(a) Authorized depositories. The following named banking institutions in the city are designated as depositories for public funds and moneys of the city: Barbour County First National Bank.
(b) Special funds. Special funds of the city as set forth below or as hereafter created by the city or any of its departments, boards, commissions or agencies shall be placed in the authorized depositories in such a way and manner as to maintain the total funds as equal in the several depositories as fair and reasonable:
First National Bank | Philippi Communication System |
First National Bank | City of Philippi Waste Department |
First National Bank | City of Philippi City Building |
First National Bank | City of Philippi Transfer System |
First National Bank | City of Philippi Central Garage |
Barbour County Bank | Philippi Town Revenue Sharing Fund |
Barbour County Bank | City of Philippi Coal Severance Tax Revenue |
Barbour County Bank | City of Philippi General Fund |
Barbour County Bank | City of Philippi Electric Department |
Barbour County Bank | City of Philippi Water System |
Barbour County Bank | City of Philippi Sewerage System |
First National Bank | Philippi Sewer System |
Barbour County Bank | City of Philippi Electric Department |
First National Bank | Philippi Municipal Equipment Fund |
Barbour County Bank | City of Philippi - Mellie Parking Lot |
(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 and before July 1 of each fiscal year provide and execute a bond in an amount to be fixed by the City Manager 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 City Manager 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, 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 safe keeping 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 City Manager 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 and orders. Checks, orders and warrants of the city drawn on the funds or money of the city as maintained in the several depositories authorized in this article may be signed by either the City Manager or the Mayor.
(e) Mechanical or electrical device for signatures. The signature of either the City Manager or the Mayor may be affixed to checks, orders or warrants of the city by either mechanical or electrical devices, subject, however, to the liabilities for misuse as contained in W.Va. Code § 8-13-22.
(f) Certification of signatures. The authorized signatures of the City Manager and the Mayor 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.