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Legislation #: 961525 Introduction Date: 11/28/1996
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; determining the amount of City funds as time deposits authorized to be deposited under these programs.

Legislation History
DateMinutesDescription
11/26/1996

Prepare to Introduce

11/26/1996

Referred Finance & Administration Committee

12/4/1996

Do Pass

12/5/1996

Assigned to Third Read Calendar

12/12/1996

Passed


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ORDINANCE NO. 961525

 

Authorizing the Director of Finance to enter into depository trust agreements with certain banks; approving the form and fixing the term of such agreements; 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 expire as of January 31, 1997, 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, 1997, 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 $10,000,000.00 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 $350,000.00.

 

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 $5,000,000.00 for depository trust agreements for the Linked Deposit Program.

 

Section 3. That depository trust agreements are approved in form as the depository trust agreements which are on file in the Office of the City Treasurer.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney