HomeMy WebLinkAboutORD 1470 R DI N A N 0 E No . I.Z.Z . . .
A ORDINANCE
BE IT ORDAINED BY THE PAYOR AND COUNCIL
OF THE CITY OF CALDWELL, IDAHO.
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Section l.- Any National or State banking corporation resMait,
and doi-ag-busi-ness in the City of Cantwell, Idaho,
complying with the conditions and requireweats of this
ordinance, way, upon being designated by the City Council
of the City of Caldwell become a City depository.
Section 2.- Every such banking It shall be per-
mitted to receive on deposit any money belonging to
the city shall file with the City Clork a good arid. suf-
ficient aurety bond, to the City of Caldwell, to be
approved by the City Council, in some approved Guaranty
aril Surety Company, authorized to do business in the
State of Idabo, which bond shall be conditioned upon
the payment to the City of Caldwell upon okey or demand
of the Pity Treasurer, at any time designated by the
City Treasurer, of so much or all the city moneys on
deposit with such balking oorporatioq together with
the accumulated interest thereon at the rate fixed by
the city council.
FR0VTDY,D,That When the bond of the established
section 3. The City Council shall not approve the bond of any
such banking corporation until fully satisfied that
:said bond is good and aufficient to illderanify the City
against loss, and that said corporation is solvent and
has unimpaired, the paid up capital claimed by it and
the Council may at any time require any such depository
to furnish new or additional bond of the kind herein
provided for and may also revoke the designatioi., o f
such depository and immediately upon such revocation
such corporation shall cease to be the City depository
and all stoneys with accuMated interest on deposit
thexein shall be immediately transmitted to the Oily
Treasurer by such corporttion.
Section 4.- The City Counell, by one or more of its number, ehal:k�-
before designating a depository make thorough e xaminatiol-i
and investigation into the condition of any banking
corporation which shall make application to become a
City depository and thereafter as the Council may deem
neccssary make such investigation and. examination of
Section 5.-® The City Council shall fix the rate of interest to
be paid by said depositorlen upon all City moneys so
depossited With it, which rate of interest shall be the
hi 'host obtainable 'upon daily balances and the amount
on deposit in the designated depositories shall not,
at any time, exceed the penalty of the security bond
furnished as herein required.
Section 6.- Said City depositories shall on the first iaonday of
section 7.- All offers for interest on deposit of City moneys
shall be in writing, scaled and addressed to the Mayor
and Council of the City of Caldwell and filed with the
City Clerk, and 110 such offer shall be made public until
opened by the Council for consideration.
Section S.- Whenever the Council shall have designated depositor-
iss and all .the conditions wequired of such depositories
snsll have been Voltirlisid with, t'he CIt'V Clerk shall
notify, in writing, the City Treasurer of the action
of the Council, giving the name of the depositories
and the rate of interest which such deposit is to bear
and it is hereby made the duty of the City Treasurer
to forthwith transmit to such depository so designated,
all City moneysand any and all suins so deposited in
such depositories shall be deemed to be in the City
treasury and such Treasurer shall not be liable for
any loss of such deposited or any pal-it or portion therecf,
resulting from the failure or default of such depositor-
ies, not resulting from the fault or negligence of the
FWR 111'51 1 111
in such amount or aounts as nball be designated by the
Council as funds frorr time to time are required by the
Treasurer to meet the lawful demands upon the treasury.
Section 10.- Ordinance No. 105, entitled, 1 1 An ordinance
providing for the care and keeping of moneys In the
Posed by the Council this. of November, 19()9.
Approved by the Mayor thisZ,? of November, 1909.
Mayor
Attest:
lip City Clerk.