Action Ratings
050120Revised CRA Banks List.xls Other 20K KCMO Banks-CRA Ratings
050120KCMO Banks - Highline Ratings.xls Other 18K KCMO Banks- Highline Ratings
050120Revised list of banks.xls Other 19K Kansas City Missouri Banks
050120Banking Criteria.doc Other 23K Banking Criteria
Factsheet for Ordinance.xls Fact Sheet 44K Fact Sheet

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ORDINANCE NO. 050120

 

Authorizing the Director of Finance to enter into Depository Trust Agreements with certain banks; approving the form and fixing the term of such agreements; and determining the amount of City funds as time deposits authorized to be deposited under these programs.

WHEREAS, present depository trust agreements with Kansas City banks will expire as of January 31, 2005, and it is necessary to enter into new agreements for the custody and protection of City funds; and

WHEREAS, the Director of Finance has recommended that all willing Kansas City banks meeting criteria set forth by the Director of Finance be selected as Kansas City depositories; and

WHEREAS, the Council has determined that all banks of Kansas City meeting those requirements are responsible banking institutions within the meaning of Section 79 of the Charter; and

WHEREAS, it continues to be the policy of the City to extend the opportunity to act as City depositories to all banks located in the City subject to certain terms set out in the depository trust agreements; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Finance is authorized to enter into depository trust agreements, for the deposit of City funds in time accounts (the City Wide Program), for a four year period beginning February 1, 2005, with all Kansas City banks which meet the contractual and legal requirements applicable to them. The Director of Finance is authorized to allocate up to a total of $5,000,000.00 for depository trust agreements for the City Wide Program. The maximum amount of funds authorized to be deposited in any bank pursuant to a depository trust agreement under the City Wide Program is $500,000.00.

Section 2. That the Director of Finance is authorized to enter into depository trust agreements for the Linked Deposit Program with all banks meeting the criteria of Section 2-1614(c) of the Administrative Code. The Director of Finance is authorized to allocate up to a total of $20,000,000.00 for depository trust agreements for the Linked Deposit Program.

_____________________________________________

 


I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Wanda Gunter

Acting Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney