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Ordinance amending the Pittsburgh Code of Ordinances, Title Two: Fiscal; Article III: Depositories; Chapter 221: Contracts, by revising Sections 221.09 (Award of Banking Business) to allow for a biennial request for qualifications from and designation for banking institutions that wish to act as depositories for the City.
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WHEREAS, the Director of Finance is required to submit proposals from potential depositories to City Council; and
WHEREAS, the process of awarding a banking business is extensive, time consuming, and has become an administrative burden for both the Finance Department and the Controller's Office
WHEREAS, the Director of Finance and the Controller have agreed that a two year contract would be more practical and would not impact the effectiveness of the review of an institution's qualifications
The Council of the City of Pittsburgh hereby enacts as follows:
? 221.09 - AWARD OF BANKING BUSINESS.
The Director of Finance shall issue a request for proposals/request for qualifications (RFP/RFQ) for depository services [once each year] once every two years.
The Director of Finance, upon receipt of proposals, shall evaluate them based upon their annual disclosures, the most recent rankings and recommendations provided by the RRC, and any other factors deemed necessary for the good of the City. The Director of Finance shall submit the proposals from potential depositories to City Council with recommendations. Council shall authorize those proposals that meet the standards set forth in this article and are most advantageous to the City. The Director of Finance and the City Council shall make every effort to recommend and authorize a diverse group of depositories which includes banks of all sizes.
Council shall designate to the Director of Finance the active and inactive depositories for each ensuing year, specifying at least two (2) banks which shall be active depositories for general fund accounts, at least one (1) b...
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