[R.O. 2009 §2-437; Code 1969 §13-16]
Upon the selection of a depository as provided in Section 95.355,
RSMo., and prior to the depositing by the City of its public funds
in such depository, the Mayor is hereby authorized, empowered and
directed to enter into a satisfactory depository agreement with the
depository and with a trustee to be named therein or as provided by
ordinance.
[R.O. 2009 §2-438; Code 1969 §13-21]
Before depositing its public funds in the depository, the Board of Aldermen shall require the depository to give, execute and deliver to the City a satisfactory depository bond in such amount as may be prescribed, by motion, by the Board of Aldermen. Furthermore, the Board of Aldermen shall require the depository, as security for the faithful performance of the bond and for the safe keeping and accounting for and payment of all public funds of the City, according to law, and to guarantee the faithful and full performance of all the duties and obligations developing upon the depository and provided by this Code or other ordinances of the City and laws of the State, to give satisfactory evidence of its full compliance with the terms and provisions of Sections 130.190 and 130.200.
[R.O. 2009 §2-439; Code 1969 §13-15]
The depository designated and selected shall continue to be
and act as such during the pleasure of the Board of Aldermen; provided
that if either the City or the depository shall be desirous of terminating
such relationship, either the City or the depository shall serve or
cause to be served, upon the other via United States registered mail
a written notice advising such other party that the depository relationship
existing between the City and the banking corporation, individual
banker or trust company will cease and terminate upon the expiration
of sixty (60) days from the date such notice is deposited in the United
States mail; and provided further, that any breach on the part of
such depository of any of the provisions of this Article or of any
of the applicable provisions of the Statutes of the State, or any
of the provisions of any contract or agreement to which the City is
an interested party, shall authorize the Board of Aldermen to terminate
such depository relationship forthwith.
[R.O. 2009 §2-440; Code 1969 §13-17]
All public funds of the City, which are initially or subsequently
deposited with any banking corporation, individual banker or trust
company which has been selected and designated as the depository of
the public funds of the City, shall be secured by the depository making
deposit of securities of the same character as are required by Sections
110.010 and 110.020, RSMo. The securities shall, at the option of
such depository, be delivered either to the Treasurer of the City
or to the Board of Aldermen or be deposited with such disinterested
banking institution or safe depository as trustee as may be satisfactory
to both parties to the depository agreement; provided that if the
depository shall deposit bonds or securities with the trustee as above
provided and the City shall give notice in writing to the trustee
that there has been a breach of depository contract and shall make
demand in writing on the trustee for the securities or any part thereof,
then the trustee shall forthwith surrender to the City a sufficient
amount of such securities as may fully protect the City from loss
and the trustee shall thereby be discharged of all further responsibility
in respect to the securities so surrendered.
[R.O. 2009 §2-441; Code 1969 §13-18]
The value of the securities deposited and maintained as provided in Section 130.190 by the depository of the public funds of the City shall be at all times not less than one hundred percent (100%) of the actual amount of funds on deposit with the depository, less the amount, if any, insured by the Federal Deposit Insurance Corporation.
[1]
State Law Reference — Similar provisions, §110.020,
RSMo.
[R.O. 2009 §2-442; Code 1969 §13-19]
Upon the termination of the depository relationship existing between the City and the banking corporation, individual banker or trust company selected by the City as the depository of its public funds by the service of a written notice prescribed and as set forth in Section 130.180, the contract or agreement existing between the City and the depository shall be and remain in full force and effect until the expiration of sixty (60) days from the date such notice is deposited in the United States mail and thereafter until the successor depository is selected and qualified and until such contracting depository shall have fully accounted for and paid over to the City all of the public funds so deposited with it and shall have faithfully and fully discharged all of its duties and obligations devolving upon it as such City depository according to law.
