[R.O. of 1966 §211.010; Ord. No. 2475, 4-10-2023]
The City Administrator or his/her designee shall select a depository for the various funds of the City of Plattsburg. The City Administrator may select more than one (1) financial institution as described in Section 107.020 of this Chapter to serve as the City's depository.
[Ord. No. 2475, 4-10-2023]
The City Depository shall be one (1) or more banking corporation(s), credit union(s), or trust company(s) doing business within the State of Missouri. The City Administrator shall give preference to any banking corporations, credit unions, or trust companies doing business within the City.
[R.O. of 1966 §211.020; Ord. No. 2475, 4-10-2023]
The City may utilize any depository program or invest in any security which is in compliance with the Missouri State Treasurer's Office's "Model Investment Policy." These, shall include, but shall not necessarily be limited to, treasury securities of the United States government, treasury securities of the government of the State of Missouri, agency securities of the U.S., agency security of Missouri State agencies, any local government investment program approved by the Missouri State Treasurer's Office, collateralized time deposits, and collateralized demand deposits.
[Ord. No. 2475, 4-10-2023]
The City shall abide by all applicable State and Federal laws and regulations in regards to the selection of any depository, deposit account, financial instrument, investment, or security in which public funds are or shall be deposited.
[Ord. No. 2475, 4-10-2023]
The value of the securities deposited and maintained by the City's depository financial institution 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; Ord. No. 2475, 4-10-2023]
In the event a depository financial institution should deposit the funds or securities with a trustee, as above provided, and the City shall give notice, in writing, to the depository financial institution that there has been a breach of the depository contract and shall make demand, in writing, on the depository financial institution for securities, or any part thereof, then the depository financial institution shall forthwith surrender to the City a sufficient amount of such securities as may fully protect the City from loss and the depository financial institution shall thereby be discharged of all further responsibility in respect to the securities so surrendered.