[R.O. 2007 §130.010]
In each odd-numbered year following the annual municipal election, the City shall request proposals for the deposit of City funds and the making of short-term loans to the City within constitutional, statutory and ordinance limitations from any banking corporation or association or savings and loan corporations or associations having a permanent place of business within the City of Bolivar, Missouri, and which may desire to be selected as such depository, provided that the first (1st) proposal under this Chapter shall be accepted at the August, 1989 meeting of the Board of Aldermen for the period of September 1, 1989 through April 10, 1991.
Notice that such proposals will be received, shall be published for two (2) times, the last such publication to be at least ten (10) days prior to the date established for the acceptance of such proposals in some newspaper of general circulation published in the City of Bolivar, Missouri.
No proposal shall be received by the City of Bolivar unless the financial institution submitting the same has an established place of business within the corporate limits of the City of Bolivar, Missouri, at which it provides all banking services required by the City, nor unless its deposits are insured to the limits established by the United States Government by an agency of the United States. The Board of Aldermen may consider the financial condition of any financial institution submitting a proposal in selecting a depository in addition to any other relevant consideration.
All depositories desiring to submit a proposal shall provide such information pertaining to their proposal as may be requested by the City, including, but not limited to, the amount of interest that will be paid on checking deposits, the amount of interest that will be paid on savings and time deposits, the amount of interest to be charged on short-term loans to the City, a statement of fees and charges, if any, for banking services and such other information as the City may request or as the depository may choose to include as a part of its proposal.
The City may establish a time prior to the meeting of the Board of Aldermen for the submission of such proposals and it shall be lawful for such proposals to be opened prior to such meeting for the purpose of being summarized and evaluated for the benefit of the Board of Aldermen at its April meeting.
The Board of Aldermen may waive any irregularity in proposals, reject all proposals or select the proposal that it believes, in its discretion, is in the best interests of the City based upon a consideration of all relevant factors and not merely on the rate to be paid on deposits.
[R.O. 2007 §130.020]
All depositories of City funds shall provide security as required by the provisions of Section 110.010 and 110.020, RSMo., as now in effect or as hereafter may from time to time be amended; provided however, that this Board of Aldermen may by ordinance or regulation adopt more restrictive security requirements than that required by State law and may exercise its discretion in approving or disapproving any proposed security.
Any depository which fails to meet the security requirements required by State law or by ordinance shall, to the extent of such failure, immediately cease to be eligible as a depository of City funds.
[R.O. 2007 §130.030]
The Treasurer shall receive and deposit or cause to be deposited all City funds entrusted to his/her care into the depository selected or designated by the Board of Aldermen; and shall pay over on money, bonds or other obligations of the City on warrants or orders duly drawn, passed or ordered by the Board of Aldermen and signed by the Mayor and attested by the City Clerk to the extent of funds available on deposit for the payment of such warrants.
[R.O. 2007 §130.040]
If for any reason no selection of depository is made at the time fixed by this Chapter, the last selected depository shall continue as the City depository until a new depository is selected in accordance with the procedures established by this Chapter. Should the City fail to receive proposals for consideration at the April meeting following the annual Mayoral election, the Board of Aldermen may, at any subsequent meeting after notice published as hereinbefore provided, receive proposals and select a depository in the manner herein set out for a term continuing until the time established by this Chapter for the rebidding by depositories.
[R.O. 2007 §130.050]
The Board of Aldermen may by motion, resolution, regulation, ordinance or other official action impose upon any depository or City Officer or employee such additional requirements as from time to time it may deem necessary for the best interests of the City relating to services, recording or other fiscal matters, provided no such requirement may be contrary to law, to this Chapter or contrary to a binding, contractual obligation made by the City.
[R.O. 2007 §130.060]
Nothing contained in this Chapter shall be construed as limiting the discretion of the Board of Aldermen from soliciting proposals at more frequent intervals than provided by this Chapter; or from soliciting competitive proposals for the deposit of surplus City funds in addition to the depository proposals provided for in this Chapter; or from the deposit of surplus City funds in obligations of the United States of America or State of Missouri; or from soliciting competitive proposals for short-term loans from other lending institutions in addition to that submitted pursuant to provisions of this Chapter; or from issuing bonds or other long-term debts pursuant to the Missouri Constitution and Statutes to another financial institution, broker, dealer, underwriter or individuals without regard to the competitive proposals provided for in this Chapter. (8-10-1989)