Knowledgebase-Ordinance Changing the Official Depository of City Funds


Information Product

Title:Ordinance Changing the Official Depository of City Funds
Summary:An ordinance to amend the city's code regarding the town's official depository for town funds.
Original Author:Norris, Margaret
Co-Author:
Product Create Date:11/13/2007
Last Reviewed on::02/16/2010
Subject:Finance--Bank services; Finance--Municipal ordinances
Type:Ordinance
Original Document: Ordinance Changing the Official Depository of City Funds.pdf

Reference Documents:

Text of Document: Ordinance Number 266


AN ORDINANCE TO AMEND THE CITY’S CODE
SECTION 5-101 REGARDING THE TOWN’S
OFFICIAL DEPOSITORY FOR TOWN FUNDS.

WHEREAS, title 5, chapter 1, section 5-101 of the Town of New Tazewell’s code book lists the Citizens Bank of New Tazewell as the official depository for city funds; and

WHEREAS, the Town of New Tazewell wishes to change this designation because ________________________ ; and

WHEREAS, the town’s charter, section 6-4-402 requires that depositories of the municipal funds are designated by ordinance; and that the board requires any financial institution that becomes a depository of municipal funds to secure such funds by collateral in the same manner and under the same conditions as state deposits under title 9, chapter 4, parts 1 and 4, or as provided in a collateral pool created under title 9, chapter 4, part 5; and

WHEREAS, section 6-56-106 of the Tennessee Code Annotated lists the types of banking institutions that are acceptable for depositing and investing funds; and

WHEREAS, the name of new bank(s) meets the requirements of section 6-56-106 and title 9 chapter 4 of the Tennessee Code Annotated.


NOW THEREFORE BE IT ORDAINED BY THE BOARD OF MAYOR AND ALDERMEN OF THE TOWN OF NEW TAZEWELL, TENNESSEE that:

SECTION 1. Section 5-101 of the New Tazewell code book is hereby amended by replacing the words “Citizens Bank of New Tazewell” with “ name of new bank(s) .”

SECTION 2. This ordinance shall become effective after final reading and publication of the caption of this ordinance in a newspaper of general circulation in the city.


Signed:




___________________________________________
Mayor


Attest:


__________________________________________
Recorder


Passed on first reading: November 13, 2007
Passed on second reading: ________________

Please remember that this ordinance was drafted based upon the drafting requirements and authority granted to a particular city or town in its charter and in general law. These drafting requirements and the authority exercised in this ordinance might not apply to your city or town.

Please confer with your city attorney or an MTAS legal consultant, or both, before using this ordinance as a model.