O-78-560 - 9/14/1978ORDINANCE NO. ,_1-6)
AN ORDINANCE PROVIDING FOR THE PROCEDURES FOR
SELECTING AND QUALIFYING AN OFFICIAL DEPOSITORY
FOR CITY MONIES; PROVIDING FOR A SAVINGS CLAUSE;
AND REPEALING CONFLICTING ORDINANCES.
Section 1. All monies received by any person, department or
agency of the City for or in connection with affairs of the City
shall be deposited promptly in the City depository or depositories,
which shall be designated by the Council in accordance with the
rules and regulations as hereinafter set forth.
Section 2. Except as otherwise provided herein, the official
depository or depositories shall be designated as such by the
Council for a period of twenty-four (24) months beginning with the
start of the City's fiscal year in even -numbered years.
Section 3. Within ten (10) days of the effective date of
this ordinance, the City Secretary shall cause the publication of
notice that applications for the custody of city funds will be
accepted for the upcoming period terminating on the last day of
September, 1980. Thereafter the City Secretary shall cause the
publication of said notice on or about the first day of August
of each even -numbered year. Said notice shall be published not
less than one (1) nor more than four (4) weeks before the meeting
in which the depository or depositories is to be selected.
Section 4. All applications shall be delivered to the City
Secretary on or before the day of the meeting designated in the
published notice.
Section 5. Any banking corporation, association, or individual
banker doing business within the City is authorized to submit appli-
cations.
Section 6. The selection of the depository or depositories
and the requirements for qualification thereof shall be governed
by Art. 2560 V.A.C.S. and any amendment thereto.
Section 7. As soon as the selected depository or depositories
qualify as required by Section 6., the City Council shall by reso-
lution designate the said banking corporation, association, or
individual banker, as the official depository or depositories of
the funds of the City. It shall then be the duty of the City
Manager to transfer to said depository all of the funds in his
hands belonging to the City, and immediately upon the receipt of
the money thereafter, he shall deposit the same with said depository
to the credit of the City.
Section 8. If any banking corporation, association, or indi-
vidual banker, after having been selected as such depository, shall
fail to qualify as required by Section 6. and Art. 2560 V.A.C.S.,
then the selection of that banking corporation, association, as the
depository shall be set aside and be null and void, and the City
Council shall, after the notice published in the manner hereinbefore
provided, proceed to receive new applications and select another
depository.
Section 9. If the City Council shall at any time deem it neces-
sary for the protection of the City, it may by resolution, require
the depository to give new bond or pledge new securities as required
by Section 6, and Art. 2560 V.A.C.S.; and upon failure to do so
within five (5) days after the service of a copy of the resolution
on said depository, the City Council may proceed to select another
depository in the manner hereinbefore provided.
Section 10. The invalidity of any section or provision of
this ordinance shall not invalidate other sections or provisions
thereof.
Section 11. All ordinances, parts of ordinances, or resolu-
tions in conflict herewith are expressly repealed.
(Mark through the following alternative that is not applicable)
Alternative 1.
By motion duly made, seconded and passed with an affirmative
vote of all the Council members present, the requirement for
reading this ordinance on two separate days was dispensed with.
READ, PASSED, and ADOPTED on first reading this
2, mkt) , 1978.
day of
Alternative 2.
R •: 4*. APPROVED on first reading this the day -of
READ, £P -PROVED and ADOPTED on second rea•in_ the
of , 1978.
ATTEST:
ND, City Secretary
RAYiLITTON, Mayor
City of Round Rock, Texas