APPROVED AS TO FORM AND LEGALITY
________________________
CITY ATTORNEY’S OFFICE
OAKLAND CITY COUNCIL
RESOLUTION NO. ______________ C.M.S.
INTRODUCED BY COUNCILMEMBER CARROLL FIFE
RESOLUTION ACCEPTING THE PUBLIC BANK EAST BAY
VIABILITY STUDY
WHEREAS, public banks are financial institutions that are owned by public agencies such as cities and counties and can serve as a tool to invest, lend, and provide banking services to local communities that are often left out of financial opportunities from larger firms; and
WHEREAS, the City of Oakland began formally assessing the feasibility of establishing a public bank with a $75,000 allocation from the Fiscal Years 2017 -19 Budget for a feasibility study that was presented at the October 2, 2018 City Council meeting; and
WHEREAS, in November, 2020 the Oakland City Council passed Resolution No. 88371 C.M.S, awarding a grant in an amount not to exceed $30,000 to the Friends of the Public Bank East Bay to aid in the development of a public bank in accordance with Assembly Bill No. 857, which will be able handle the depository and investment needs of the City of Oakland and all Alameda County Cities; and
WHEREAS, a public bank can serve the residents of Oakland throu gh investment and lending activities that support small local businesses, affordable housing production, climate resilience, infrastructure projects, and more; and
WHEREAS, the City of Oakland intends to be one of the founding owners of the Public Bank East Bay; and
WHEREAS, the other proposed founding owners of the Public Bank East Bay are the cities of Berkeley and Richmond; and
WHEREAS, the County of Alameda is proposed to be a non -founding owner of the Public Bank East Bay that will take an owners hip stake shortly after the Public Bank East Bay's licensing by the State; and
WHEREAS, the California Public Banking Act mandates that "a local agency shall conduct a study to assess the viability of the proposed public bank," hereafter referred to as t he Viability Study; and
WHEREAS, the California Public Banking Act mandates that "The study required shall be presented to and approved by the governing body of the local agency;" and
WHEREAS, the City of Richmond approved the Viability Study on April 5, 2022; and
WHEREAS, the attached 2022 Public Bank East Bay Viability Study proposes lending in four main areas: affordable housing, small businesses, electrification/greening, and refinancing municipal bonds, and concludes that the Public Bank East Bay wil l be fiscally viable; now, therefore, be it
RESOLVED: That the Oakland City Council approves the Public Ban k East Bay Viability Study; and be it
FURTHER RESOLVED: That this Resolution be conveyed immediately to the City Councils of Berkeley and Richmond and to the Alameda County Board of Supervisors.
3221480v2
IN COUNCIL, OAKLAND, CALIFORNIA,
PASSED BY THE FOLLOWING VOTE:
AYES - FIFE, GALLO, KALB, KAPLAN, REID, TAYLOR, THAO AND
PRESIDENT FORTUNATO BAS
NOES –
ABSENT –
ABSTENTION –
ATTEST:
ASHA REED
City Clerk and Clerk of the Council of the
City of Oakland, California
3221480v2 / MZB - updated 12/6/2022