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The comptroller may designate from time to time, for such period of the fiscal year as he deems advisable and for the best interests of the city, one or more of the depositaries selected in accordance with law as an active bank or active banks and to rescind such selection or selections at any time when in his judgment such change should be made, but no bank shall be selected as an active bank unless its aggregate capital stock and surplus at the time it is accepted as a city depositary is $500,000.00 or more.
(Prior code § 7-36)
During the period for which any such depositary of city and school funds shall be designated as the active bank under the provisions of Section 2-32-480, the treasurer shall deposit all monies received by him in such active bank and shall draw his checks upon such active bank to pay warrants drawn upon him.
School funds may be deposited in any such bank in an account separate from city accounts and the title of the accounts so established shall appropriately describe the same as school funds.
(Prior code § 7-37)
The treasurer shall make a monthly report to the comptroller, under oath, for each calendar month, of all interest monies received by or credited to the treasurer or to the city by any depositary in which is deposited any interest-bearing monies of the city, including trust funds and special deposits.
Such report shall show the name of the depositary where any interest-bearing monies are deposited, the average sum of money on deposit in each depositary during the calendar month, the interest paid or credited thereon by each depositary, and the average rate of interest so paid or credited.
Such report shall he made and verified to the comptroller on or before the fifth day of the month next succeeding the month for which the report is rendered.
(Prior code § 7-38)
ARTICLE VI. INVESTMENT OF CITY FUNDS AND MUNICIPAL BONDS (2-32-515 et seq.)
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