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Legislation #: 011083 Introduction Date: 7/26/2001
Type: Ordinance Effective Date: 8/19/2001
Sponsor: None
Title: Authorizing the Director of Finance to execute one-year Linked and City Wide Deposit Agreements with Douglass Bank in a combined amount not to exceed $2,550,000.00.

Legislation History
DateMinutesDescription
7/26/2001

Prepare to Introduce

7/26/2001

Referred Finance and Audit Committee

8/1/2001

Do Pass

8/2/2001

Assigned to Third Read Calendar

8/9/2001

Passed


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ORDINANCE NO. 011083

 

Authorizing the Director of Finance to execute one-year Linked and City Wide Deposit Agreements with Douglass Bank in a combined amount not to exceed $2,550,000.00.

 

WHEREAS, Ordinance No. 921341 and Committee Substitute for Ordinance No. 63537 authorize the Director of Finance to allocate $5,000,000.00 to qualified Kansas City, Missouri banks for the Linked Deposit Program and, pursuant to a Depository Trust Agreement, up to $350,000.00 per bank under the City Wide Deposit Program; and

 

WHEREAS, Douglass Bank currently participates in the Linked and City Wide Deposit Programs in the amounts of $2,200,000.00 and $350,000.00, respectively; and

 

WHEREAS, as of the last reporting period, Douglass Bank reported qualified residential and commercial loan activity within designated census tracts (low to moderate income or enterprise zone) or with MBE/WBE businesses in excess of its respective linked deposit; and

 

WHEREAS, Douglass Bank currently meets the Citys minimum banking requirements for both aforementioned deposit programs with the exception of maintaining an acceptable quantitative risk rating; and

 

WHEREAS, the Council expresses its intent to extend the terms of Douglass Banks Linked and City Wide deposits by one-year each and waives the Citys general requirement for maintaining a quantitative risk rating at the Citys minimum acceptable level; and, therefore, understands and fully assumes the risk of the Bank not adhering to said requirement; and

 

WHEREAS, the current Kansas City, Missouri deposits at Douglass Bank are set to expire as of August 16, 2001; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is hereby authorized to execute, on behalf of the City of Kansas City, Missouri a one-year Linked Deposit Agreement in an amount not to exceed $2,200,000.00 with Douglass Bank.

 

Section 2. That the Director of Finance is additionally authorized to execute, on behalf of the City of Kansas City, Missouri, a one-year City Wide Deposit Agreement in an amount not to exceed $350,000.00 with Douglass Bank.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

 

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Assistant City Attorney