City of Somerville, Massachusetts - File #: 205678

• File #: 205678
• Version: 1
• Type: Communication
• Status: Placed on File
• File created: 4/12/2018
• In control: City Council
• On agenda: 4/12/2018
• Final action: 10/11/2018
• Enactment date: 4/12/2018
• Enactment #: 205678
• Title: City Treasurer responding to #203230 re: whether the city can restrict financial institutions from participating in city borrowing.

Date	Ver.	Action By	Action	Result
10/11/2018	4	City Council	Work completed
10/9/2018	3	Finance	Work completed
4/12/2018	2	City Council	Placed on file

  Agenda Text

title

City Treasurer responding to #203230 re: whether the city can restrict financial institutions from participating in city borrowing.

body

Official Text

To the Honorable Board:

In response to Agenda Item 203230:

That the City Solicitor advise this Board whether the city may restrict financial institutions from participating in city borrowing based on their business activities, and whether the city may engage in a negotiated underwriting process with a preselected lending institution under certain circumstances.

Please see attached letter from FirstSouthWest in reference to this request.

Please contact me if I can be of further assistance.

Michael Bertino

Treasurer