The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1906-03-30
ORDINANCE NO. q.

ORDINANCE NO. II.
A n ORDINANCE " provide for the Safe
"A keeping UT Guy Funds IN the Hands of
CITY Treasurer an4 i'roviuina he i'ena;tics
Tor Non Compliance Herewith.
Be IL ordained by the City Council OF the
City OF Sisseton, County OF Roberts, STATE OF
South Dakota:
City FundS,-How deposited. REPOSITORIES.
How selected.
Section |.
The City Treasurer OF the City Of Sisseton,
shall deposi1e and ut all times keep on de-
posite for safe keeping in State or National
BANKS dong IN THIS and of
amount of money in his hands belonging to
the several funds of the City OF sisseton,
shall be otherwise disposed of by resolu tion or
ordinance of the City Council. Any of such
such funds, upon the following conditions.
and shall state IN The a?phcatton the rate OF
interest they will pay on auch dcpositcs and
the amonnt OF money desired.
A, All moneys shall be deposited in the
name OF the City Treasurer ana for all sucn
deposites he shall take receipt in duplicate
one TO be retained in his office and the other
filed forthwith with the City auditor. who
shall enter the amount in the book kept Tor
that purpose; and all checks drawn against
such deposites shan he credited on the same
book by the auditor before delivery to the
treasurer, hioh SAID book shan be kept In
such II manner To show All times the
or banks. All such depostes shall he subject
10 paymeat when demanded by the Clty
such depos1tcs rs aforesaid SHAH be required
pay 10 the city Tor the privilege of keeping
such ucpOsitcs. interest amounting To NOT
less than two per cent nor more than four per
cent per annuni upon the amount deposited
as hereinafter provided, and subject always to
such regulations as are imposed by law and
the ordinances of said citv and such rules as
may be adopted by the City council for hold
ine and receiving such depostes; and said
council shall have the right to reject any and
all applications, provided that il the council,
at amy time after having made such designa.
security gwen insufficient. they may require
| a new bond; and il in their opinion the public
| interest requires they may vacate. revoke
\ i'll any way and may again designate de.
pository or repositories as above prov. ded
B,-The amour, TO be paid by any and ali
shall be computed on the daily balance Of the
city city none moneys kept on deposit Itherew,,h
on tho first day of each month
for or -, =. the processing month, and the
privilege of keeping tue same on deposite as
aforesaid snail be credited by the auditor and
treasurer TO the account OF the City general
fund.
AsEcrioN 2.-Depositories, to give bonds, =
under The provisions OF this ordi-
n naam;a. the city city council shah
bonds with tive or more trecholders Of the
state who own unencumbered real estate
therein 10 an AMOUNT IN valuc of at least
| twice lhe amount OF the bond required as
sureties such sureties not to be stockholders
OF. orowners OF such repositories unless the
council ere satisfied upon fnli investigation
| that their responsibility would In no wise be
effected bv the failure of the bank or banker
in behalf of which said stockholders or own
erS sign as sureties Provided however that
ia LEU OF the bond kerenbefore provided for
ana WIN tne same eject, such repositories
may give bona executed as surety by good
reliable, trust or surety or guaranty com pany
or ASSOCIATION authorized under and agreeable
TO the laws OF this stat" To become surety up
on ponds required by law. such bonds in
either case sl;tll be gwen for the safe keeping
ana payment OF such repositories and the
accretionS thereol ana snail run to the city,
10 De approved by the Guy council and con-
oltiohed oh;tt such depository viii at the end
OF each and every month render TO tho city
AUDITOR statement showiLg the several
Gaily balances OF The city held by it during The
lhonth ana Will ON the first day of each
nohth report l" the auditor the amount OF
me accrued interest crctltcd To the city. and
lhit s'l'd iunds. together with The ACQUIRED m
city treasurer copntersigned by the CITY
auullor upon presentation which bond shall
De hleu IN he once OF the city auditor,
Inc Ci,y ,re..,'rar si,,i "i'. VI h ,o,'eu, L.,
~ w. ne oi.S treasurer shaii not nave ON de
ms, AZ ',,s u,,hh, NV any one lma more
hond ,s h,roi', nrnriJed .nv '. hi o. .ae