78-O-1r
ORDINANCE NO.
AN ORDINANCE AMENDING SECTION 74 OF THE
CODE OF ORDINANCES BY PROVIDING THAT THE
CITY COUNCIL OF THE CITY OF EDGEWATER
SHALL DESIGNATE A REPUTABLE BANK AS THE
DEPOSITORY FOR CITY FUNDS SIXTY DAYS PRIOR
TO THE BEGINNING OF THE FISCAL YEAR; RE-
PEALING ALL ORDINANCES IN CONFLICT HERE-
WITH AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF EDGEWATER, FLORIDA:
SECTION 1: That Section 74 of the Code of Ordinances of the City
of Edgewater, Florida is hereby amended to read as follows:
Sec. 74. Designation: surety bond.
Sixty days prior to the beginning of each fiscal year, the
city council shall designate some reputable bank, located
in the State of Florida, as a depository for all funds of what-
soever nature belonging to the city. Such depository
shall be selected by the city council and shall be designated
as city depository for one year, or until its successor has been
designated. The bank or banks designated as city depository
shall give surety bond or other security satisfactory to
the city council guaranteeing the safety of the city's funds
and the faithful performance of its duties.
It shall be the duty of the city council, before designating
a depository, to carefully consider the reputation, financial
condition, facilities for service and reate of interest offered
by all banks.
The officers of the bank or banks selected to be the city
depository shall not be considered to be city officers. (Ch. 27532,
57, Sp. Acts 1951)
SECTION 2: That all Ordinances or parts of Ordinances and all Re-
solutions or parts of Resolutions in conflict herewith be and the -same are
hereby repealed.
SECTION 3: This Ordinance shall take effect immediately upon its
adoption by the City Council and approval as provided by law.
SECTION 4: The City Clerk is hereby directed' to advertise this Or-
dinance as required bylaw.
The first reading of the above Ordinance was read in full and passed
by a vote of the City Council of the City of.Edgewater, Florida,_at a regular
meeting of said Council held on the day of L� Jat t> , 1978.
7,?-0 - /
and approved as provided by law.
The second reading of said Ordinance to be at a
meeting of the City Council to be held on the o2 3 --1 day of
1978.
Noll Call being as follows:
ATTEST:
FIRST READING
SECOND READING
�'I� au"
City Clerk
Approved this - 4U
Mayor
This Ordinatce Prepared by:
JUDSON I. WOODS, JR.
City Attorney
'®