Title
A RESOLUTION DESIGNATING DEPOSITORIES OF PUBLIC MONEYS OF THE CITY.
Executive Summary: Ohio Revised Code 135.12 requires that City Council authorize depositories of City funds every five years.
Body
Legislative History
During the City's most recent audit, it was noted that we had not formally authorized our depositories. The City has always had depository agreements with our banks but we need to pass an ordinance to formally designate them.
Purpose & Explanation
The City currently has depository agreements with First Merit Bank, Morgan Bank (Lorain National Bank) and Dollar Bank. The agreements expire on different dates. We would like to make the agreement period for all banks 2/1/2013 to 1/31/2018 to match the First Merit Bank agreement that currently exists. We would rescind the current agreements with Morgan Bank and Dollar Bank and create new agreements to match First Merit's period.
Timing Considerations
We would like Council to approve the agreement period of 2/1/2013 to 1/31/2018 so we can align all the bank agreements to expire on the same date.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passing an ordinance designating First Merit Bank, Morgan Bank (Lorain National Bank) and Dollar Bank as authorized depositories of City funds.
Submitted by,
Jeff Knoblauch, Finance Director