[R.O. of 1966 §211.010; Ord. No. 2475, 4-10-2023]
The City Administrator or his/her designee shall select a depository for the various funds of the City of Plattsburg. The City Administrator may select more than one (1) financial institution as described in Section
107.020 of this Chapter to serve as the City's depository.
[Ord. No. 2475, 4-10-2023]
The City Depository shall be one (1) or more banking corporation(s),
credit union(s), or trust company(s) doing business within the State
of Missouri. The City Administrator shall give preference to any banking
corporations, credit unions, or trust companies doing business within
the City.
[R.O. of 1966 §211.020; Ord. No. 2475, 4-10-2023]
The City may utilize any depository program or invest in any
security which is in compliance with the Missouri State Treasurer's
Office's "Model Investment Policy." These, shall include, but shall
not necessarily be limited to, treasury securities of the United States
government, treasury securities of the government of the State of
Missouri, agency securities of the U.S., agency security of Missouri
State agencies, any local government investment program approved by
the Missouri State Treasurer's Office, collateralized time deposits,
and collateralized demand deposits.
[Ord. No. 2475, 4-10-2023]
The City shall abide by all applicable State and Federal laws
and regulations in regards to the selection of any depository, deposit
account, financial instrument, investment, or security in which public
funds are or shall be deposited.
[Ord. No. 2475, 4-10-2023]
The value of the securities deposited and maintained by the
City's depository financial institution shall at all times be not
less than one hundred percent (100%) of the actual amount of the funds
on deposit with the depository, less the amount, if any, insured by
the Federal Deposit Insurance Corporation.
[R.O. of 1966 §211.040]
The said securities shall, at the option of the Depository Banking
Institution, be delivered to a disinterested banking institution or
safe depository as trustee as may be satisfactory to the Board and
the City Depository.
[R.O. of 1966 §211.050; Ord. No. 2475, 4-10-2023]
In the event a depository financial institution should deposit
the funds or securities with a trustee, as above provided, and the
City shall give notice, in writing, to the depository financial institution
that there has been a breach of the depository contract and shall
make demand, in writing, on the depository financial institution for
securities, or any part thereof, then the depository financial institution
shall forthwith surrender to the City a sufficient amount of such
securities as may fully protect the City from loss and the depository
financial institution shall thereby be discharged of all further responsibility
in respect to the securities so surrendered.