Title
ADOPTION OF AN ORDINANCE DESIGNATING CERTAIN FINANCIAL INSTITUTIONS AS LEGAL DEPOSITORIES
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners (the "Board") adopt an ordinance designating certain financial institutions as legal depositories for funds of the Chicago Park District (the "District").
II. Financial Institution Depositories
Amalgamated Bank of Chicago
Associated Bank
BMO Harris Bank N.A.
Citibank N.A.
Huntington National Bank
Illinois Service Federal Savings & Loan Association of Chicago
JPMorgan Chase Bank, National Association
MB Financial, Inc.
MUFG Union Bank, N.A.
PNC Bank National Association
U.S. Bank National Association
II. Local Government Investment Pool Depository
The Illinois Funds
III. Trustees, Bond Registrar and Paying Agents and Escrow Agents
Amalgamated Bank of Chicago
The Bank of New York Mellon Trust Company, N.A.
U.S. Bank National Association
ZB, National Association dba Zions Bank
V. Explanation
The deposit of public funds held by the District is governed by the Public Funds Deposit Act, 30 ILCS 225/0.01, et seq., the Public Funds Investment Act, 30 ILCS 235/0.01 et seq., the Code of the Chicago Park District, and the Investment Policy of the District as adopted by the Board of Commissioners. The Code of the Chicago Park District establishes that the Board of Commissioners shall designate the financial institutions that may be used as depositories for District funds.
All monies in the custody of the Treasurer belonging to the District shall be kept in selected depositories. The allocation of monies to specific financial institution(s) shall be determined by the Treasurer based on the following factors: (1) that each financial institution(s) certifies and stipulates that it meets the District's depository requirements:
a. the institution is federally insured or invests strictly in securities which have the full f...
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