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HomeMy WebLinkAboutD-2287-16 United Fidelity BankSPONSOR(S): Finkam ORDINANCE NO. D-2287-16 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, ESTABLISHING UNITED FIDELITY BANK AS THE FINANCIAL INSTITUTION FOR PUBLIC MONIES OF THE CITY Synopsis: Ordinance establishes United Fidelity Bank as the financial institution for the City of Carmel depository of public monies. WHEREAS, Indiana Code (hereinafter " IC") Section 5-13-8-9 requires that public monies must be deposited in a financial institution located within the territorial limits of the political subdivision (hereinafter "City"); and WHEREAS, IC 15-13-8-1(a)(1) further requires that public monies must be deposited in a depository eligible to receive state funds; and WHEREAS, IC 5-13-6-1(d)(1) requires that a City shall deposit funds in a depository selected by the City in an ordinance; and WHEREAS, the Clerk -Treasurer of the City (hereinafter "Fiscal Officer") has initiated a process that allowed various financial institutions who qualify to be depositories for public monies of the City under IC 5-13 to present proposals to the Fiscal Officer, detailing their services and pricing; and WHEREAS, eleven qualified financial institutions made proposals to the Fiscal Officer; and WHEREAS, the Fiscal Officer reviewed proposals and the proposed earnings and fees contained in each proposal; and WHEREAS, the Fiscal Officer worked with and consulted with the city's fiscal advisor throughout the process; and WHEREAS, said review consisted of analyzing the proposed earnings credit rate, the proposed earned interest rate, the proposed "hybrid" rate, whether the services included a retail lockbox and the rank within the 1,500 largest depositaries; and WHEREAS, the Fiscal Officer also reviewed the fees associated with internet banking, as well as all other applicable fees and charges; and This Ordinance was prepared by Douglas C. Haney, Corporation Counsel, on 4/5/16 at 2:30 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise. SPONSOR(S): Finkam WHEREAS, the Fiscal Officer chose the three most competitive proposals and performed substantial due diligence and investigation of those financial institutions; and WHEREAS, the Fiscal Officer analyzed the net earnings over charges contained in the proposals when reviewing the various proposals; and WHEREAS, United Fidelity Bank was found to offer all needed services and proposes to return the highest amount of net earnings over charges; and WHEREAS, the Fiscal Officer recommends that the City select United Fidelity Bank as the City's depository, THEREFORE BE IT RESOLVED by the Common Council that United Fidelity Bank is hereby designated and approved as a depository for public monies of the City of Carmel, Indiana. PASSED by the Common Council of the City of Carmel, Indiana, this day of N' , 2016, by a vote of —7 ayes and ®- - nays. COMMON COUNCIL FOR THE CITY O CARMEL Coif% ald E. Carter, President K vin D. Rider Su(yAkam, ice- resident Laur . Campbell H. Bruce Kimball Carol Schleif This Ordinance was prepared by Douglas C. Haney, Corporation Counsel, on 4/5/16 at 2:30 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise. ATTEST: N Pre4e}�ted by me to the Mayor of the City of Carmel, Indiana this , 2016, at : 0 © P M. SPONSOR(S): Finkam day of Approved by me, Mayor of the City of Carmel, Indiana, this tay of 1_%)6W/Z- , 2016, at 13 , P. A. i Ja . s Brainard, Mayor AT TZ -S-/T.-, Christine S. P4uley, Clerk - This Ordinance was prepared by Douglas C. Haney, Corporation Counsel, on 4/5/16 at 2:30 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise.