FINANCIAL_SERVICESAPPROVED

Beachwood City Schools Agenda Regular Meeting of the Board of Education 2026-06-22

Key Bank Approved as School Funds Depository

Up to $30,000,000 active deposits; up to $30,000,000 interim depositsBeachwood City SchoolsKEY BANK N.A.June 22, 2026

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Description

The Board approved Key Bank N.A. as a designated depository for up to $30 million in active and $30 million in interim School District funds for August 1, 2026 through July 31, 2031. The arrangement is subject to Ohio Revised Code Chapter 135.

Contract Details

Contract Amount

Up to $30,000,000 active deposits; up to $30,000,000 interim deposits

Vendor

KEY BANK N.A.

Agency

Beachwood City Schools, OH

Contract Type

FINANCIAL_SERVICES

Document Date

June 22, 2026

Contract Term

August 1, 2026 through July 31, 2031

Renewal Date

2031-07-31

Renewal Info

Five‑year designation as a depository from August 1, 2026 through July 31, 2031; continuation beyond that term would require Board action.

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Issuing Agency