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(A) The City Manager and the Director of Finance have designated Citizens Bank of Kentucky, City National Bank, Community Trust Bank, Fifth Third Bank, Kentucky Farmers Bank, Peoples Bank, PNC Bank, and Town Square Bank, all of this city, as depositories of the public funds of the city, as well as FSA Bancorp, U.S. Bank and other institutions that may be required as related to bond issues, and this designation is hereby approved and confirmed.
(B) The City Manager is hereby authorized to execute a contract, for and on behalf of the city, with each of the banks designated in division (A) above, for the deposit and control of the collateral bonds in accordance with the terms of this subchapter. When so executed by both parties, the contract together with this subchapter shall constitute a binding contract between the banks and the city.
(‘83 Code, § 36.11) (Ord. 26-1967, passed 9-26-67; Am. Ord. 17-2018, passed 1-25-18)