|Original Document: |
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.
Passed on first reading: November 13, 2007
Passed on second reading: ________________