HomeMy WebLinkAbout1978-21 - City DepositoryBILL N0. 7~"~J-
ORDINANCE NO 7 ~ iZ ~~
AN ORDINANCE DESIGNATING A CITY DEPOSITOPY AND AN ADDITIONAL DEPOSITORY FOR
CITY FUNDS, DIRECTING THE MANNER OF DEPOSIT OF SAID FUNDS AND AUTHORIZING
THE EXECTION OF CERTAIN DEPOSITORY INSTRUMENTS.
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERISDE, MISSOURI
° AS FOLLOWS:
Section 1. Pursuant to Section 95.355 the City may at its first meeting
in October of each year, select a depository for the funds of said City, and
acting pursuant to said statute does select the Bank of Riverside, Riverside,
Missouri, as the regular depository for the city funds.
Section 2. Satisfactory arrangements cannot be made with the regular
city depository for the investment of Two Hundred Thousand Dollars ($200,000.00)
of city funds and the City does hereby authorize the purchase of a certificate
of deposit, said certificate to be secured at all times by not less than one
hundred percent (100%) of the actual amount of said certificate of deposit, less
the amount, if any, insured by the Federal Deposit Insurance Corporation, for
up to two years from the bank offering the highest and best interest rate as
of October 16, 1978, from the following banks:
United Missouri Bank of Kansas City National
Metro North State Bank Commerce
Mercantile National Bank of Clay County at 200
SECTION 3. The purpose of the foregoing secti
for the City the maxium interest that can be earned
provided by law.
Bank
Bank
N.E,
an i s
unde
of North Kansas City
of Kansas City
Vivion Road.
to attempt to secure
r the terms and conditions
SECTION 4. The Mayor, City Clerk and aldermen in bharge of finance are
authorized to execute any and all papers necessary or expedient to effect this
transaction.
SECTION 5. The aldermen in charge of finance and the Mayor are authorized
to use their decretion in selecting a one year or two year agreement with any
bank.
SECTION 6. Notwithstanding anythin hereinbefore stated nothing in this
ordinance shall prohibit the City from investing said surplus funds in any other
kind of banking relationship other than a certificate of deposit that may be
lawful under Missouri law.
PASSED THIS 3rd DAY OF OCTOBER, 1978.
MAYOR
ATTEST: ,%~ ~~r ~~
City Clerk
APPROVED THIS 3rd DAY OF OCTOBER, 1978.
Mayor