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Legislation #: 090035 Introduction Date: 1/15/2009
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER SANDERS BROOK
Title: Authorizing the Director of Finance to execute a one-year Linked Deposit Agreement with Liberty Bank and Trust Co. in an amount not to exceed $5,000,000.00.

Legislation History
DateMinutesDescription
1/14/2009 Filed by the Clerk's office
1/15/2009 Referred to Finance and Audit Committee
1/21/2009 Do Pass
1/22/2009 Assigned to Third Read Calendar
1/29/2009 Passed

View Attachments
FileTypeSizeDescription
09035.pdf Advertise Notice 82K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090035 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090035
revised fact sheet.xls Advertise Notice 42K revised fact sheet
Liberty Linked Deposit Fiscal Note.xls Fiscal Note 28K Fiscal Note
Liberty Bank Dec 2008 Fact Sheet.xls Fact Sheet 42K Fact Sheet

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ORDINANCE NO. 090035

 

Authorizing the Director of Finance to execute a one-year Linked Deposit Agreement with Liberty Bank and Trust Co. in an amount not to exceed $5,000,000.00.

 

WHEREAS, Ordinance No. 921341, Committee Substitute for Ordinance No. 63537, and Ordinance No. 050120 authorize the Director of Finance to allocate $20,000,000.00 to qualified Kansas City, Missouri banks for the Linked Deposit Program and, pursuant to a Depository Trust Agreement, up to $500,000.00 per bank under the City Wide Deposit Program; and

 

WHEREAS, Liberty Bank and Trust Company, the successor bank of Douglass National Bank, wishes to participate in the Linked Deposit program in the amount of $5,000,000.00; and

 

WHEREAS, as of the last reporting period, and prior to being placed into receivership, 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, Liberty Bank and Trust Company did purchase from the receiver the assets and deposits of the failed Douglass National Bank and continues to commit to a banking presence in the City of Kansas City, Missouri; and

 

WHEREAS, Liberty 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 desires to enter into a one-year Linked Deposit Agreement with Liberty Bank and waive 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, NOW, THEREFORE,

 

BE IT ORDAINED BY THE CITY 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 Liberty Bank and Trust Company.

 

_____________________________________________

 


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.

 

 

___________________________________

Jeffrey A. Yates

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney