Label
Banking Services
Department of Finance - Treasury
Sullivan Nicholls (x1636)/Bryan Benner (x1194)
Revised
Title
Authorizing the Mayor to enter into a three-year contract for banking services; authorizing the expenditure of funds for banking service fees; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Toledo Municipal Code Section 192.17 sets forth the procedures for designating a Central Depository and a Secondary Custodian for banking and custodial services. This is required to be done every three (3) years. The City's current banking services contracts expires December 31, 2022. A Request for Proposal (RFP) was duly advertised. Proposals were received from four institutions and subsequently evaluated by the Department of Finance in accordance with established procedures for professional service contracts. The four banks that submitted proposals were all responsive and were able to provide the financial services requested by the city.
After review of the banking services proposals, it is recommended that the city contract with Fifth Third Bank as Central Depository and continue Fifth Third's use of the State of Ohio Treasurer Ohio Pooled Collateral System (OPCS) as Secondary Custodian.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into necessary contracts with Fifth Third Bank (Northwestern Ohio) for Central Depository services for a three-year term beginning January 1, 2023. Said contracts shall contain an obligation to utilize the Ohio Pooled Collateral System and such additional terms and conditions as deemed proper and requisite according to the Mayor, the Director of Law and the Director of Finance.
SECTION 2. That the Director of Finance is authorized to expend funds and draw warrant or warrants against the following Account Codes: 1001-14200-1132003STDSTD, 6078-31000-4000524STDSTD, 6060-31000-4000511STDSTD, 6070-31000-4000508STDSTD, and 607A-31...
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