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=HANOI NO. 6.
AN OR1INANOB PROVt1INa. POR TRH
DEPOSIT Off' CITY PONDS.
BE IT ORDAINED BY THE COMMISSION O' TUB CITY 0P MIAMI:
SECTION I: That the bireotor of ?inanoe is hereby
authorized•to deposit, subject to call, the moneys of the
City in such banks in the City as will offer best induoements
as to interest. Provided, that in suoh designation by the
Director of Finance where banks offer equal inducements
as to interest it shall be the duty of the Director of
Finance to designate such banks, and suoh banks shall be
entitled to their pro rata share of such deposits.
SECTION 2: The security to be given by such banks
as may be designated under the preceding section shall consist
either of bonds of the United States, State of Florida, or
any politioal subdivision thereof, the City of Miami, provided
that the interest on such bonds shall not have been defaulted
for six months preceding, or a depository bond with some
responsible surety company authorized to:do business in the
State of Florida ae surety thereon, and it shall be the duty
of the Director of Finance to demand increased security from
said banks commensurate with the funds on deposit therein at
any time, and the Director of Finance is hereby authorized to
reduce the amount of seourtty at .any time that the funds OA
deposit with any bank obeli be diminished below the amount of
security held by the City from suoh bank, provided that at no
time the amount on deposit at any bank shall exceed the par
value of the, security furnished by said bank.
PdTSGN Wit,
The 'Director of yinanoe is hereby &,rented
to &spotlit daily all moneys oo,.3.eoted by the Oity except such
amount as it may be necessary to steep on hand in oash for
the expeditious transaotion of the Oity's business.
SEOTtON 4: The foregoing ordinance is here &malared
to be an emergency measure on the ground of urgent public
need for the preservation of property of the City, and shall
go into effect immedigtely.
SECTION 5: The reading of this ordinance on two
separate days is hereby dispensed with by a four -fifths vote
of the Commission.
PASSED AND ADOPTED at a regular meeting of the
Commission on Tuesday, August 30th, 1921.
ATTEST:
City Clerk.
Approved:
Maymr.