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HomeMy WebLinkAbout1982 OrdinanceORDINANCE NO. 1982 AN ORDINANCE relating to an agreement between the City of Pasco and Old National Bank, Pasco Branch Office, for the providing of banking services. WHEREAS, the City Council on June 19, 1978, authorized the City Manager to enter into an agreement with Old National Bank, Pasco Branch Office, 202 North 10th, Pasco, Washington, for providing banking services. The City Council's approval was given by a roll call vote of five (5) to zero (0) on the consent agenda, and WHEREAS, said agreement included a provision for interim financing of Local Improvement District's (L.I.D.'s), and WHEREAS, state law requires that such interim financing agreements be approved by ordinance; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DOES ORDAIN AS FOLLOWS: The City of Pasco does enter into the following agreement with the Old National Bank, Pasco Branch Office, 202 North 10th, Pasco, Washington, which is hereinbelow stated. 1. The terms of this agreement shall be for two (2) years, beginning July 1, 1978, and terminating June 30, 1980, unless other- wise modified; with each party having the right to terminate this agreement by giving the other party sixty (60) days written notice of its intention to terminate. 2. The services provided to the City of Pasco by Old National Bank, will be the normally extended services ordinarily provided their retail and/or commercial customers which may also include the following: (a) Checks. These will be ordered through the bank but paid for by the City; (b) Warrants. These will be ordered through the bank but paid for by the City; (c) Daily Deposits. Freedom to invest on competitive basis; (d) Night Deposit. No cost to the City; (e) Locking Deposit Bags. No cost to the City; (f) Prompt month end statements; (g) Prompt monthly account analysis; (h) Wire Transfer Service; (i) Interim Financing. The bank agrees to provide interim financing for Local Improvement District's (L.I.D.'s) on an as needed basis. The interest charge for the interim financing will be the prime rate in effect on the date of the first L.I.D. transaction, less one and one-half percentage points. The net resulting rate will remain constant for the duration of an L.I.D.; -2- (j) Investment Counseling; (k) Returned Item Policy; (1). Safety Deposit Box. This item will be optional and may involve an extra charge; (m) Utility Drop -Off and/or Mail Service. This item will be optional and may involve an extra charge; (n) Coin Counting Facilities. This item will be optional and may involve an extra charge; (o) Open End Purchase Agreements. $50,000 or greater. 3. In consideration of the banking extending the above services and any other services normally provided its retail and/or commercial accounts, the City of Pasco agrees to maintain a minimum balance of $70,000.00 at all times with Old National Bank. 4. In addition, the City of Pasco agrees to pay for services at the following rates: Maintenance Checks Paid Deposit Posted Items Deposited Warrants Return Item Charge Rolled Coins Currency $2.50 per account .07 per item .15 per item .025 per item .20 per item .60 per item .04 per roll .40 per $1,000 5. The total of the above charges will be reduced by an earnings allowance provided by the bank for an average daily balance in excess of $70,000.00. The monthly account analysis will provide full details on the computation of the total charges as well as full details on the computation of the earnings allowance. 6. The Old National Bank may provide other and additional banking services to the City of Pasco upon mutual agreement of both parties. Such additional services will be provided only on specific requests by the City of Pasco through the City Treasurer and/or City Finance Director. 7. The City of Pasco agrees to assume the responsibility of delivering and picking up documents from Old National Bank on an as needed basis. 8. The minimum daily balance is subject to change from $70,000.00 to some other agreed to figure based on Average Daily Float, Reserve Requirements and Average Daily Warrants, and may be adjusted from time to time based on actual experience and the monthly account analysis as provided to the City of Pasco by Old National Bank. This Ordinance shall become effective upon its passage as required by law. -3 - PASSED by the City Council of the City of Pasco this 7th day of August 1978. Chet Sailie, Mayor AT T• ls, Deputy City Clerk APPROVED AS TO FORM: �z Patrick T. Roach, Ac ng City Attorney