HomeMy WebLinkAboutO-08757AN /NANCC AMENDI QO SICTtOW I 2 A$ hb•3 OP T S
CODE OP TttE CITY OF NUM FLORIDA, TN ' MMEIR RNTIRRTY
RILATINO TO THE ROTATION OP CHSCEIR1 ACCOUNTS, TES
PRORATION OP T MS moms mms AND RIND or :3ECUfltTY 8Y
SSTABUSHING A COMPETITIVE BID BASIS POW AWARD OP
THE CITY' S BANKM 9ERVCE NEEDS POR A CONTRACTUAL
THRRE.YEAR PERIOD, RESTR CTINN INVESTMENTS TO DE
PLACED ON ,A COMPETITIVE 81D BASIS, AND CONTAAININC A
REPEALER'CtAUSE AND A SEVERABIL1TY PROVISION AND
CONTAINING AN EPPICTIVE DATE.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OP MMAMI, FLORIDA:
Section 1. Sections 16-2 and 16-3 of the Code of the City of Miami,
Florida, as amended, are hereby further amended by repealing the same in
their entirety and substituting the l t wing provisions:
"Section 16-2. Depositories for City funds - banking services;
investment of idte funds.
(1) (a) The Director of Finance is hereby authorized
and directed to request bids from all Federal
and Florida -chartered banks located within the
City limits of the City of Miami for all
banking services required by the City for a
three-year basis. Such banking services re-
quired shall be defined by the Director of
Finance in a request for proposals directed to
aforementioned banks. The City Commission
will award a contract for three years to the
bank submitting the best bid upon the recom-
mendation of the City Manager.
(b) Pursuant to Section 47 of the Charter of the
City of Miami, the authority to invest and re-
invest money of the City, to sell or exchange
securities so purchased, and to deposit such
securities for safekeeping is hereby delegated
to the Director of Finance.
(c) The Finance Director is hereby authorized to
purchase, at their original sale or after they
have been issued, securities which are protected
by the full faith and credit of the United
:States Government or any other security authorized
by the Florida Constitution or statutes passed
pursuant thereto, as they now read or hereafter
be amended, from money in his custody which is
not required for the immediate necessities of
the City and as he may deem wise and expedient,
and to sell or exchange for other eligible
securities and reinvest the proceeds of the
securities so purchased.
(d) From time to time the Finance Director .shall
redeem the securities in which City money hae
been invested pursuant to Section a(c) of this
ordinance so that proceeds maybe applied to
the purposes for which the original purchase
money was designated or placed in the City
treasury. -
Page loft
Neaten tblits Depositories of pubiie moneys and pledge ef until
f i) (a) The malty to be given by math banks as tray be
designated under Seaton 16.2, shall consist ef any
notes, bends or ether securities,ether than there§
of stock to rhi+eh a state bank is authorised by
applicable law or regulation to invest any of its
fundsshelf be accepted as satisfactory aeeurtty for
the safekeeping and prompt payment of moneys deposited.
(b) It shall be the duty of the Director of Finance to
demand increased security from such banks commensurate
with the funds on deposit therein at any time, and
the Director of Finance is hereby authorized to reduce
the amount of, security at any time that the funds on
deposit with any bank shall be diminished below the
amount of security held by the City from such bank;
provided, that at no time the amount on deposit a
any bank shall exceed the par value of the aecurtty
furnished by such bank."
Section 2. tf any section, part of section, paragraph, clause, phrase,
or word of this ordinance is declared invalid, the remaining provisions of
this ordinance shall not be affected.
Section 3. All ordinances, code sections, or parts of ordinances,
insofar as they are inconsistent or in conflict with the provisions of
this ordinance are hereby repealed.
Section 4. The provisions of this ordinance shall become effective
on March 1, 1978.
PASSED ON FIRST READING BY TITLE ONLY this 9th day of
February
, 1978.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY, this
23rd day o£ February 1978.
RALPH O. ONGIE
CITY CLERK
AND APPROVED BY;
ROBERT P. C
ASSISTANT CITY ATTORNEY
MAURICE A FERRE
Page 2at2
MAURICE A. FERRE
MAYOR
MIAMI REVIEW
AND DAILY RECORD
Pubtlshed Daily except Saturday. Sund*Y
Leal Holidays
Miami, Dade County, Florida.:
STATE OF FLORIDA
COUNTYOFDADE:. •
Before Me undersigned authority personally ap`
peared Becky Ceske', who on oath says Mar she is the
Assistant Director of Legal Advertising of Inc Miami
Review end Dnd eaiilly Record, a daily (peexrcept Saturday.
ef
Miami 1n Dade County, Florida:gal �newat MeaKeched� COPY
of advertisement, being. a Legal Advertisement or.
Notice in the matter of
in the
was published in said newspaper in the issaes of
Fet)zt>atSr 28, 1978
Afflaed furMer says Mat Inc said Miami Review
and Deily Recoia wspaper publlsnad arMIemI.In.
sold Dada CeuMyrd,s Flolneidi, and f the sold newspapee
has Heretofore been Continuously published In said
Dade County, Florida. each day (except Saturday. Sun-
dae and Legal Notldays) and has bran entered as
second class mall matter at Me post office In MleMk In
said Dade County, Florida, for period of one Year nest
preceding Me first oubiiceflon of Inc attached copy of.
advertisement and edified further says Mat she has
neither paid nor premised any person, firm or corpora
lion any dlscoumt, rebate: commissioner refund for Me
of securing this advertisement for publication
said newspaper.
ram'..•- t 1�.
All InrierestedlwIlllal
Inc City Commisslols ne
ing fitted ordtnsneet
API ORDIPJANdE AMENflflli , SEf fs11d1
THE CODE OF THETHIECIIVEDOMY�iMP..II0RI
ENRIREVV RELATIN G VOt,I RDYASYtllifi(f111fI
ACCOUN[1S THE PROFfic ION10 T R f?C
ICINDOF secuanyleiversiii /t • ,
alp BAitS0O AW$RDO
VICE ; NEEDS • rictiC lit' COI' illdirlfUUifi{
PERIOD attioritilitttRWiffa�tliE 11R -'-
'ALEN,'E*ND% It ,e
f Cd1N id1MIIN 1i1r EP11EC tiVilt
aalrr.+
rn
Joseph RI Cringe
City Manager
smelt to tunderson
pirector of Finance
•
23, 41 I: 21
so- _
, .
January 20, 1978
Ordinance Amending Section 164
and 164 of the City 'Code
Proposed Ordinance
On December 15, 1977, the City Commission.reviewed the propoaed. Cash
Management Program for the City of Miami, The first task, outlined was
the rescinding of the current practices incorporated in the ordinances
under Section 16-2 and 16-2 of the City Code.
The attached ordinance ia designed to accomplish that task; and it is
recommended that it be given a first reading on the 'ebruary 9, 1978
City Commission agenda.
JEGtjr
Attachment (1)
cc: George V, knox, Jr., City Attorney (Attnt Robert F. Clark)
-> (1444-* .127•7
CITY COMMISSION
MEETING OF
FEB 23 1978
°Roma Nt)
lvt M4ING, ,
2nd READINC
•