The Marion daily mirror. (Marion, Ohio) 1892-1912, 1912-01-18

ORDINANCE NO. 2. Providing for
depository for the funds of the CITY
Of Marion, and prescribing the manner
Of the same shall be done.
BE 1t ordained by the Council Of the
CT yof Marion. state of Ohio:
Section 1. That for the providing of
a depository for the funds OF the City
Of Marion, Ohio. the City Auditor
be and he is hereby authorized and d.
rccted to advertise for bids from the
local banks situated within Marion
County, Ohio, under the following con-
ditions:
FIRST. All bids shall be sealed and
deposited with the City Auditor by IL
o'clock, noon, on the 27th day of jan
uary, 1912. and Immediately thereafter
in the presence of the mayor, auditor
an dhnance committee, in full publici-
ty he shall open said bids and make
full report of same TO the council at
their regular meeting. The council can
then award to the highest and best bid
der the contract of acting as the city
depository.
SECOND. The bank bidding .he
highest rate OF interest, which they
shall pay on deposited funds of said
city shall be the one to whom the
award is made, provided, however,
ttat in a case of tic the money shah
be divided prorata among the said
banks so tying.
THIRD. The bank or banks receiv-
ing said contract shall give bond TO
the City OF Marion upon which the
surety shall be y responsible surety
company authorized to do business in
the State of Ohio, or furnish good and
sufficient surety. The bond shall be
approved by the council OF the City OF
Marion and shall Se twenty-five per
cent. more than the maximum amount
TO be deposited at one time providing
that the said surety bond may be in
cieased or diminished according to the
amount Of the deposit, '."' ",'
FOURTH The contract for acting
as depository for the funds OF tho
City OF Marion Ohio, shall be made
between the city and the highest
bidder for a term OF two years from
the 27th day Of January, 1912.
ISIFyrH. Each bicder shall deposit
with said bid certified check for the
sum Of Five Hundred C$50O.OO) Dol
lars payable to the City of Marion
and should the bidder to whom the
contract is awarded refuse or neg
lect to accept said contract or fail to
file the surety bond or furnish good
and sufficient surety provided within
ten days after the award Is made the
said deposit shall be retained by the
city of Marion. Ohio, as liquidated
Damages for said failure.
SIXTH. The City Auditor shall
have on file In his office an estimate
of the amount of funds to be depos-
ited and form OF contract and bond
required by tho successful bidder.
SEVENTH. The panlS or banks to
whom said contracts is awarded must
pay the interest due on clty's funds
so deposited to the City Auditor at
least every six months ad furnish him
an itemized statement of tho inter
est account the correctness Of which
he shall Immediately proceed TO as
certain and the interest funds 50 re-
ceived by the City Auditor shall be
immediately placed by him to the
credit of the sinking fund.
EIGHTH. No bids shah be re-
ceived by the Council unless in strict
compliance with this ordinance and
the right is hereby reserved by Coun-
ell to reject any and all bids
Section 2. The CITY Treasurer and
CITY Auditor be and are hereby
authorized and directed to deposit all
moneys in the bank or banks award
ed said contracts aconding to the
terms thereof and to use no others.
Section 3. This ordinance shah be
in force from and after the earliest
period allowed by law.
Passed January 8. 1912.
EARL II. SMART,
President of City Council
Approved by the Mayor, Claude ID.
Walters.
Attest Elmer e. Blazer, City Clerk.
Iltal L..