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 six-month period of April 1, 2019 to September 30, 2019; authorizing the expenditures for banking services; 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. The city's current banking services contract was set to expire on December 31, 2018 and was extended by Ordinance 517-18 till March 31, 2019. The purpose of this legislation is to extend the banking services agreement with Fifth Third Bank until September 30, 2019 in order to re-issue a revised Banking Services RFP. The Banking Services RFP is being rebid in order to remove the requirement for a fixed interest rate, and instead to seek variable interest rates as interest rates are rising, which would capture additional income in the City's daily deposit bank accounts. In addition the administrative Banking Services RFP evaluation committee will be expanded to include representatives from all City departments and divisions that conduct daily banking services.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the mayor is authorized to enter into six-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 expenditures are authorized against the following Account Codes: 1001-14200-1132003STDSTD, 6078-31000-4000524STDSTD, 6060-31000-4000511STDSTD, 6070-31000-4000508STDSTD, and 607A-31000-4000552STDSTD, for the purpose authorized in Section 1.
SECTION 3. That the Director of Finance is auth...
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