§ 3.04.040. Funds—Initial disposition

All city funds collected by the finance director, or the officer of the city charged by law or ordinance with the responsibility for collecting same, shall be delivered or deposited as follows:

A.

The treasurer's funds and the unrestricted funds shall be delivered to the city Treasurer for deposit. At the option of the officer of the city collecting the treasurer's funds and the unrestricted funds, instead of physically delivering said funds to the city treasurer for deposit by him or her, said funds may be deposited in an account established by the city treasurer for such deposits. Each such account shall be established by the city treasurer as an interest-bearing account in a legal depository selected by the city treasurer for the deposit of such funds. Officers and employees of the city making deposits in such account shall advise the city treasurer of both the making of each such deposit and the fund of the city to which the deposit shall be credited.

B.

The restricted funds shall be deposited in accordance with the provisions of the contract approved by the city council or in accordance with any applicable statute or regulation, which governs the deposit of such funds, whichever is applicable.

C.

The city council, the city treasurer and the finance director may agree to jointly use the services of a single depository for the deposit of treasurer's funds and restricted funds.

(Ord. No. 359)