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Waco council designates Bank of America as convention-center depository despite public climate concerns
Summary
The Waco City Council approved an ordinance naming Bank of America the depository for the ASM Global Convention Center management agreement through Sept. 30, 2034, with options to extend. A public commenter urged the council to reconsider, citing the bank’s fossil-fuel financing record.
The Waco City Council on Feb. 4 approved an ordinance designating Bank of America as the depository bank tied to the management agreement between the city and ASM Global Convention Center Management LLC for the period Dec. 1, 2024, through Sept. 30, 2034, with options to extend for two additional five-year periods.
The council passed the ordinance on an emergency reading and later approved it again on a nonemergency second reading. The ordinance authorizes the city manager to negotiate and enter a contract for depository services with Bank of America and to execute associated documents.
The measure drew a public comment from Alan Northcutt, who identified himself to the council and provided a handout. Northcutt told the council that 2024 was the hottest year on record and urged officials to consider the city’s role in fighting climate change when choosing financial partners. He said Bank of America has been “the third largest funder of fossil fuel projects,” reporting a figure of $333,200,000,000 in loans since 2015 and argued the city should instead select a bank or credit union that limits fossil-fuel financing. Northcutt suggested local institutions, citing greenamerica.org and McLennan County sources, including First Central Credit Union and Rocket Federal Credit Union, as alternatives.
Council members did not take up Northcutt’s request to reverse or delay the designation. The ordinance passed with recorded votes in favor from the council members polled by the city secretary during the roll call.
City staff presented the ordinance’s terms during the meeting, which include conditions concerning funds held by the depository and an authorization for the city manager to execute related contracts. The city did not state in the meeting record that the depository selection was contingent on additional environmental or financing criteria.
The ordinance was read on emergency status and passed; the council later read the ordinance again in a nonemergency reading and approved it on second reading, completing the formal adoption process.
