Legal Documents of Mosheim

Code of Mosheim

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 1 Miscellaneous » § 5-101 Official depository for town funds.
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Title 5
5-1
Title 5, Chapter 1
5-101
§ 5-101
Mosheim
Title 5 : Municipal Finance and Taxation
Chapter 1 : Miscellaneous

5-101 : Official depository for town funds.

  1. The official depositories for all Town of Mosheim funds shall be The First Horizon Bank and The Apex Bank, both located in the town.
  2. Such banks shall furnish adequate security to protect the funds of the town, either by collateral in the form of bonds of the United States government, State of Tennessee, the County of Greene, the Town of Mosheim, or other municipalities located within the state, upon which bond there has been no default in the payment of interest for more than thirty (30) days, upon any one (1) installment of interest for five (5) years net preceding the deposit; and one (1) or all such securities so taken shall be in an amount ten percent (10%) in excess of the deposit, or by bond surety in the sum of ten percent (10%) in excess of the deposits, with some solvent surety company authorized to do business in the state.
  3. All securities accepted by the board of mayor and aldermen of the town to protect the town for such town funds deposited in such banks shall be upon the unanimous approval of the board of mayor and aldermen of the town and shall, by the board of mayor and aldermen, be renewed annually, and the board of mayor and aldermen shall reserve the right to call upon such banks to give other and additional security when the board of mayor and aldermen is of the opinion that, for any reason, the securities or surety bond is inadequate and insufficient in value to protect the funds of the town. (Ord. #2, May 1974, modified)