City of Tipton, MO Article I City Depository

Section 125.010 City Depository — Selection — Publication.

[Ord. No. 26 §§1-4, 3-1-1921]

A. At the first (1st) regular meeting of the Board of Alderpersons in the month of July in each year the Board of Alderpersons shall select a City Depository for the funds of the City for a period of one (1) year from the date of selection.

B. Such Depository shall be a banking corporation within the City of Tipton.

C. The banking institution offering the best rate of interest for the funds of the City of Tipton shall be selected by the Board of Alderpersons as City Depository; provided the Board may reject any and all bids submitted under the provisions of this Section.

D. The time and place of receiving bids for City Depository shall be published by the Board of Alderpersons for two (2) weeks before the date of receiving bids, the notice thus provided for shall be given by publication in some newspaper published in the City of Tipton.