[Ord. No. 917 §1, 2-13-1984; Ord. No. 1274 §1, 4-13-1998; Ord. No. 1308 §1, 7-13-1999]
A.
All funds of the City and all monies received by or belonging to the City or any of its officers and personnel acting in their official capacity on behalf of the City shall be deposited and maintained only in accounts at such banking institutions, or other financial institutions authorized by law to receive and hold public monies, as may be authorized from time to time by resolution of the Board of Aldermen. The designation of such depositories for public monies shall be among only the institutions qualifying therefor pursuant to Sections 110.010 through 110.060, RSMo., as the same may be amended or recodified, and such monies shall be held and secured as provided therein.
B.
Unless otherwise specifically provided by applicable State or Federal law or other provisions of this Code, all funds of the City shall be invested pursuant to the following policy:
1.
Before investing any City funds or monies in an instrument or account, the City Clerk shall solicit from eligible banks within the City of Hermann sealed bids relative to the rate of interest proposed to be paid on such funds or monies. All funds for which bids were solicited will be deposited with the bank making the highest and best bid, with consideration given to the rate of interest to be paid on the deposited funds and any fees to be charged by the bank with respect to the investment of such funds.
2.
The City Clerk shall prepare a monthly written report for the Board of Aldermen stating all fund balances in accounts maintained in each bank, itemized by fund name, type of account or investment, maturity date (when applicable), interest rate, and other information deemed relevant by the City Clerk or requested by the Board of Aldermen from time to time.
3.
The City Clerk shall have primary responsibility for the implementation of this policy, subject to the supervision of the City Administrator.