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This Chapter may be utilized to take bids for investment of idle funds or funds not immediately required for the purpose for which the funds were collected or received. If the City Treasurer deems it necessary to employ this Section, notice shall be published in the official City newspaper or, in the alternative, a copy of said notice may be mailed, postage prepaid, to all interested institutions. The City Clerk shall make a proper certificate of mailing, should this option be employed. Said notice shall be directed to all commercial banks and savings and loan organizations having offices within the City. All bids may be rejected if deemed in the best interest of the City. Further, this Section is subject to the restrictions of Kansas Statutes Annotates section 12-1675, as amended, along with any other applicable laws or statutes. (Ord. 945, 3-2-1991; amd. 1998 Code)
This procedure may be avoided if it is impossible or impracticable to do so. If an emergency exists, the Mayor shall make such a declaration and his decision shall be reviewed at the next regularly scheduled meeting of the City Council. Any action that circumvents the public bidding procedure shall be acted upon in a public meeting and the determination shall be noted and summarized in the minutes of said meeting. (Ord. 945, 3-2-1991)
Any person violating any provision of this Chapter shall be subject to penalty as provided in Section 1-4-1 of this Title. (1998 Code)