(A) Pursuant to I.C. 5-13-6-1, the city hereby establishes First Bank of Berne and Farmers & Merchants State Bank as depository banks for the depositing of the public funds of the city.
(B) Pursuant to I.C. 5-13-6-1, except as provided in division (C) below, all public funds shall be deposited not later than the business day following the receipt of said funds on business days of the depository in one or more of the established depositories in the name of the city by the officer having control of said funds.
(C) If the receipt of said public funds on hand do not exceed $500, then said funds are not required to be so deposited until the business day following the day that the funds on hand exceed $500.
(D) The Clerk-Treasurer shall reconcile at least monthly the balance of public funds, as disclosed by the records in the Clerk-Treasurer’s office, with the balance statements provided by the respective depositories.
(Ord. 736, passed 1-25-21)