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Legislation #: 031124 Introduction Date: 10/2/2003
Type: Ordinance Effective Date: 10/19/2003
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 $5,350,000.00.

Legislation History
DateMinutesDescription
10/1/2003

Prepare to Introduce

10/2/2003

Referred Finance Committee

10/8/2003

Advance and Do Pass

10/9/2003

Passed


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ORDINANCE NO. 031124

 

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 $5,350,000.00.

 

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 $3,100,000.00 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 an amount greater than 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 City Council of Kansas City, Missouri 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 October 16, 2003; 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 $5,000,000.00 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:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney