HomeMy WebLinkAbout1957-07 01-22 CCO AN ORDINANCE AUTHORIZING INVESTMENT OF
CERTAIN MONEYS IN UNITED STATES SECURITIES
THE VILLAGE COUNCIL OF THE VILLAGE OF BROOKLYN CENTER DO ORDAIN AS FOLLOWS:
1. A new chapter shall be added to the ordinances of the Village of
Brooklyn Center and shall be identified as Chapter 36 to read as follows:
Section 36 -101. Whenever there is required to be posted with the
'Village of Brooklyn Center a bond conditioned upon the performing or doing of any
act or acts which bond is given as security for the performance of such acts
and in lieu thereof the person charged with the responsibility of posting or
supplying said bond elects to tender a certified check, bank draft or similar
negotiable instrument, the tender of such check or draft shall be subject to
the provisions of this ordinance.
Section 36 -102. All certified checks, bank drafts or similar negotiable
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instruments which are accepted by the Village Council under section 1 of this
ordinance shall be deposited in the investment trust fund of the Village of
Brooklyn Center. Such money may be commingled with other moneys in said
investment trust fund and may be invested or reinvested in United States
Government securities.
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f Section 36 -103. There shall be maintained an accurate account of such
checks so deposited. The funds so deposited shall not be used for any purpose
other than for investment and there shall be maintained in said account or to the
credit thereof at all times investments in United States securities together with
the cash balance in said account in excess of the anount of checks so deposited.
Section 36 -104. All interest earned by the investment of the moneys
deposited in said account shall belong to the Village.
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Section 36-105. The Village Council shall invest such funds only
in such manner as will permit reasonably prompt payment or return of the amount
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of any such certified check or draft whenever the depositor shall be entitled to
the return thereof.
2. This ordinance shall take effect from and after its publication.
Passed by the Village Council this . 2,.�day of , 1957.
Attest: Matyo
lark
(Seal)