[R.O. 2011 § 140.060; R.O. 2009 § 39.15; Ord. No. 3746, 6-9-1970; Ord. No. 96-35, 2-7-1996]
Receipt Of Proposals — Notice — Statement Of Rate Payable To City — Disclosure Of Amount Of Bid Prior To Selection. Subject to the provisions of the laws of the State, the City Council shall periodically receive sealed proposals for the deposit of City funds from bank institutions doing business within the City that desire to be selected as the depository of funds of the City.
[R.O. 2011 § 140.070; R.O. 2009 § 39.16; CC 1981 § 2-472; Ord. No. 3746, 6-9-1970; Ord. No. 96-35, 2-7-1996; Ord. No. 00-61, 2-16-2000]
It shall be the duty of the banking corporation, association or individual bank selected as a depository to pledge to the City and deposit with a depository agent to be designated by the City Council securities of the value to be fixed by order of the City Council, not less than one hundred ten percent (110%) of the actual amount of the funds on deposit pursuant to the Federal Deposit Insurance Act of 1950 (12 U.S.C. § 1811 et seq.) as heretofore or hereafter amended, which shall be securities of the character prescribed by the City's investment policy.
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Cross Reference: As to penalty, § 100.150.
State Law Reference: City depository generally, §§ 95.280 et seq., RSMo.
[R.O. 2011 § 140.080; R.O. 2009 § 39.17; Ord. No. 00-61, 2-16-2000; Ord. No. 07-162, 6-11-2007]
The Mayor or the Finance Director are authorized to release pledged securities, required by Section 140.070, because of maturity or other fiscal matters provided that there remain with the depository agent pledged securities valued at not less than one hundred ten percent (110%) of the City's deposits.