Albuquerque morning journal., 1910-05-28

the ordinance as city dcpoSitorie5
q. A. Matson, city treasurer now
keeps the funds IN the First National
bank The ordinance, should II pass,
Is SO drafted as TO so into effect with
i'm fifteen days after 1t is placed ON
the city statute books.
Tho ordinance in lull is as follows;
t}e II ordained lay the city Council OF
the CITY OF Albuquerque.
section /. The Bank of Commerce
| Iof Albuquerque. The First National
Bank OF Alhuauerquc The state Ma
tional Bank of Albuquerque, are here
hy designated as places Of deposit of
the monies belonging To the city of
Albuquerque, in the hands Of the city
treasurer upon compliance by them
with the provisions of this ordinance,
and the city treasurer Is hereby re-
auircd "a Keep all monies in his hands
belonging to the city, in such of said
banks as shall quality as such place
of deposit as herein provided.
Sec. .. Before either OF said banks
shall be qualified To act as such de-
positorN, and before the city treasurer
is authorized or required to keep any
| of the city monies therein. the said
bank shall within five DAYS from the
date of the passage of this ordinance,
notify the city treasurer OF it's inten-
tion 60 qualify as such depository, and
within ten DAYS after such notifica-
ton shall execute ana deliver to the
city of Albuquerque, a bond of double
the amount of the deposit to be reeciv-
ed by 1t at the time OF its dualifica-
tion MS such depository, conditioned
that such bank viii properly pay out
to the parties entitled thereto all city
monies in its hands upon lawful de-
mand. viii pay to the city. interest at
the rate of 3 per cent per annum on
all daily balances, on all city monies
held hy IT, subject to check to be cred
tied monthly, interest 1T the rate oi 4
| per cent per annum on all city mon
les held by it not subject to check. in-
Guiding the building fund now ON
| hand payable and to be credited SEMI
| Annually; will equalize by clearances
II least once n week between 1t and
| the other city repositories, the distri-
button of the city monies under the
direction Of the city treasurer, so as to
maintain as nearly as may be, oqun
| balances in each of said repositories
viii render just ana true accounts and
| statement Of the city monies held 10y
! 1t TO the city treasurer at least once
a month and oftenor If required, anc
upon the termination OF it's designation
as depository under this ordinance ol
| otherwise, Will pay over TO the city
| treasurer, an city monies, held by II
ana for which II may be accountable
! II at any time after such qualifica-
ton. the amount of the city deposits
shall substantially exceed onc-half
| the penalty of said bond, the city
council may require an additional bono
| to secure such excess.
| The surcties on said bond shall be
4 tte g.stt
ana shall be the owners in aggregate
| OF property IN this territory over and
above their Just debts and liabilities
and the amount by law exempt from
execution, of at least the value of the
penalty of said bonds ana no person
shall be accepted as surety on tn,
| bond of more than one bank at one
time, or such bank may execute such
| band with a surety or fidelity com
| pany. authorized TO do business under
the laws Of this territory, as surety.
An such bonds shall be approved
| by the city council and said bonds
And the approval thereof, spread "a
large upon its minutes.
! Any of said banks fniling to eXccut,
and file such bond within Is days o
the date OF the passage of this ordi
nance, shall not be qualified To act as
such city depository ana its designa-
tion as such shall stand repealed. Ana
Amy Of suid banks falling to perform
the conditions Of said bond in the
manner therein prescribed shall like-
wise forfeit its right to act as city de-
postprv ana its designation as such
shall also stand repealed
II shall he the duty OF the city treas
urer, Immediately after five days from
the date of the passage of this ordi-
nance, to notify the bank which has
signified TO him its intention to quali-
Is as city depository of the amount
of the penalty Of the bond to be eXe-
cuted by 1t respectively.
See g. Immediately after the ex-
piration Of Is DAYS from the date OF
the passage of this ordinance. the city
treasurer, is hereby required 10 de-
post with such Of said banks as shah
have qualified as city depository under
this ordinance, all city monies iu his
hands, Us such treasurer. IN us near
~ equal parts as practicable and II Is
hereby further made his duty to
maintain in each of said banks as
nearly equal as possible, SO that no
advantage or favoritlsm shall be
shown to any bank, and balances
shall be maintained in each thereof
as nearly as practicable, in accord
the spirit Of this section being that
the city treasurer shan keep equal
amounts of city monies in each OF the
banks, qualifying as city depository,
under this ordinance: Provided. that
if only one of such banks shall quail
fy as such city depository, the city
treasurer is required TO keep all Of the
city money in his hands in the bank
so qualifying.
See 4. Every deposit made by The
city treasurer In the said city dcpos-
tories shall be carried on the books
thereof in his name and in such
manner as he shall direct, ana every
such depository shall keep It's ac-
counts with the treasurer In such
form as he shall prescribe.
Sec. 8. Every wltul violation OF
any Of the provisions Of this ordinance
by the city treasurer, shall be pun
ishcd upon conviction by fine OF
800 Tor each offcnse.
See 6. Nothing in this ordinance
contained. shall be construed as taxi
lug the custody Of the city monies
rom the treasury of the city,
See. Z. All ordinances and parts
II ordinances in conflict herewith are
hereby repealed