§ 2-499. Bank deposits.

(a)

It shall be the duty of the county investment committee to accept bids from various banking institutions for the purpose of depositing, handling of operational accounts, and collecting interest thereon, the several funds of the county. Bids may be solicited and awarded in any manner appropriate under the circumstances. Documentation shall be kept on all bids received.

(b)

The investment committee shall have full authority to formulate, make, and approve the contract with a bank making the highest and best bid to pay interest on daily balances of the county's funds.

(c)

The investment committee, subsequent to the signing of any such contract, shall notify the county trustee or other appropriate official, in writing, and order him to place county funds in his hand, or thereafter to be collected by him, on deposit in the bank or banks so specified in the amounts specified. The county trustee, or other appropriate official, upon receiving such notice, shall place such funds as designated in the bank or banks designated therein.

(d)

The county trustee, after receipt of a monthly statement from each contracting bank, shall make a monthly report to the investment committee showing the amount of the monthly balance as per bank statement and the interest to be placed to the credit of the proper county fund.

(Ord. No. O-90-9-116, § 4, 9-10-90)