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Resolution authorizing the Mayor and the Director of Finance to extend existing contracts with financial institutions designated by Council to act as depositories for the City of Pittsburgh in 2024 by extending the contracts by one (1) additional year through 2025 as permitted by Chapter 221.09 of the City Code at no cost to the City.
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Whereas, City monies shall not be deposited in any bank which has not been designated by Council as an acceptable depository by meeting the qualifications set forth in Chapter 221.02 of the City Code
Whereas, Current City depositories have previously entered into a written agreement under its seal with the City to accept and comply with all the conditions and privileges of Chapter 221.02 of the City Code and has agreed to accept all the City moneys tendered to it and to pay the interest, if any thereon, in accordance with the City Code, and to safely keep and pay over all such moneys deposited with it.
Whereas, The City desires to extend the existing contracts with financial institutions designated by Council to act as depositories for an additional one (1) year.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor and the Director of Finance, on behalf of the City, are hereby authorized to extend existing contracts with financial institutions designated by Council to act as depositories for the City of Pittsburgh in 2024 by extending the contracts by one (1) additional year through 2025 as permitted by Chapter 221.09 of the City Code.