§ 2-478. Investment and management of county funds, taxes and revenues; procedures.

(a)

In accordance with applicable law, the following institutions are hereby approved as depositories of public monies of the county and the officials charged with the responsibility of depositing such funds shall make deposits in no other or different institutions except as described in this section. Those institutions are:

(1)

First Tennessee Bank;

(2)

AmSouth Bank;

(3)

SunTrust Bank;

(4)

First National Bank of Lenoir City;

(5)

Home Federal Bank;

(6)

BB&T;

(7)

Commercial Bank;

(8)

Bank of New York;

(9)

Clayton Bank and Trust;

(10)

BankEast;

(11)

Pinnacle Bank;

(12)

Community South Bank;

(13)

Bank of America.

(14)

Mountain Commerce Bank.

and any other institutions as designated by the investment committee.

(b)

For each depository institution authorized under this section, the appropriate official is hereby authorized and required to enter into depository contracts with such institutions, containing such provisions as deemed necessary in order to accomplish the purposes for which such designation is made, including all requirements as provided by general law, and shall include that the depository pledge to and deposit with the appropriate official, security in an amount as required by general law.

(c)

The trustee, the county clerk, and all other collectors of taxes and revenues for county government, unless specifically provided otherwise by Charter, ordinance, or cooperation agreement for collection, shall report and turn over daily all funds of the county coming into their hands. As provided by ordinance or Charter, the director of finance or investment committee may direct such funds to remain in accounts maintained by and in the name of such collecting official, but such director of finance or investment committee shall direct and determine the method of disbursement and investment of such funds.

(d)

The trustee, the county clerk, and all other fee officers not subject to the budgetary appropriations of the county for operation, shall maintain in their fee accounts excess fees equivalent to three months' operating and payroll expense, but shall remit to the county monthly any amounts in excess thereof. The amount of excess fees to be retained in the fee accounts shall be approved in writing by the director of finance and the fee official annually on October 1. An official may request adjustments in the amounts held in such fee account during the year for good cause shown.

(Ord. No. O-90-9-125, §§ 1—4, 9-10-90; Ord. No. O-91-2-103, § 1, 3-18-91; Ord. No. O-03-4-101, § 1, 5-27-03; Ord. No. O-07-6-105, § 1, 7-23-07; Ord. No. O-07-8-104, § 1, 9-24-07)