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Home My Public Portal About005-1987- ORDINANCE ESTABLISHHING THE CITY BOARD OF FINANCEORDINANCE NO. 5-1987 AN ORDINANCE ESTABLISHING THE CITY BOARD OF FINANCE BE IT ORDAINED by the Common Council of the City of Richmond, that pursuant to the provisions of Indiana Code 5-12-1 the City Board of Finance is hereby established and composed of the Mayor and the members of Common Council. The City Controller shall serve as secretary of the City Board of Finance. The Board of Finance shall meet after the first Monday and on or before the third Monday of January annually to meet and organize. After the first Monday and on or before the third Monday in February of each odd numbered year, the Board shall meet for the purpose of designating public depositories for the ensuing two year period. This ordinance shall be in full force and effect for and after the year beginning 1987. PASSED AND ADOPTED by the Common Council of the City of Richmond, Wayne County, Indiana, this ,?0t1'1day of 1987. resident of Common Council 6 ATTEST: wk�i �11 PRESENTED by me to the Mayor of the City of Richmond, Indiana, this -,2a 6.. day of 1987. City Cler APPROVED by me, Frank H. Waltermann, Mayor of the City of Richmond, Indiana, this _J16 day of 1987. / / Frank H. Waltermann, Mayor ATTEST., City Clerk CITIES AND TOWNS BULLETIN ISSUED BY STATE BOARD OF ACCOUNTS December 1986 CITIES & TOWNS DEPOSITORY CONTRACTS Attention is directed to the provisions of IC 5-12-1, the Deposi- tory Act. The city board of finance is composed of the mayor and common council in every city except Indianapolis. The town board of trustees constitutes the. town board of finance in all towns. The city clerk - treasurer is secretary of the city board of finance unless the city has a controller, in which case the controller shall be the secretary. The town clerk -treasurer serves as secretary of the town board of finance. [IC 5-12-1-8] IC 5--12-1-11 requires the members of boards of finance shall, annually, after the first Monday and on or before the third Monday of January, meet and organize. A president shall be chosen by election from their membership. IC 5-12-1-14 provides that each board of finance shall meet after the first Monday and on or before the third Monday in Febrary of each odd numbered year for the purpose of designating public depositories for the ensuing two year period. This action will be necessary in the coming year 1987. Within twenty days before the first day permitted for such biennial meeting, each city or town board of finance is required to send by registered mail (return receipt requested) a notice to each bank, trust company, and qualified savings and loan association located in such city or town which shall invite proposals for receiving public funds on deposit. The forms for the proposals and contracts will be sent to the banks, trust companies, and savings and loan associations by the State Board for Depositories and are not furnished by the local board of finance or the State Board of Accounts. Receipts for the letters shall be main- tained with the board's records. [IC 5-12-1-12] IC 5-12-1-1(f) defines "bank or trust company" to mean any: (1) national banking association formed under the laws of the United States with its principal office located in the state of Indiana and doing business in the state of Indiana; (2) federally chartered savings and loan association oper- ating as a deposit association; (3) federally chartered savings bank (4) bank or trust company; (5) bank of discount and deposit; (6) loan and trust and safe deposit company; (7) state chartered credit union having assets of three million dollars ($3,000,000) or more, which is federally insured; (8) state chartered savings and loan association operating as a deposit association; or (9) trust company organized and doing business under the provisions of any law of this state." DISPOSITION QF ORDINANCE NO- S -198 RESOLUTION NO, -198 by Common Council Ordinance No.5- $7 Resolution No. — Elstro William Hankinsn Whitesell Parker Hutton Morris Theobald Brookbank Date -L �C, - 91J Susp, rules Ist read Title only ---------- ------- ------ -------- -------- Seconded ------ -------------- ------- ---------- Proof of Public aton Seconded Move to 2nd read C" 9-kr ----- -------- ------ -------- -------- ------- SecondedO-414,d- ---------------------------------- Engrossment — ------------- -------- -------- Seconded ------ Susp rules 3rd read - ---- Seconded -A-tE ----- ---- --- -------- -------- ------ ------------- -------- Passage — ...... OR --------- ---------------------------- ---------- ------------------------- Rejection 0 - Date Passed / - a 6 - P'Z COMMITTEE ASSIGNMENTS: Committee Date Commitee Hearing Date_ Reassigned to Council Agenda PUBLICATION DA' AMENDMENTS: COMMENTS: