[CC 1990 §8-2; CC 1978 §301.009]
The Board of Aldermen may at its first (1st) regular meeting
in either the months of January, April, July or October of each year
select a depository for the funds of the City for such length of time
and under such rules and regulations as said Board may by ordinance
prescribe; provided always, that such depository shall be a banking
corporation or an individual banker or trust company doing business
within the City; and provided further, however, that if such depository
cannot be selected, or such satisfactory arrangements made, the Board
of Aldermen shall have the power and authority to loan said funds
of the City upon the same terms and under the same conditions as provided
by law for the loaning of County and school monies.
