All financial institutions located within the corporate limits of the City of Cookeville whose deposits are insured through the Bank Collateral Pool administered by the State of Tennessee Treasury Department or who place governmental securities (at market value) in escrow in amounts sufficient to secure by at least 105% or more the municipal cash on deposit at their institution are hereby designated as official depositories for City of Cookeville. Funds may also be invested in the State of Tennessee Local Government Investment Pool.
The finance director, with the approval of the city manager, is hereby authorized to enter into depository contracts for checking account services with authorized financial institutions containing such provisions as deemed necessary in order to accomplish the purpose for which such deposits are made.
Contracts may be terminated by the city or the depository upon sixty (60) days written notice. Certificates of deposit shall be secured by the submission of telephone bids from all official depositories. Bids shall be awarded to the financial institution which provides the highest dollar yield.
(Ord. #099-01-01, Feb. 1999)