1. Subject to the provisions of section 110.030, the city council, at its regular meetings in July of each year, may receive sealed
proposals for the deposit of the city funds from banking institutions doing business
within the city that desire to be selected as the depositary of the funds of the city. Notice that bids will be received shall be published by the city clerk not less
than one nor more than four weeks before the meeting, in some newspaper published
in the city. Any banking institution doing business in the city, desiring to bid, shall deliver
to the city clerk, on or before the day of the meeting, a sealed proposal stating
the rate percent upon daily balances that the banking institution offers to pay to
the city for the privilege of being the depositary of the funds of the city for the
year next ensuing the date of the meeting; or, in the event that the selection is
made for a less term than one year, as herein provided, then for the time between
the date of the bid and the next regular time for the selection of a depositary. It is a misdemeanor for the city clerk or other person to disclose directly or indirectly
the amount of any bid to any person before the selection of the depositary.
2. Notwithstanding the provisions of subsection 1 of this section to the contrary,
the city council of any third class city with a population of more than fifteen thousand
and less than nineteen thousand that is located in any county of the fourth classification
with a population of more than forty thousand and less than forty-eight thousand three
hundred, or of any city of the third classification with more than ten thousand five
hundred but less than ten thousand six hundred inhabitants may receive sealed proposals
for the deposit of city funds from banking institutions doing business within the
city at any of the regular meetings of such city. The city shall send notice of bids to each banking institution in the city by regular
mail at the time the notice is published in the newspaper in subsection 1 of this
section. The banking institution selected as the depositary shall be offered a depositary
contract for a maximum of two years. Any such city shall follow the bid procedure established in subsection 1 of this
section, except as otherwise provided in this subsection.
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