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HomeMy WebLinkAboutResolution 2397 Designating Depository Banks for Funds .- (! "' "- .. RESOLUTION NO. 2397 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, DESIGNATING DEPOSITORY BANKS FOR FUNDS OF THE SAID CITY OF BOZEMAN. WHEREAS, Section 7-3-4431, MCA, provides that the Director of Finance in cities operating under the ~ommission-~nager form of government shall be custodian of all money of the municipality and shall keep and preserve such money in the place or places determined by ordinance or by the provisions of any law applicable thereto; and WHEREAS, it is necessary under the foregoing provisions of law and ordinance that this city designate depository banks for public funds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOZEMAN: Section I That the following banks doing business in the City of Bozeman, County of Gallatin, State of Montana, be, and they are hereby, designated as depositories of all public monies in the possession of and under the control of the Director of Finance of the said City of Bozeman, to-wit: First National Bank in Bozeman, Montana First Security Bank in Bozeman, Montana Montana Bank in Bozeman, Montana Western Bank in Bozeman, Montana First Citizens Bank in Bozeman, Montana Section 2 That no public money shall be deposited by the said Director of Finance in any other banks than those herein named unless hereafter designated; that said banks, and each of them, receiving said deposits, shall, make a r- , '- statement quarter-annually of account, under oath, showing all such moneys that have been deposited with said bank during the quarter, the amount of daily balances in dollars and the amount of interest by such bank credited or paid therefor and showing that neither such bank nor any officer thereof, nor any person for it, has paid or given any consideration or emolument whatsoever to the Director of Finance or to any other person other than the interest provided for herein for or on account of the making of such deposits with any of said banks; that all such deposits shall be subject to withdrawal by the Director of Finance in such amounts as may be necessary from time to time; that the Director of Finance shall not be liable for loss on account of any such deposit that may occur through damage by the elements, or for any other cause or reason occasioned through means other than his own neglect, fraud or dishonorable conduct. Section 3 That no deposit of public monies shall be made or permitted to remain in any of said banks until said respective banks shall furnish security to the said City in an amount not less than the total amount of deposits of the said City of Bozeman remaining on deposit in each respective bank, provided, however, that the respective banks shall not be required to furnish security for such portions of said deposits as are guaranteed or insured according to law; that no deposit of public monies shall be made or permitted to remain in any of said banks until the aforementioned security for such deposit shall have been first approved by the City Commission and delivered to the Director of Finance; that upon acceptance and approval of the aforementioned security by the City Commission, a -2- . . ~ ... complete minute entry of such acceptance and approval upon the record of their proceedings shall be made; that at least four times a year the Director of Finance and the City Commission shall examine said security for the purpose of determining its sufficiency and status and that a record of such examination so had shall be made; that during the tax collecting season of each year, said banks and each of them, shall furnish such additional security in public bonds or other security or indemnifying bonds as the City Commission shall prescribe. Section 4 This Resolution shall be in force and effect immediately from and after its passage and adoption. PASSED AND ADOPTED by the Commission of the City of Bozeman at a regular session thereof held on April 26, 1982. ~~~ Attest: ~ r/.4flk~ ROBIN L. SULLIVAN Clerk of the Commission -3- ~ .