A CHARTER ORDINANCE OF THE CITY OF MOUND CITY KANSAS: PROVIDING FOR THE DEPOSIT OR INVESTMENT OF THE PUBLIC MONEYS OF SAID CITY AND EXEMPTING THE SAID CITY FROM THE PROVISIONS OF K.S.A. 12-1640.

Be it Ordained by the Governing Body of the City of Mound City, Kansas:

Section 1.  Deposit of Public Moneys.  The City Treasurer shall deposit all public moneys coming into his hands in his official capacity, except funds invested under and pursuant to the provisions of Section 3 hereof, in same responsible bank, the same to be officially designated by the governing body as the depository for such funds.  Such deposits shall be made in the name of such treasurer as such officer.

Section 2.  Security for Deposits.  Before any such deposits are made the governing body shall take from such bank a good and sufficient bond payable to the City, the same to be approved by the governing body, in a sum double to the largest approximate amount that may be on deposit at any one time, or the bond of some suety company empowered to do business in the state of Kansas, in a sum aggregating the largest approximate sum that may be on deposit at any one time, conditioned that such deposit shall be promptly paid on the check or draft of the treasurer of said city, or said bank may post security therefore as provided by K.S.A. 1965 Supp. 9-1402, and the bondsmen of said city treasurer shall not be liable for money so deposited, and such bank shall, on the first day of each month, file with the Clerk of said City a statement of the amount of money on hand at the close of business each day during the previous month.

Section 3.  Investment of Inactive Funds.  The City Treasurer may, upon order of the governing body by resolution duly adopted, invest inactive funds of the city in fully insured interest-bearing time deposits, in fully insured savings and loan accounts, or in interest bearing securities of the State of Kansas or of the United Staes of America.  The resolution of the governing body authorizing and directing such investment shall specify the funds and amount to be so invested, the type of account and institution, or the securities in which such investment shall be made.

Section 4.  Exemption.  The City of Mound City, Kansas, is hereby exempted from the provisions of K.S.A. 12-1640, under and pursuant to the power and authority vested in the governing body of said city by the provisions of Article 12, section 5, of the Constitution of the State of Kansas.

(1967-08-02)