The official city depositaries for all city funds shall be the Seattle First National Bank, a national banking corporation having a branch office in this city, the Rainier National Bank, a national banking corporation having a branch office in this city, the Old National Bank, a national banking corporation having a branch office in this city, and the People's National Bank, a national banking corporation having a branch office in this city.
(Ord. 5 § 1.01; Ord. 553 § 1.01; Ord. 5-75 § 1.01; Ord. 46-81 § 1.01)
The director of finance, in the name of the city, shall enter into an appropriate agreement with the above depositaries designated in RMC § 3.20.010, and shall have the authority to receive a surety bond or other collateral in lieu thereof as required by state law.
(Ord. 5 § 1.02)
No public monies of the city shall be deposited in depositaries until the depositary agreement has been entered into, until the surety bond or collateral in lieu thereof has been received by the city, and until the depositaries otherwise satisfy the requirements of state law.
(Ord. 5 § 1.03)