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Finance *********** THE MUNICIPAL CODE OF THE CITY OF WINDSOR CHAPTER 145: FINANCE AND TAXATION ARTICLE I. IN GENERAL SECTION 145.020: MONEY DRAWN FROM TREASURY, HOW - TREASURER TO REPORT, WHEN No money shall be paid out of the Treasury except on a warrant signed by the Mayor and attested by the City Clerk. No warrant shall be drawn upon the Treasurer, nor shall any ordinance appropriating money be passed, unless there is an unexpended balance to the credit of the City in the fund in the Treasury upon which such warrant is drawn, to meet such warrant, or a sufficient sum of unappropriated money in the fund in the Treasury upon which such ordinance is drawn, to meet such ordinance. Every bill that contemplates the payment of money shall, upon its second reading, be referred to the Treasurer, or the person acting as Treasurer, for his / her endorsement, to the effect that a sufficient sum stands to the credit of the city, unappropriated, in the fund covered by such ordinance, to meet the requirements of such bill. The Treasurer shall report to the Board of Aldermen, on or before the first (1st) day of July in each year, the amount of receipts and expenditures of the Treasury, the amount of money on hand, and the amount of bonds falling due, if any, for the redemption of which provision must be made; also, the amount of interest to be paid during the fiscal year. He / she shall also perform such other duties in the line of his / her office as may be required of him / her by ordinance. The report of the Treasurer may be published if deemed necessary by the Board of Aldermen. SECTION 145.030: PAYMENT OF WARRANTS TO PERSONS INDEBTED TO CITY No City warrant for the payment of money from the City Treasury shall be issued or delivered to any person who is indebted to the City for taxes, license or upon any account whatever until such license or account shall be paid or discharged. The City Clerk is hereby authorized to call upon the City Collector for all information necessary to carry this Section into effect. ARTICLE II. CITY DEPOSITARIES SECTION 145.040: TIME OF SELECTION - INSTITUTION - DURATION The Board of Aldermen shall, at their first (1st) regular meeting in January of each year, select and designate some bank, or trust company in the City as a depositary of the City Funds, for a period of one (1) year from the date of such selection. For the purpose of making such selection, the Board shall accept bids from all banks and trust companies in the manner hereinafter provided. SECTION 145.050: DEPOSITARIES REQUIRED TO SUBMIT BIDS UNDER SEPARATE ITEMS - SINKING FUNDS A. All eligible banks or trust companies desiring to make a bid for the City Funds shall be required to make the same under two (2) separate items, as follows:
B. In the event the bids on the Sinking Funds are at a lower rate than the rate paid by the bank for other time deposits for a like length of time, the Board of Aldermen shall have the right to reject all bids on the Sinking Fund, and may invest the same in United States bonds or other securities approved by the Board until such funds shall be needed for the purpose of paying the bonded indebtedness of the City. SECTION 145.060: AWARDING OF BIDS The bank or trust company making the highest bid for the funds, exclusive of the Sinking Funds, shall be given preference as a depositary for the Sinking Funds in event there are two (2) or more bids of the same amount for such Sinking Funds. SECTION 145.070: COMPUTATION OF INTEREST The interest on all funds, exclusive of Sinking Funds shall be computed on average daily balance and paid annually. The interest on the Sinking Funds shall be computed from the date such funds are deposited until the same are withdrawn and paid annually. SECTION 145.080: REJECTION OF BIDS The Board of Aldermen shall have the right to reject any bid. SECTION 145.090: DEPOSITARY SELECTED TO RECEIVE ALL FUNDS The depositary selected, shall receive all of the City Funds for a period expiring the first (1st) regular meeting in January after the date of receiving the same, and until a new depositary is selected. SECTION 145.100: DEPOSITS OF PUBLIC FUNDS TO BE SECURED B. The securities shall, at the option of the depositary banking institution, be delivered either to the fiscal officer or the Board of Aldermen or other depositor of the funds, or by depositing the securities with another banking institution or safe depositary as trustee satisfactory to both parties to the depositary agreement. The trustee may be a bank owned or controlled by the same bank holding company as the depositary banking institution. C. The rights and duties of the several parties to the depositary contract shall be the same as those of the State and the depositary banking institution respectively under Section 30.270, RSMo. If a depositary banking institution deposits the bonds or securities with a trustee as above provided, and the City gives notice in writing to the trustee that there has been a breach of the depositary contract and makes demand in writing on the trustee for the securities, or any part thereof, then the trustee shall forthwith surrender to the City a sufficient amount of the securities to fully protect the depositor from loss and the trustee shall thereby be discharged of all further responsibility in respect to the securities so surrendered. SECTION 145.110: SECURITIES DEPOSITED, AMOUNT OF The value of the securities deposited and maintained by a legal depositary under Section 145.100, shall at all times be not less than one hundred percent (100%) of the actual amount of the funds on deposit with the depositary, less the amount, if any, insured by the Federal Deposit Insurance Corporation.
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