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Record No: CB 118905    Version: Council Bill No: CB 118905
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 2/7/2017
Ordinance No: Ord 125257
Title: AN ORDINANCE relating to strengthening The City of Seattle's policies for conducting City business with partners that are committed to fair business practices; adding Chapter 20.46 to the Seattle Municipal Code; amending the revised City of Seattle Investment Policies adopted by Resolution 31525; and requesting the Mayor and Director of Finance and Administrative Services to take certain actions, including not renewing the Contract for Bank Depository Services with Wells Fargo Bank beyond the initial term and refraining from making new investments in Wells Fargo securities for a period of three years.
Sponsors: Tim Burgess, Kshama Sawant, Debora Juarez
Supporting documents: 1. Summary and Fiscal Note, 2. Proposed Amendment A, 3. Proposed Amendment B (added; 2/7/17), 4. Proposed Amendment C (added; 2/7/17), 5. Central Staff Memo and Proposed Amendments 1-5 (added: 2/1/17), 6. Proposed Amendment 2.1 (added: 2/1/17), 7. Related file: Resolution 31525, 8. Signed Ord 125257, 9. Affidavit of Publication
Related files: CF 314368
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to strengthening The City of Seattle's policies for conducting City business with partners that are committed to fair business practices; adding Chapter 20.46 to the Seattle Municipal Code; amending the revised City of Seattle Investment Policies adopted by Resolution 31525; and requesting the Mayor and Director of Finance and Administrative Services to take certain actions, including not renewing the Contract for Bank Depository Services with Wells Fargo Bank beyond the initial term and refraining from making new investments in Wells Fargo securities for a period of three years.
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WHEREAS, The City of Seattle is committed to protecting the City's interests and the public's trust by managing and spending City funds in a fiscally responsible and prudent manner; and
WHEREAS, as part of that commitment, it is a priority of The City of Seattle to conduct City business with partners who are committed to engaging in fair business practices; and
WHEREAS, the Seattle City Council has passed certain ordinances, including but not limited to Ordinance Nos. 119748 (1999, nondiscrimination in benefits), 121717 (2005, equality in contracting), and 124250 (2013, socially responsible banking), as amended from time to time, which have collectively established a framework of contracting to consider certain social equity and responsibility factors in choosing whom the City conducts its business with and enforcing the goals and requirements of that framework; and
WHEREAS, the Seattle City Council also passed Resolution 31525 in 2014, adopting revised City of Seattle Investment Policies, including Policy 4, Social Policies, which guides the Director of Finance and Administrative Services to seek opportunities to conduct investment business with institutions that, by their charter, seek to benefit the common good and do not solely pursue maximum profit; and
WHEREAS, in 2016, ...

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