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10911..t i ORDINANCE NO. 10,911 AN ORDINANCE AMENDING SECTIONS 2 & 3 OF ORDINANCE NO. 1027671 SAME BEING "AN ORDINANCE PROVIDING THAT CERTAIN DESIGNATED BANKS SHALL SERVE, SUCCESSIVELY, AS DEPOSITARIES OF ALL MUNICIPAL FUNDS WHICH ARE UNDER THE EXCLUSIVE CONTROL OF THE BOARD OF DIRECTORS "; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES. BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE m ROCK, ARKANSAS: rq SECTION 1. Section 2 of Ordinance No. 10,767 is hereby amended _W: to read as follows: o. "Section 2. Each of said banks, prior to becoming a ra depositary of municipal funds under this Ordinance, shall rT Q) execute with the City of Little Rock a written contract 01,: 0 P4" upon the following form: DEPOSITORY AGREEMENT THIS AGREEMENT, between the City of Little Rock, Arkansas (hereinafter called the "City "), and (Name of Bank (hereinafter called the "Depositary "), WITNESSETH: (a) The Depositary shall act as Depositary of the City, under the authority of Ordinance No. enacted by the City Board of Directors on , 19 Insert in the blank spaces the number and date of this ordinance7, for the following term: Here insert term of depository agreement (b) During the entire term of this agreement, the City shall maintain on deposit with the De- positary all municipal funds which are under the exclusive control of the Board of Directors; said funds to be deposited with the Depositary in such separate accounts as may from time to time be de- signated for such purpose by the City Manager. (c) All deposit accounts established with the Depositary under the authority of this ordinance shall be general checking accounts, and not time deposits or savings accounts; and the Depositary shall pay no interest on the balances maintained in these accounts. All checks on these accounts shall be drawn in the name of the City over the joint signatures (either one of which may be facsimile) vaa -/Z7 A -2- of the then City Manager and Director of Finance. (d) The Depositary will not make any service charges in connection with any deposit account established under the authority of this ordinance. (e) From time to time the City Manager may de- termine the portion of each deposit balance estab- lished hereunder which, in his opinion, should be withdrawn from such account and invested; and this amount shall be certified by the City Manager to the Depositary with instructions that the sum so certi- fied be invested by the Depositary in short term United States Treasury obligations of a type speci- fied by the City Manager. The Depositary shall there- upon make such investment as directed by the City Manager; and the securities represented by such in- vestment shall be held by the Depositary in trust for the City, as evidenced by custody receipt to be exe- cuted by the Depositary and delivered in each instance to the City Manager. The Depositary will make no charges for its services in handling these investments; and the earnings on each investment will be credited to the City in such deposit account as may be designated for such purpose by the City Manager. (f) The Depositary will not be required to absorb any out of pocket expense, on account of non -par checks or otherwise, which it does not absorb in handling the deposits of its other customers. EXECUTED in duplicate on this day of 19 " SECTION 2. Section 3 of Ordinance No. 10,767 is hereby amended to read as follows: "Section 3. As each of the above named banks becomes eli- gible to serve as depositary hereunder, the Mayor and the City Clerk (without further authority from the Board of Directors) shall execute with said bank a Depository Agreement upon the form above set out; such contract to be executed by the Mayor and City Clerk in the name of the City and over their official signatures. The City Manager and the Director of Finance shall have authority to draw checks, over their joint signa- tures (either one of which may be facsimile), for proper municipal purposes upon all deposit accounts established here- under; and in the instance of each such withdrawal the deposi- tary will be protected in assuming that such withdrawal is law- -3- fully authorized. The City Manager (without further authority from the Board of Directors) shall have exclusive authority to direct the investment of the deposited funds and take such other steps as may be necessary to effectuate the purposes of the successive Depository Agreements executed under the authority of this ordinance." SECTION 3. It has been determined that there is an immediate need for the efficient administration of public moneys and safe guards on the expenditure thereof and that this ordinance will accomplish this purpose; now therefore, an emergency is hereby declared to exist and this ordinance being necessary for the preservation of public peace, health and safety shall be in full force and effect from and after its passage and approval; and all ordinances and parts of ordinances in conflict herewith are hereby repealed. PASSED: March 2, 1959 ATTEST: APPROVED: j al.*...� j X414*�11 City Clerk Mayor.