[1]
State Law Reference: As to selection of depositories,
see § 95.280 et seq, RSMo.
[R.O. 1992 § 170.100; Ord. No. 7230, 6-15-1992]
Subject to the provisions of Section
110.030, RSMo., the City Council may receive sealed proposals for
the deposit of the City funds from banking institutions doing business
within the City that desire to be selected as the depository of the
funds of the City. Notice that bids will be received shall be published
by the City Clerk in some newspaper published in the City. Any banking
institution doing business in the City, desiring to bid, shall deliver
to the City Clerk, on or before the day of the meeting, a sealed proposal
stating the rate percent upon daily balances that the banking institution
offers to pay to the City for the privilege of being the depository
of the funds of the City. The agreement shall be for a minimum of
one (1) year and a maximum of seven (7) years. It is an ordinance
violation for the City Clerk or other person to disclose directly
or indirectly the amount of any bid to any person before the selection
of the depository.
[1]
State Law Reference: For similar provisions,
see § 95.280, RSMo.
[R.O. 1992 § 170.110; Ord. No. 7230, 6-15-1992]
Upon the opening of the sealed proposals
submitted, the City Council shall select as the depository of the
funds of the City the banking institution offering to pay to the City
the largest amount for the privilege; except that the City Council
may reject any or all bids. Within five (5) days after the selection
of the depository, the banking institution selected shall deposit
the securities as required by Sections 110.010 and 110.020, RSMo.
The rights and duties of the parties to the depository contract are
as provided in Section 110.010, RSMo.
[1]
State Law Reference: For similar provisions,
see § 95.285, RSMo.
[R.O. 1992 § 170.120; Ord. No. 7230, 6-15-1992]
As soon as the securities are deposited
and approved, the Council, by order entered upon the journal, shall
designate the banking institution as the depository of the funds of
the City until the time fixed by Sections 95.280 to 95.350, RSMo.,
for another selection. The City Treasurer, immediately upon the making
of the order, shall transfer to the depository all the funds in his/her
hands belonging to the City, and immediately upon the receipt of any
money thereafter, he/she shall deposit it with the depository to the
credit of the City. For each failure to make such deposit, the Treasurer
and his/her bondsmen shall be liable to the depository for ten percent
(10%) per month upon the amount not so deposited, to be recovered
by civil action in any court of competent jurisdiction. If any banking
institution selected as depository fails to deposit the securities
within the time provided by Sections 95.280 to 95.350, RSMo., then
the selection of the banking institution as the depository of the
City funds will be set aside and be null and void, and the City Council,
after notice published in the manner provided in Section 95.280, RSMo.,
shall receive new bids and select another depository.
[R.O. 1992 § 170.130; Ord. No. 7230, 6-15-1992]
If, for any reason, no selection
of a depository is made at the time fixed by Sections 95.280 to 95.350,
RSMo., the banking institution selected shall remain the depository
until the City Council appoints a depository. If the City Council
at any time deems it necessary for the protection of the City, it
may require, by resolution, that the depository deposit additional
security.
