HomeMy WebLinkAboutResolution 60 Deposit of the Public Funds
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CITY COMrnSSION HESOLUTION NO. 60.
.A HESOLUTIOli" OF
TID: CITY COMVIISSION OF TEE CITY OF BOZF,JI';"AN H.."F:LATING TO THe DBPOSIT OF
(I.
THE PUBLIC FUNDS OF SAID CITY.
J I
ii
Sec.
l.
THAT WIffiREAS, Section 4767 of the Revised Codes of Montana of
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1921, as amended by
Chapter 137 of the Session Laws of 1925, being the Nineteenth
.' '~:::'. n "
Legislati va Asse~nbly
0 f the state of M.ontana,
sets forth the method G,nd manner of
depositing the public
fnods of cities such as Bozeman;
AND WBEREAS,
It isth8 desire of the said City of Bozeman to fully comply
with ths requirements
of said law,
NOW 'f'Imm~FOHT:, 130: IT R1<:GOToVED BY 'J'I!!7: CITY COIJ]}iUSSION
OF T.HP. CITY OF
130 ZElff.AN :
Sec.
2.
That the City Treasurer of the City of Boz eman, being the
Director of Finance,
until the
furthe l' order of the
City Commission of the City of
Bozeman, deposit all
public ~oneys in his possession,
or that may come in his pos-
session and under
his control,
in the four Bani:s located in the said City of Boze-
man, n.ame ly ,
the
Commercial National BanJ::,
the Natio:q.alBank of Gallatin Valley,
the Gallatin Trust
and Savin.Br; Bunk,
and the Securi ty Bank andT:r:ust Company,
said
Banks being designated
by the City Commission as solvent Banks. of said City, and
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that said City Treasurer,
or Finance,
Director, deposit theIJUblic funds of
said City
,
:iJ
other Bank or Banks
than said
designated Banks.
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Sec.
3.
That all public funds so depOsi ted shall bear uniform interest at
or-cd"J per centum per annum,
payablequarter-annua,11y, which interest shall
be dep.osited to the
credit of the general fund ot said City.
Sec.
4.
That all City funds shall be deposited and qistributed ratably
among all of said
designCt.ted BanIes
qualifying therefor substantially in propoJ'ti on
to the paid in capital
and sur~)lus of 8<.;,ch of such Banks willing to'receive such de-
posits under this
Resolution and under Section 4767 of the Revised Codes
of the State
of Montana of 1921,
as amended by Chapter 137 of the Session Laws of 1925, being the
Laws of the Nine teenth
Legislati ve Assem-bly.
Sec.
5.
That the City Treasurer, being the Director of }finance,
of the
City of Bozeman,
shall takEJ from each of such Banks
such security as the City Cor!1Illis-
sion of the City ofBoz
eman may from time to time prescribe, approve arld deem :fully
sufficient and necessary
to insure the safety and prompt payment of all of such de-
.
posits,
on demand together with the
deposited by the
City Treasur.er,
or Financ& Director,
in any Bank failing or
~efUsing to furnish
such
fJ8Curities duly approved by the
City Commission of the City
of Bozeman and that
no funds
of the City of Bozeman
be deposited by the Treasu~er
or
Director of Finance
of said City unless
such Bank ha8furnished ample and approved
security to cover
the same,
and no personal Bond shall be accepted except when sucQ,
Bond is for the purpose
of renewing a personal Bond now in effect, and from and
after January 1,
192E3,> personal Bond 811<':11
not be considered as
acceptable security;
and provided further
that from and after the passage of this Resolution no new or
additional deposit
shall be made by any Treasurer under any personal Bond.
Sec.
7.
That. any and all designated Ban};s receiving the deposits of the
funds of the
City of Bozeman shall,
thru their respective Prefddents and CasJ:J.iers,
make <t statement.
to the
City Treasurer and Finance Director
of 130 zeman,
quarter-
an nually ,
of account under 08. th showing all such moneys that have
been deposited
with such Bank during
the quarter,
the, amount of daily balances in dollars,
and the
amount of
interest by such Bank 01' Banke] credi tecl or pai d 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 trle Treasurer or to any other person
other than the
interest provided for herein,
or on account of the making of such
deposits with any
such Bank.
Sec.
8.
That the City Treasurer, or Finance
Director, of
the City 0 f
Eoz eman,
shall submi t
tot he
City COYlilllission for a;)proval,
quarter-annually, after
the date hereof, all
securities furnished by the designated Banks
in which the
fund s of the
City of 130zernan are deposit.~d,
together '.'.'1 th the
sworn statement furn-
ished quarter-annually
by said Banks.
Sec.
9.
That the failure of the
City Treasurer,
or Finance Director, to
comply with the
requirements of this Resolution shall render
himself and his Bonds-
men liable.
Passed by the
City Commission of
the
City of Bozeman,
Montana, and
approved by the M:ayor
of said .City this 15th day
of October,iI..D.
1925.
Attest:
~~NAAAAc/../~h
. ..I\[ayor.
~ \'\U~~/~lf.er
Cler of t e C1 y Commission
of the City of Bozeman,
Montana.
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