HomeMy WebLinkAbout21099 1 ORDINANCE NO. 21,099
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3 AN ORDINANCE TO AMEND CHAPTER 2 OF THE LITTLE ROCK,
4 ARKANSAS, REVISED CODE OF ORDINANCES TO EXTEND THE
5 TERM OF THE BANKING SERVICES CONTRACT; TO DECLARE AN
6 . EMERGENCY; AND FOR OTHER PURPOSES
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8 WHEREAS, in Little Rock, Ark., Rev. Code §2-191 (1988) the Board of Directors provided that
9 banking services for the City would be placed for competitive bidding every two (2) years with optional
10 annual renewals,not to exceed two(2)renewals: and
11 WHEREAS, extending the Banking Services Contract would provide stability when budgeting for
12 banking expenses and interest revenue; and,
13 WHEREAS,converting to a new banking institution is an extensive and cumbersome process for both
14 a city the size of Little Rock and the financial institution; and,
15 WHEREAS,extending the termination clause of the Banking Service Contract to 180 days allows for
16 sufficient time to rebid for services, Board approval and for conversion to the new bank; and,
17 WHEREAS,Arkansas State Law allows a contract for services not to exceed seven (7)years; and
18 WHEREAS, this ordinance would extend the banking services contract from a maximum of four(4)
19 years to a maximum of seven(7)years;
20 NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
21 OF LITTLE ROCK,ARKANSAS:
22 Section 1. The following definitions in the Code of Ordinances, Chapter 2, Article VI, Division 2.
23 Section 2-191, is hereby deleted and replaced with language to read as follows:
24 Beginning January 1, 2016, the City shall contract for banking services for an initial two
25 (2)years with the option to renew for five(5)additional one(1)-year terms under the same
26 terms and conditions. The contract will be awarded after competitive bids for banking
27 services have been evaluated according to criteria established by the City Manager and the
28 Finance Department Director. In deciding to award the contract for banking services,the
29 City shall give preference to the banking institution that offers the lowest cost of services
30 requested and the highest Community Reinvestment act ratings,while giving consideration
31 to new or unique services offered by the banking institution that can be quantified to
32 provide financial benefits to the City.
33 Section 2. The following definitions in the Code of Ordinances, Chapter 2, Article VI, Division 2.
34 Section 2-192, is hereby amended by adding a new eligibility requirement by the bank:
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1 6) The banking institution must agree to provide 180 days written notice to terminate the
2 agreement for convenience or cause.
3 Section 3. Severability. In the event that any title, section, paragraph, item, sentence, clause, phrase,
4 or word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or
5 adjudication shall not affect the remaining portions of the ordinance which shall remain in full force and
6 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
7 ordinance.
8 Section 4. Repealer. All ordinances, resolutions, bylaws, and other matters inconsistent with this
9 ordinance are hereby repealed to the extent of such inconsistency.
10 PASSED: September 15,2015 J
11 ATT :j. APPROVED:
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13 Ijl� _
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14 S-iviri Lang : ,City Clerk Mark Stodola,Mayor
15 • r ' 'COVED AS TO LEGAL FORM:
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18 Thomas M. Carpenter,City ttorney
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