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HomeMy WebLinkAboutOrdinances Book 7, Page 153, Ordinance Number 50M 1 No. 1. Ordinance No. �0 Till ORDIV IICE DRSIGHnTIEG THE OFFICI,iL CITY DEPOSITORY OF Th" CITY OF P-iDUCAH, KENTUCKY, ialdD DEPOSITORIES FOR SPECI,LLLY iP'PEOPRI-TED FUI:DS OF THE CITY OF P,,DUCdH. BE IT ORD_,IIdED BY THE BOt:RD OF COMIISSIOITERS OF THE CITY OF PiMC,iH, XMITUCKY: Section 1. That the City Rational Bank, of Paducah, Kentucky is hereby designated as the Official City Depository for all funds of the City of Paducah, except such specially appropriated funds as may be de- posited in other special depositories under the terms of this ordinance. s5'ection 2. Said Official City lbepository shall be required to execute bond in the sum of Fifty Thousand (N50,000.00) Dollars, to the Commonwealth of Kentucky for the use and benefit of the City of Paduca#, for the safe keeping and correct accounting for all funds deposited in said City Depository by the City of Paducah. Said bond to have good and approved surety thereon, to be approved by the Board of Commissioners of the City of Paducah. Section 3. The Citizens Savings Bank, of Paducah, Kentucky, is hereby designated as a Special Depository for the Sinking Funds of the City of Paducah, and such portion of any other specially appropriated funds of the City of Paducah, and shall give bond., in the sum of Fifty Thousand (•;50,000.00) Dollars, to the Commonwealth of Kentucky for the use and benefit of the City of Paducah, :for the safe keeping of and proper accounting for said funds. Said bond to have good and approved surety thereon, to be approved by the Board of Commissioners of the City of Paducah. Section 4. The Paducah Banking Company and the Mechanics Trust and Savings Bank, of the City of Paducah, Kentucky, are hereby designated as Special Depositories -and wherein such portion of any specially appropriated funds of the City of Paducah, not otherwise herein designated, may be deposited by the Commissioner of Finance, on special deposit, in such sums or amount as the Commissioner of Public Finance shall designate, and each of said Special Depositories shall be required to execut e bond in al amount not less than an amount equal to the special deposits made by the City of Paducah in said banks, respectively, due and payable to the Commonrealth of Kentucky for tib use -and benefit of the City of Paducah, for the safe keeping of and correct accounting for any funds deposited in said bank or banks, respectively, by the City of Paducah. Said bond or bonds to have good and approved surety thereon, to be approved by the Board of Com- missioners of the City of Paducah, Kentucly, No. �- Ordinance No. 6� Section 5. ,ll funds of the City of Paducah on special denosit, or which are deposited as an especially appropriated fund, and which are not designed to be nor used for current operating exrenses of the City of Paducah, shall bear interest at the rate of four per centum per annum, and the acceptance of said specially appro- priated funds as a deposit in any of said hereinbefore narred Depositories shall be deemed an acceptance of the provisions of this ordinance, and an agreement on the part of said Depositories, or any of them, to pay said interest, at the rate of four (di,) per centum tier annum on such specially deuosi ted funds. Section 6. The Commissioner or Public Finance is hereby authorized to make such special arrariFements with the Offiei-al gity Depository as he may deem proper and right, looking to a contract with said City Depository to pay interest on daily balances of any funds placed- in said Official City'Jepository, upon which interest is not paid or agreed to be paid under the terns of this ordinance. Section 7, r,t any time the Board of Commissioners may, by appropriate action, order any funds placed on special deposit under the terms of this ordinance, withdrawn from any special depository, either :for payment of any account for which said money has been especially appropriated, or for any other reason whish may be deemed expedient and necessary by said Board of Commissioners - and all funds deposited in any of the above named depositories shall be, at all times, subject to the orders, checks or warrants of the Commissioner of Finance of the City of Paducah, when properly authorized or directed to drae: vrarrant s or checks thereon by the Board of Com- missioners. Section 8. Said Commissioner of Finance is hereby further authorized, at any time when he deems it proper to do so, for the safe keeping or safe guarding of any funds of the City of Paducah, to issue his check therefor and withdraw said funds, or any portion thereof, and temporarily deposit them in another depository - but in doing so he shall report his actions to the Board of Commissioners as soon as practicable thereafter, not later than the next re.Rular meeting of said Commissioners, for their ratification, but in no event shall any of the funds of the City of Paducah be deposited in any depository which is not a regularly organized banking institution under the laws of the United States or the State of Kentucky. Section 9. This Ordinance sha31 take effect :from and after its passage and record, and all ordinances or parts of ordinances in conflict herewith, in so far as same conflict, are hereby repealed. PaSSED BY THE BO.iiD OF CO I',ISSI01'T,RS 0; 11UahY �96 6. RECORDED BY H. K. H,iZLLIP, CLE_?,K :U ,,HE BOAI:D, 12, 1916.