[CC 1976 §130.010; Ord. No. 921 §§1—3, 2-14-1967]
A.
The
Mayor is hereby granted the power to invest from time to time surplus
cash funds of the City in U.S. Treasury Bills, Time Savings Certificates,
or other investments similar in nature, with or through a duly authorized
City depository.
B.
The
investment of these funds shall be made so as to bring the highest
return, taking into consideration the cash funds needed to carry on
the operation of the City and general security of invested funds.
C.
The
City Clerk, on written instruction by the Mayor, is hereby authorized
to handle all phases of the transactions pertaining to the purchase
or retiring of said investments, and is authorized to sign any necessary
papers connected therewith.
[CC 1976 §130.030; Ord. No. 591 §§1—6, 12-9-1952; Ord. No. 669 §2, 7-10-1956]
A.
The
Board of Aldermen may at its first (1st) regular meeting in January,
April, July and October of any year designate one or more depositories
for City funds. Any depository selected shall be a banking corporation
or trust company doing business in this City, provided that in the
event there is no such institution in the City, or in the event a
selected depository fails to accept the award or awards of the City
funds as are made, then the Board of Aldermen may select such depository
or depositories located outside the City as the Board may deem the
safest and most convenient.
B.
No
bids or advertisement or notice for bids shall be made if at the time
for the advertisement and award it shall be unlawful for banking institutions
to pay interest on demand deposits, and in such event award may be
made without requiring the payment of interest on such funds. If the
payment of interest at such time, however, is not prohibited by law,
then selection of a depository or depositories for such funds shall
be made only after advertisement for bids by at least one insertion
in some newspaper published in this City, appearing at least ten (10)
days prior to the meeting at which such selection is to be made. Each
bid shall be accompanied by a cashier's check in the sum of fifty
dollars ($50.00) payable to the City as a guarantee that upon award
being made such successful bidder will enter into depository contract
satisfactory to the City, the checks or cash of unsuccessful bidders
to be returned to them upon the rejection of their bids, the right
being reserved to reject any and all bids.
C.
All
funds on deposit in any City Depository shall be secured by said depository
making deposit either with the City or with such disinterested banking
institution or safe depository as Trustee as may be agreed upon by
the depository and the City in the depository agreement, of securities
consisting of outstanding bonds of the United States, the State of
Missouri, of a value to be maintained at all times of not less than
one hundred percent (100%) of the actual amount of funds on deposit
with said depository, less one hundred thousand dollars ($100,000.00)
where the depository is insured by the Federal Deposit Insurance Corporation.
D.
Depositories
so selected shall, within ten (10) days after award is made, enter
into a written contract with the City for such a period and upon such
terms as the City may specify in the award or may require, and by
entering into said contract said depository shall be conclusively
deemed to agree to repay any funds deposited by the City on demand,
or according to the tenor of the deposit. In the event any such depository
shall fail to comply with the provisions of this Section, or the laws
of the United States or of the State of Missouri, or shall violate
any provision of the depository agreement, then the Mayor or Board
of Aldermen shall cause a notice or demand in writing to be given
to the Trustee of the securities securing such deposit and the Trustee
shall forthwith surrender to the City a sufficient amount of said
security as may fully protect the City from loss, and upon so surrendering
such securities, the Trustee shall be thereby discharged of all further
responsibility in respect to the securities so surrendered, and in
the event the Board of Aldermen may also declare such depository contract
cancelled or such depository disqualified for such time as the Board
of Aldermen may fix and determine.
E.
As
soon as a depository or depositories have been selected, it shall
be the duty of the City Treasurer to transfer to said depository or
depositories all the funds in his/her hands belonging to the City,
and upon the receipt of any money or funds thereafter he/she shall
deposit the same with said depository or depositories to the credit
of the City.
F.
No
money shall be paid out of the Treasury except on a warrant signed
by the Mayor and attested by the City Clerk. No warrant shall be drawn
upon the Treasurer, nor shall any ordinance appropriating money be
passed, unless there is an unexpended balance to the credit of the
City in the funds in the Treasury upon which such warrant is drawn,
to meet such warrant, or a sufficient sum of unappropriated money
in the fund in the Treasury upon which such ordinance is drawn, to
meet such ordinance.
G.
In
all cases where the City is indebted to any person, company or corporation,
on any account whatever, warrants shall be drawn on the Treasurer
for the amount due and then to be paid out of the proper fund in favor
of the person to whom the debt is owing. All warrants shall bear the
signature of the Mayor and the City Clerk.
[Ord. No. 3043, 7-12-2022]
The City of Shrewsbury, Missouri, hereby revises its fund balance
policy[1] pursuant to which it shall maintain a target unassigned
budgetary fund balance in its general fund of no less than two (2)
months of regular general fund operating expenditures.
[1]
Editor's Note: The fund balance policy is held on file in
the City offices.
