HomeMy WebLinkAbout2930ORDINANCE NO.�
r AN ORDINANCE of the City of Kent,
Washington, authorizing payment of bills and
payrolls by bank check rather than by warrant;
designating the Finance Director as the officer
authorized to sign such checks; designating
those persons authorized to sign checks in the
event of the absence or disability of the
Finance Director, and repealing Ordinance 2297.
WHEREAS, the City Council adopted Ordinance 2297
providing direction for payment of obligations and for obtaining
bank services; and
WHEREAS, on May 15, 1990 after a competitive process, the
City Council selected a bank to provide service to the City for
three years; and
WHEREAS, Ordinance 2297 provides that such agreement
shall be for two years; and
WHEREAS, the Council, by its action on May 15, 1990
determined that it is in the interest of the citizens for the
efficient operation of the City to contract for services for a
minimum of three years; and
WHEREAS, the Council desires to amend Ordinance 2297 to
reflect current City practices and to ratify, through this
ordinance, its action on May 15, 1990; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY ORDAIN AS FOLLOWS:
Section 1. The contract for banking services with U.S.
Bank approved by the City Council on May 15, 1990 is hereby
ratified.
Section 2. The payment of claims or other obligations of
the City shall be paid by bank check, debit memo or wire transfer.,
Section 3. In order for the City of Kent to obtain a
banking relationship that provides maximum services to the City,
the City shall solicit competitive proposals.
A. The banking services of the City will be reviewed
every three years. The Council may decide to extend
for an additional period of time or may direct the
Finance Department to solicit a new agreement.
B. The banks to be considered must be full-service
banks. The banks also must have complete investment
departments which will, without solicitation, keep
the City informed of interest rate changes,
investment opportunities, or other market conditionsl
which would affect the return or investment of City
funds.
C. The banks must provide copies of all documents
required by State law. The banks must meet or
exceed the requirements outlined therein.
D. Although a bank will be appointed to handle the
regular checking activity, the City will reserve tho
right to rescind such appointment, should the
banking relationship become unsatisfactory. This
will require a majority vote of the City Council.
E. The investment activities of the City will in no ways
i
be affected by the appointment of a bank to handle
the City's Regular Checking Account. All investment
activity will be handled at the direction of the
Finance Director, in accordance with State laws.
Section 4. The Finance Director of the City of Kent is
hereby designated as the officer authorized to sign checks. In
the event of the absence or incapacity of the Finance Director,
II the City Administrator is authorized to sign such checks.
ij
i
Section 5. Ordinance 2297 of the City of Kent be and the
same is hereby repealed in its entirety.
Section 6. Effective Date. This ordinance shall take
effect and be in force thirty (30) days from the time of its final
passage as provided by law.
DA14 KELLEHER, MAYOR
ATTEST:
MARIE JENS ,, ! ITY6LERK
APPROVED AS TO FORM:
CITY ATTORNEY
PASSED the v day of
APPROVED the day of
PUBLISHED the day of
, 1990.
, 1990.
, 1990.
I hereby certify that this is a true copy of Ordinance]
No. L�-3� passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as hereon
indicated.
8590-300
(SEAL)
MARIE JENS N CITY CLERK
- 3 -