[R.O. 1993 § 140.510; R.O. of 1938, § 305;
CC 1963 Ch. 16 Art. V § 16-58]
The City shall, whenever feasible, utilize banking institutions
located within and doing business within the City limits for deposit
of City funds. City accounts may be utilized at multiple banking institutions.
No funds may be disbursed from any City account without two (2) of
the following signatures: City Manager, City Treasurer, City Clerk,
or City Collector. The City shall maintain separate accounts for each
of its financial funds and shall not intermingle monies from any one
fund with monies from another except as may be allowed by state statutes.
[R.O. 1993 § 140.520]
Upon the opening of sealed proposals submitted, the City Council
shall select as the depositary of the funds of the City the banking
corporation, association or individual banker offering to pay to the
City the largest amount for such privilege; provided, however, the
Council shall have the right to reject any and all bids. Within five
(5) days after the selection of such depositary, the banking institution
selected shall deposit the securities as required by Sections 110.010
and 110.020, RSMo.
