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HomeMy WebLinkAboutD-2747-24 Establishing Lake City Bank as City's Financial DepositorySPONSOR(S): Councilors Green and Taylor This Ordinance was originally prepared by Sergey Grechukhin, Carmel Transactions Chief, on 10/25/24. It may have been subsequently revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Grechukhin for legal sufficiency or otherwise. ORDINANCE NO. _D-2747-24 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, ESTABLISHING LAKE CITY BANK AS THE FINANCIAL INSTUTITION FOR PUBLIC MONIES OF THE CITY Synopsis: Ordinance establishes Lake City Bank as the financial institution for the City of Carmel depository of public monies. WHEREAS, Indiana Code Section 5-13-7-5 (hereinafter “IC”) designates Carmel’s fiscal body as a local board of finance that is authorized to designate a financial institution as a depository of public monies pursuant to IC 5-13-8; and WHEREAS, IC 5-13-8-9 requires that public monies be deposited in a financial institution located within the territorial limits of the political subdivision (hereinafter “City”); and WHEREAS, IC 5-13-8-1(a)(1) further requires that public monies be deposited in a depository eligible to receive state funds; and WHEREAS, the Chief Financial Officer/Controller 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, the Fiscal Officer received proposals from qualified financial institutions; and WHEREAS, the Fiscal Officer reviewed proposals and the proposed net earnings and fees contained in each proposal; and WHEREAS, the Fiscal Officer worked with and consulted with the City’s fiscal advisor and the City’s legal staff throughout the process; and WHEREAS, the Fiscal Officer also reviewed the fees associated with internet banking, as well as all other applicable fees and charges; and WHEREAS, the Fiscal Officer chose the most competitive proposal and performed substantial due diligence and investigation of that financial institution; and WHEREAS, Lake City Bank was found to offer all needed services per City’s specifications, and proposes to return the highest amount of net earnings over charges; and WHEREAS, the Fiscal Officer recommends that the City select Lake City Bank as the City’s depository, Ordinance No. D-2747-24 Page One of Three Docusign Envelope ID: CC89333B-AF74-44B3-8953-5FBD47055E74 SPONSOR(S): Councilors Green and Taylor This Ordinance was originally prepared by Sergey Grechukhin, Carmel Transactions Chief, on 10/25/24. It may have been subsequently revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Grechukhin for legal sufficiency or otherwise. THEREFORE BE IT RESOLVED by the Common Council that Lake City Bank is hereby designated and approved as a depository for public monies of the City of Carmel, Indiana, and is authorized to perform banking services specified in the request for proposals and associated contractual documents. FURTHER BE IT RESOLVED that the City’s Chief Financial Officer/Controller is authorized to finalize and execute any necessary agreements with Lake City Bank on the City’s behalf to effectuate the provisions of this Ordinance. [remainder of page left intentionally blank] Ordinance No. D-2747-24 Page Two of Three Docusign Envelope ID: CC89333B-AF74-44B3-8953-5FBD47055E74 SPONSOR(S): Councilors Green and Taylor This Ordinance was originally prepared by Sergey Grechukhin, Carmel Transactions Chief, on 10/25/24. It may have been subsequently revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Grechukhin for legal sufficiency or otherwise. PASSED by the Common Council of the City of Carmel, Indiana, this______ day of _______________, 2024 by a vote of _____ ayes and _____ nays. COMMON COUNCIL FOR THE CITY OF CARMEL ___________________________________ Anthony Green, President Adam Aasen, Vice-President ___________________________________ ____________________________________ Jeff Worrell Teresa Ayers ___________________________________ ____________________________________ Shannon Minnaar Anita Joshi ___________________________________ ____________________________________ Ryan Locke Matthew Snyder ___________________________________ Rich Taylor ATTEST: __________________________________ Jacob Quinn, Clerk Presented by me to the Mayor of the City of Carmel, Indiana this _______ day of _________________________ 2024, at ________ __. M. ____________________________________ Jacob Quinn, Clerk Approved by me, Mayor of the City of Carmel, Indiana, this _______ day of _______________________2024, at ________ __. M. ____________________________________ Sue Finkam, Mayor ATTEST: ___________________________________ Jacob Quinn, Clerk Ordinance No. D-2747-24 Page Three of Three Docusign Envelope ID: CC89333B-AF74-44B3-8953-5FBD47055E74 19th November 0 18th ANovember November 11:30 9 11:15 19th A