95.280. Depositary for city funds, how selected.
Depositary for city funds, how selected.
95.280. 1. Subject to the provisions of section 110.030, RSMo, thecity council, at its regular meetings in July of each year, may receivesealed proposals for the deposit of the city funds from bankinginstitutions doing business within the city that desire to be selected asthe depositary of the funds of the city. Notice that bids will be receivedshall be published by the city clerk not less than one nor more than fourweeks before the meeting, in some newspaper published in the city. Anybanking institution doing business in the city, desiring to bid, shalldeliver to the city clerk, on or before the day of the meeting, a sealedproposal stating the rate percent upon daily balances that the bankinginstitution offers to pay to the city for the privilege of being thedepositary of the funds of the city for the year next ensuing the date ofthe meeting; or, in the event that the selection is made for a less termthan one year, as herein provided, then for the time between the date ofthe bid and the next regular time for the selection of a depositary. It isa misdemeanor for the city clerk or other person to disclose directly orindirectly the amount of any bid to any person before the selection of thedepositary.
2. Notwithstanding the provisions of subsection 1 of this section tothe contrary, the city council of any third class city with a population ofmore than fifteen thousand and less than nineteen thousand that is locatedin any county of the fourth classification with a population of more thanforty thousand and less than forty-eight thousand three hundred, or of anycity of the third classification with more than ten thousand five hundredbut less than ten thousand six hundred inhabitants may receive sealedproposals for the deposit of city funds from banking institutions doingbusiness within the city at any of the regular meetings of such city. Thecity shall send notice of bids to each banking institution in the city byregular mail at the time the notice is published in the newspaper insubsection 1 of this section. The banking institution selected as thedepositary shall be offered a depositary contract for a maximum of twoyears. Any such city shall follow the bid procedure established insubsection 1 of this section, except as otherwise provided in thissubsection.
(RSMo 1939 § 6939, A.L. 1965 p. 216, A.L. 2001 S.B. 441, A.L. 2004 H.B. 1398)Prior revisions: 1929 § 6793; 1919 § 8280; 1909 § 9217