The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-12-16

ORDINANCE NO. 49, Providing
for depository for the funds of the
City of Marion, Ohio, and prescrib-
ing the manner the same shall be
done.
Be it ordained by the Council of
the City of Marion, State of Ohio:
Section 1. That for the providing
of depository for the funds of the
city of Marion, Ohio, the City Aud
itor be and he is hereby authorized
and directed to advertise for bids
from the local banks, situated with
I'm Marion county, Ohio, under the
following conditions:
First--All bids shall be sealed and
deposited with the City Auditor by
IL o'clock noon on the 31st day of
December, 1909, and immCdiately
thereafter in the presence of the
mayor and finance committee, in
full publicity he shall open said
bids and make a full report of same
to the council at their next regular
meeting. The council can then
award to the highest ana best bid
der the contract of acting as the
city's depository.
Second-The bank bidding the
shall pay on deposited funds OF said
city shall be the one to- whom the
award is made, provided. however
that in case of tie the. money
shall be divided pro rata among all
the said banks.
Third-The bank or banks receiv-
ing said contract shall give q bond
to the City of Marion, upon which
1a
suerty company authorized to do
business in the State of Ohio. The
bond shall be approved by the Coun-
Gil of the City of Marion. and shall
be 25 per cent. more than the max
imum amount to be deposited at any
one time provided that said
surety bond may be increased or di-
minlshed according to the amount OF
deposit.
Fourth-The contract for acting
as depository for the funds of the
City of Marion, Ohio, shall be made
between the city and the highest
bidder for a term of two years from
the 1st day of January, 1910.
| Fifth-Each bidder shall deposit
with said bid certified check for
the sum of Five Hundred ($5OO)
dollars payable to the City of Ma
rion, and should the bidder to whom
the contract Is awarded refuse or
neglect to accept said contract or
fail to file the surety bond provided
within ten days after the award is
made the said deposit shall be re-
tained by the City of Marion, Ohio,
as liquidated damages for said fall
ure.
| Sixth-The City Auditor shall
have on file in his Office an estimate
of the amount of funds to be de-
posted and a form of contract and
bond required by the successful bid
der.
| Seventh-The bank or banks to
whom said contracts Is awarded
must pay the interest due on City's
funds so deposited to the City Aud
itor at least every six months and
furnish him an itemized statement
of the interest account, the correct
ness of which he shall Immediate
Ily proceed to ascertain and the IN
terest funds so received by the City
Auditor shall be Immediately placed
by him to the cerdit of the sinking
fund.
| Eighth-No bids shall be received
by the Council unless In strict COM
rlance with this ordinance.
Section 2. The City Treasurer
and City Auditor be and are here
by authorized and directed to de-
posit all moneys in the banks or
bank awarded said contracts ac-
cording to the terms thereof and to
use no others.
| Section 8. This ordinance shaii DC
in full force from and after its pass
age and legal publication.
Passed December 6, 1903.
s. r. RAUHAUSER,
President of city Council.
Approved by the Mayor, Louis
Scherff
Attest: Charles NJ. Tobin, City
Clerk.
Star 12-S-15-O9. Mirror 1873 16 o9