City of Plattsburg, MO
Clinton County
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Table of Contents
Table of Contents
[R.O. of 1966 §211.010]
The Board of Aldermen shall, at their first (1st) regular meeting in the months of January, April, July and October of each year, select a depository for the funds of the City of Plattsburg.
[R.O. of 1966 §211.020]
The City Depository shall be a banking corporation, an individual banker or a trust company doing business within the City. In the event there shall be no banking corporation, association, trust company or individual banker within the City, or in the event the depository within the City shall fail to accept such award, then the Board of Aldermen may select as depository such banking institution located outside the City as the Board may deem safest and most convenient depository for the City Funds.
The value of the securities deposited and maintained by the City Depository shall at all times be not less than one hundred percent (100%) of the actual amount of the funds on deposit with the depository, less the amount, if any, insured by the Federal Deposit Insurance Corporation.
[R.O. of 1966 §211.040]
The said securities shall, at the option of the Depository Banking Institution, be delivered to a disinterested banking institution or safe depository as trustee as may be satisfactory to the Board and the City Depository.
[R.O. of 1966 §211.050]
The rights and duties of the City and the depository shall be the same as those of the State and Depository Banking Institutions respectively, under Section 30.270 RSMo. 1959, provided however, that in the event a Depository Banking Institution should deposit the bonds or securities with a trustee, as above provided, and the municipal corporation shall give notice in writing to the trustee that there has been a breach of the depository contract and shall make demand in writing on the trustee for securities, or any part thereof, then the trustee shall forthwith surrender to the municipal corporation a sufficient amount of such securities as may fully protect the City from loss and the trustee shall thereby be discharged of all further responsibility in respect to the securities so surrendered.