The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1892-08-11

city Council held q meeting last
evening as II committee OIL tile whole,
to consider the following resolution,
goYerning the deposit of tho city's
money: ...
"Resolved. That from and after the
passage OF this resolution the follow
ing shall be the regulations concern.
Ing the deposit OF public Inoneys
subject to tho control of the Coun-
Gil
First. The national banks OF this
city luay he legal dnpositors OF tine
lpuhlic funds subject to tho approval
of the toumcil.
Second, Tns Union National Bank
shall he the active bank, aud the 9TH
ers shall be known as depository
banks.
"Ihlrd. Interest ut the rate of not
less than two per cent. yearly shall be
credited by each bank to the city
m'nthlv. on its average deposit.
Fourth. All IN, cash receipts of
the city shall 10 deposited in the ac-
tive hank.
Fifth. On the second Friday OF
each August and February tho treas
lurcr shall draw In tho usual way from
the active bank and deposit in equal
parts IN such OF the depository banks
as shall have hDen approved by Coun.
ell, 10 per cent. of such funds actually
on deposit with said active bank, pro.
Nidcd that none of the depository
hanks shall receive more than 70 per
ceItum.
sixth. Whenever and as often rs
the city deposit in the aetive bank
shall actually be reduced to $50, O1l
the city treasurer shall draw from
each depository bank tho sum OF
shUOO and deposit the same IN the nc,
tive bark, but when tho deposit in a
depository bank is reduced to 5000 or
less the whole of said deposit shall be
drawn when the next draft Is required.
'Ali resolutions or parts OF roSolu-
tons at variunce with tile above regu-
lations ara hereby repealed
After the resolution had been thor
Ioughty discussed, 1t was decided to
substitute thA following, which will
be reported to Council this evening:
'first. The national banks OF this
city may be legal repositories OF tho
public funds subject to tie APPROX
ul Of tile City Council.
Second. The Union National Rank
: shall DO the active bank, and the Others
known as depository banks.
Third. Int rest ut the rdte OF mol
less than per cent. yearly shall bt
: credited by each depository bank t.
the city monthly. on its average de
post, and by the active bank upon
sum not exceeding sf0. 900. so long n,
this amount shall be in deposit with 1t
Fourth. All tho cash receipts oi
the city shull lie deposited in thu
bank.
Fifth, On the second Friday o
: each August and February tho cit,
treasurer shall, in the usual way, draw
From the active bank aud deposit ii
eqGal parts III such of tho depositor,
4, banks. us shall hFve been approved bl
. Council, 90 per centum OF said fund
, on deposit with said active bank, pro
: Flded that mono OF the deposit0r,
. banks Shall recelvo more than Is pc
/ centrum.
Sixth, Whenever and as often a
the city deposit in the active bun
shall be reduced to $4,000 the cit
Q treasurer shall draw from each depos
!, TORY bank the sum of $4,000 and de
1 post the same in the active bank, bu
when the deposit in a depository BAN
/ Is reduced To 5000 or less the whoI
OF said deposit shall be drawn who
the next draft is required
There Is no doubt but this substitut
will be adopted at the meeting q
e Council this evening.