§ 37.32. General depository account.

All public money, except that deposited in special depository accounts, shall be deposited into the general depository account. All earnings on the investment of public money in the general depository account shall be credited to the general fund except those earnings that are required to be credited to a particular account by ordinance or federal law. It is intended that this concentration in one general depository bank will enable the City to obtain banking services of the highest quality at the lowest cost. It is also intended, however, that the Investment Officer is to seek competition in the investment of public money and therefore may invest all or part of that public money outside the depository banks. The general depository account may be in the form of a demand deposit account.

(Ord. 789-1986; Ord. 611-1985)