[R.O. 2012 §140.330; CC 1979 §10-37; Ord. No. 762 §1, 12-2-1924; Ord. No. A-7191 §§1 —
2, 6-20-2002]
The City Council shall from time to time, and when deemed necessary,
conduct a meeting to receive sealed proposals for and select a depository
for the funds of the City, as in this Article provided for, notice
first having been given of the date of such meeting as provided for
in this Article.
[R.O. 2012 §140.340; CC 1979 §10-38; Ord No. 762
§§2 — 3, 12-2-24; Ord. No. A-7191 §§1 — 2, 6-20-2002]
The City Council shall, at such meeting, by motion made and
seconded, order the City Clerk to give notice that it will receive
sealed proposals for the custody of the City funds from any banking
institution desiring to act as the depository of the City funds, at
the next regular meeting or special meeting, which order shall be
entered of record by the Clerk on the journal of the City Council.
After the making of such order by the Council, the City Clerk shall
give such notice that the Council will receive such sealed proposals
up to the time of said regular or special meeting. Such notice shall
be published by the City in the newspaper in the City doing the City
printing at the time. Such notice shall be published for a period
of not less than one (1) nor more than four (4) weeks next before
the date of the meeting of the Council at which the proposals will
be received and shall conform to the provisions of this Article.
[R.O. 2012 §140.350; CC 1979 §10-39; Ord. No. 762 §4, 12-2-1924; Ord. No. A-7191 §§1 —
2, 6-20-2002]
Any banking institution doing business in the City desiring
to bid for selection as the depository of the City funds shall deliver
to the City Clerk, on or before the day of said regular or special
meeting, a sealed proposal stating the rate percent upon daily balances
that such banking institution offers to pay to the City for the privilege
of being made the depository of the funds of the City, for a period
to be set by the City Council, between the date of such bid and the
next meeting time for the selection of a depository. It shall be an
ordinance violation for the City Clerk or other person to directly
or indirectly disclose the amount of such bid to any person before
the selection of such depository.
[R.O. 2012 §140.360; Ord. No. A-7191 §§1 — 2, 6-20-2002]
Upon the opening of the sealed proposals submitted, the City
Council shall select as the depositary of the funds of the City the
banking institution offering to pay to the City the largest amount
for the privilege; except that the Council may reject any or all bids.
Within five (5) days after the selection of the depositary, 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 depositary contract are as provided in Section 110.010, RSMo.
[R.O. 2012 §140.370; CC 1979 §10-47; Ord. No. 762 §14, 12-2-1924; Ord. No. A-7191 §§1 —
2, 6-20-2002]
No check shall be drawn upon the City Depository by the Treasurer,
unless there is an unexpended balance to the credit of the City in
the fund upon which such check is drawn. All checks shall require
two (2) signatures.
