City of Albany, MO Article III Official Depository

Section 115.080 Designation of Depository.

[Ord. No. 739 §§1-3, 7-20-1971]

A. The Board of Aldermen shall from time to time designate an official depository or depositories of all the City of Albany Funds.

B. The Mayor and City Clerk of the City of Albany, Missouri, shall be and are hereby directed and empowered to enter into a Depository Fund agreement with such depositories and to make all deposits of City monies in said institutions.

C. The City of Albany funds shall be kept in such separate accounts as may be designated and authorized by the City Clerk and City Treasurer and they are hereby authorized to accept such security as approved by law in sums sufficient to guarantee that all deposits are secured.