[R.O. 2011 § 140.060; R.O. 2009
§ 39.15; Ord. No. 3746, 6-9-1970; Ord. No. 96-35, 2-7-1996]
Receipt Of Proposals — Notice
— Statement Of Rate Payable To City — Disclosure Of Amount
Of Bid Prior To Selection. Subject to the provisions of the laws of
the State, the City Council shall periodically receive sealed proposals
for the deposit of City funds from bank institutions doing business
within the City that desire to be selected as the depository of funds
of the City.
[R.O. 2011 § 140.070; R.O. 2009
§ 39.16; CC 1981 § 2-472; Ord.
No. 3746, 6-9-1970; Ord. No. 96-35, 2-7-1996; Ord. No. 00-61, 2-16-2000]
It shall be the duty of the banking
corporation, association or individual bank selected as a depository
to pledge to the City and deposit with a depository agent to be designated
by the City Council securities of the value to be fixed by order of
the City Council, not less than one hundred ten percent (110%) of
the actual amount of the funds on deposit pursuant to the Federal
Deposit Insurance Act of 1950 (12 U.S.C. § 1811 et seq.)
as heretofore or hereafter amended, which shall be securities of the
character prescribed by the City's investment policy.
[R.O. 2011 § 140.080; R.O. 2009
§ 39.17; Ord. No. 00-61, 2-16-2000; Ord. No. 07-162, 6-11-2007]
The Mayor or the Finance Director are authorized to release pledged securities, required by Section
140.070, because of maturity or other fiscal matters provided that there remain with the depository agent pledged securities valued at not less than one hundred ten percent (110%) of the City's deposits.