HomeMy WebLinkAboutCityMgrForm.1493.10-03-1979 �
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CITY MANAGER FORM ORDINANCE NO. I`�"��
AN ORDINANCE APPROVING THE FORM OF AN AGREEMENT DESIGNATING THE
FIRST NATIONAL BANK OF CAPE GIRARDEAU, MISSOURI, AS THE CITY
DEPOSITORY BANK, AUTHORIZING THE MAYOR TO EXECUTE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI, AS FOLLOWS:
SECTION 1. The First National Bank of Cape Girardeau,
Missouri, is hereby designated as an official depository of the
City of Cape Girardeau, Missouri, and in order to secure all City
deposits made in said Bank, securities as provided by Section
30. 270 RSMo 1978, and the Depository Agreement, are directed to
be pledged as security for such City deposits by delivery of the
same to the First National Bank in St. Louis, St. Louis, Missouri,
as trustee.
SECTION 2. The Mayor of the City of Cape Girardeau, Missouri,
is directed to enter into a Depository Agreement with the First
National Bank of Cape Girardeau, Missouri, a copy of said Agreement
is marked "Exhibit A" and is attached to this ordinance and made
a part hereof as though fully set out herein, and the Mayor of
the City of Cape Girardeau, Missouri, is directed to do all
things necessary and proper for the purposes of carrying out the
terms of such agreement.
SECTION 3. This ordinance shall be in full force and effect
ten days after its passage and approval.
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PASSED AND APPROVED THIS � � DAY OF �� , , 1979.
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Paul W. Stehr, Mayor
ATTEST:
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Verna L. Landis, City Clerk
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DEPOSITORY AGREEMENT
THIS AGREEMENT, made and executed in triplicate this
day of , 1979, by and between the City Council of
the City of Cape Girardeau, Missouri, hereinafter sometimes
referred to as DEPOSITOR, First National Bank of Cape Girardeau,
Missouri, hereinafter sometimes referred to as BANK, and the
First National Bank in St. Louis, Post Office Box 267, St. Louis,
Missouri, 63166, hereinafter sometimes referred to as TRUSTEE;
WHEREAS, the said Depositor wishes to deposit with the said
Bank certain public moneys received by the City Collector of said
City of Cape Girardeau, Missouri, in his official capacity, but
desires that the said Bank shall secure said deposits in accordance
with the statutes in such cases made and provided, which the said
Bank is willing to do, by the deposit with the Trustee of certain
securities as hereinafter provided; and
. WHEREAS, the selection of the said Bank as a depository of
public moneys to be received by the City Collector has been duly
approved by the said Depositor, and the securities hereinafter
pledged have been duly approved by said Depositor; and
WHEREAS, in order to properly secure the said deposits, the
said Bank has delivered to the Trustee securities as provided by
Section 30. 270 RSMo 1978 , in the amount sufficient to cover
deposits as prescribed.
NOW, THEREFORE, THIS AGREEMENT WITNESSETH: That for and in
consideration of the Premises and of the sum of Five Dollars
($5. 00) in cash in hand to each of the parties hereto paid, the
receipt whereof is hereby acknowledged, the parties hereto do
mutually covenant and agree as follows:
FIRST. The said Bank hereby agrees that the said securities
shall be held by the said Trustee for the protection of the
public money deposited by the City Collector with the said Bank
(hereinafter called "deposits" ) until all of said public money so
deposited has been properly paid over and accounted for by the
said Bank.
SECOND. In the event of any default in the payment of the
said deposits or any part thereof, by the said Barik, upon the
demand of the said Depositor, the said Trustee shall, upon receipt
of a written notice made by the said Depositor that there has
been a breach of the depository contract and upon demand in
writing for the securities or any part thereof, forthwith surrender
said securities to the said Depositor. Upon surrender of a
sufficient amount of such securities as may fully protect the
said Depositor from loss, the said Bank authorizes and empowers
the said Depositor to sell, transfer, by endorsement or otherwise,
and deliver all or any part of such securities, in such manner as
it may elect, for the satisfaction of any loss arising by reason
of a breach of depository contract; and out of the proceeds of
such sale, after paying the expenses of sale, and retaining a sum
sufficient to reimburse City of Cape Girardeau for such breach of
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the depository contract by the said Bank, the balance, if any
shall be paid over to said Bank, and any securities remaining
unsold in the hands of the said Depositor shall thereupon be
returned to the said Bank.
THIRD. It is further expressly understood and agreed that
in the event the said Depositor shall desire to increase the
amount of said deposits beyond the amount for which the securities
then in the hands of the said Trustee afford security in accordance
with the provisions of law, then and in that event the said Bank
may deliver to the said Trustee, to be held in accordance with
the terms hereof, such additional securities as may be satisfactory
to and approved by the said Depositor, and all such additional
securities shall be held by the said Trustee upon the same terms
and conditions as though included in the securities originally
deposited with it hereunder.
