(a) Authorized Depositories. All banking institutions, as defined in West Virginia Code, Article 31-4, located within the City limits and duly incorporated under the laws of this State, or organized under the laws of the United States, are designated and can serve as depositories for public funds and moneys of the City, its boards, commissions, etc.
(b) Deposit of Funds. All funds of the City shall be placed in authorized depositories by the Director of Finance with the approval of the City Manager. These depositories shall be established for all departments, boards, commissions and agencies of the City as may be necessary or as may be required as determined by the Director and/or the City Manager, or as required by law.
(c) Depository Bonds. No public funds or money of the City shall be deposited or kept in any authorized depository until and unless such depository has provided a depository bond as required in this section. Each authorized depository shall, on or before July 1 of each fiscal year, provide and execute a bond in an amount to be fixed by the Director of Finance, which amount shall not in any event be less than the maximum sum that shall be deposited in each such depository at any one time. In the event that it shall appear during any fiscal year that the bond given is not sufficient to exceed the deposited funds, the Director shall require additional bond to be given. As security for the aforementioned depository bond, each authorized depository shall deposit interest-bearing securities of the United States, of the State or of the Federal Land Bank. Such securities shall be hypothecated by proper legal transfer as collateral security to protect and indemnify the City from any and all loss or default on the part of the banking institution in its capacity as an authorized depository. Such securities may be either delivered or deposited with the City in which event the City shall make ample provision for the safekeeping thereof or such securities may be deposited under proper receipt of such securities with the Federal Reserve or with one or more banking institutions within or without the State for safekeeping. The Director may authorize withdrawal, release or substitution of securities when satisfied that full and faithful accounting and payment of all the money has been made or provided for.
(d) Signatures for Checks. Checks and warrants of the City and its boards, agencies and commissions, drawn on the funds or money of the City, as maintained in the several depositories authorized in this article, shall be signed by the Director of Finance and the City Manager or, in a temporary position vacancy or in the temporary absence of either the Director of Finance or the City Manager, the City Clerk shall be authorized to sign all checks and warrants. The City Clerk shall be added as a third signatory for all funds drawn on the City. The only exception to these provisions shall be the Police Department Fund, where the Chief of Police will also be an authorized signatory, and the Clearing Account where the Assistant Director of Finance will also be an authorized signatory.
(e) Mechanical and Electrical Devices for Signatures. The signature of the Director of Finance, the City Manager and the City Clerk may be affixed to checks or warrants of the City by either mechanical or electrical devices, subject, however, to the liabilities for misuse as contained in West Virginia Code 8-13-22.
(f) Certification of Signatures. The authorized signatures of the Director of Finance, the City Manager and the City Clerk and the authorized mechanical facsimile thereof, shall be furnished upon forms of the several authorized depositories and certified as to correctness by the City Clerk.
(Ord. 92-6. Passed 5-7-92.)