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File #: O-517-18    Version: 1 Name:
Type: Ordinance Status: Mayor's Office
File created: 11/19/2018 In control: Finance Department
On agenda: 12/4/2018 Final action: 12/18/2018
Title: Authorizing the Mayor to enter into a contract extension for banking services for the three month period of January 1, 2019 to March 31, 2019; further authorizing the expenditures for banking services; and declaring an emergency.
Attachments: 1. Audio: O-517-18 Council Meeting 12/18/2018
Label
FIN BANKING SERVICES
Department of Finance - Treasury
Bryan Benner (x1194)
Revised

Title
Authorizing the Mayor to enter into a contract extension for banking services for the three month period of January 1, 2019 to March 31, 2019; further authorizing the expenditures for banking services; and declaring an emergency.

Body
Toledo Municipal Code Section 192.17 sets forth the procedures for designating a Central Depository and a Secondary Custodian for banking and custodial services. The city's current banking services contract expires December 31, 2018. Banking service proposals have been received and are being evaluated by the administration in accordance with established procedures for professional service contracts. This ordinance authorizes extending the current banking contract with Fifth Third Bank until March 31, 2019 in order to complete the evaluation and selection process.

Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:

SECTION 1. That the Mayor is authorized to enter into three-month contract extension with Fifth Third Bank (Northwestern Ohio) for Central Depository (banking) services. Said contract extension shall contain such terms and conditions deemed proper and requisite according to the Director of Law and the Mayor.

SECTION 2. That the Director of Finance is authorized to expend funds and draw her warrants against the following Account Codes: 1001-14200-1132003STDSTD, 6078-31000-4000524STDSTD, 6060-31000-4000511STDSTD, 6070-31000-4000508STDSTD, and 607A-31000-4000552STDSTD, in payment of the above obligations authorized upon presentation of the proper voucher or vouchers.

SECTION 3. That this Ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, safety, health, and property of the City, and for the further reason that this Ordinance must be immediately effective in order to meet the requirements of the Toledo Municipal Code, Section 192.1...

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