FOURTH. The said Bank, may from time to time, with the
written consent of the said Depositor withdraw from the said
Trustee, such portion as it may desire of the securities then
held by the said Trustee, provided the value of the securities
then remaining in the hands of the said Trustee shall not be less
than the amount of the deposits then remaining in said Bank.
FIFTH. It is further expressly understood and agreed that
so long as there is no default in the payment of the said Deposits,
the said Bank shall be entitled to collect all interest and other
income which may become due on or from the securities in the
hands of the said Trustee, and the said Trustee is hereby authorized,
empowered and directed to pay and deliver over to the said Bank,
upon demand, all such interest and other income or the coupons
attached to any bonds included in the collateral, as same mature.
SIXTH. It is further expressly understood and agreed that
the said Bank may terminate this agreement in accordance with the
Revised Statutes of the State of Missouri.
SEVENTH. The said Trustee hereby acknowledges receipt of
the securities hereinbefore mentioned and described, and agrees
to hold and deliver the same, together with any securities which
may be substituted therefor or added thereto, in accordance with
the terms of this agreement.
EIGHTH. The said Bank and said Depositor, by the execution
hereof, hereby declare the said Trustee as acceptable to and
approved by them, respectively, as the disinterested banking
institution or fiscal officer with which the said securities are
to be deposited in escrow.
NINTH. Al1 fees and charges of the Trustee for services
under this agreement shall be paid by the Bank.
TENTH. The Board of Directors of the Bank has authorized
the pledging and delivery of the above-described securities to
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the Trustee and the execution of this agreement on behalf of the
Bank by resolution duly adopted, a certified copy of which is
attached hereto.
ELEVENTH. That said Bank agrees to pay interest to said
Depositor in accordance with the terms of the bid proposal and
the bid of said Hank, a copy of which is attached hereto and made
a part of this agreement shown as Exhibit "1" .
WITNESS, the following signatures of the respective parties,
as of the day and year first above written.
CITY OF CAPE GIRARDEAU, MISSOURI
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Mayor
ATTEST:
City Clerk
FIRST NATIONAL BANK OF CAPE
GIRARDEAU, MISSOURI
President
ATTEST:
FIRST NATIONAL BANK IN ST. LOUIS
Post Office Box 267
St. Louis, Missouri 63166
ATTEST:
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PROPOSAL FOR DEPOSIT OF CITY FUNDS
City of Cape Girardeau, Missouri
August 23, 1979
CONDITIONS
1. Proposals shall be in a sealed envelope marked "Depository
Proposal".
2. The City may reject any or all proposals.
3. Banks submitting proposals agree to comply with provisions of
Section 95.280 et.seq. RSMO and Chapter 110 RSMo.
4. Banks submitting proposals agree:
a. To waive immediate deposit of funds in recognition of the
possible need to print machine checks, in which case,
operating funds cannot be placed in the designated
depository until such checks are available.
b. To waive immediate deposit of invested funds which carry
specified maturity dates and to accept timely deposit of
such funds immediately upon maturity.
5. Interest rates lower than published rates currently payable to
other depositors will not be acceptable.
6. Proposals must be signed by a duly authorized officer of the
submitting bank.
7. Interest payments due shall be paid monthly by the tenth
(lOth) of the succeeding month.
8. Monthly statements of interest and investment balance will be
provided by the depository as required by the City Collector.
9. Interest and maturities must be computed on calendar days per
month and not on a 30 day month.
10. A bank employee will be designated by the City Council as the
City Treasurer.
E"�ENisIT 1
Proposal for Deposit of City Funds
August 23, 1979
Page 2
PROP�SAL
The undersigned bank will, if designated depositc-�r:- for the City of
Cape Cirardeau funds� pay interest at [he following rates per annum on
deposited funds:
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�`-� Fixed Rate Vartable Rate
9 Months ?2 Konths 9 Months 22 Months
$100,000 or more for 30-59 days: 10-:'8 X 9- 7/8� _% �� � "/,
$100,000 or mure for 60-89 d�ys: 10-1 4 r ] 0 % � ' "
$100,000 or more for 90-119 days: 10-3/$ 0 10- 1 87' 7: � �
$100,000 or more for not less than
180 days: 10- 1/2 x 1 0-1/4� y� �r �
The variable rate of return shall be determined as follows:
�;;� The average of the rates paid by First National Bank in St. Louis� Mercantile
Bank, St. Louis and Boatmens Bank, St. Louis, at the date of issuance for a
comparable maturity Certificate of Deposit, rounded to the nearest t/8 of 1 per
cent plus 1/4 of 1%. �
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Example of Today's Market gy; �%'�..��j�//��z`'--�..�
St. Louis Rate +;% Cur Rate President
Ti[le
30 days 10-5/8% 10-7/8%
First National Bank of Cape Girardea
60 days ] 0- 3/-�°?0 1 1 % Name of Bank
September 4, 1979
90 days . 10-7/8% 11 -1/8% Date
180 days 11 - 1 /8°'0 � 1 -3/8°�0
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