RES NO 02-05-1979 1
CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. S -2 -1979
A RESOLUTION ADOPTING A FINANCIAL POLICY.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN, ARKANSAS
That the attached Financial Policy is hereby adopted.
PASSED AND APPROVED THIS 19th DAY OF FEBRUARY, 1979.
A e l d74 I
Atte
City C er'
CITY OF VAN BUREN
FINANCIAL POLICY
The purpose of this policy is to provide a guideline of "Fairness" in
maintaining the Bank Accounts of the City with the two local banks.
Citizens Bank Trust Company will be referred to as "Citizens" and
Peoples Bank Trust Company will be referred to as "Peoples
The Mayor and City Clerk/Treasurer shall follow this guideline:
1. The General Fund Checking Account and the Payroll Fund Checking
Account shall be maintained at Peoples. All other Checking Ac-
counts of the City shall be maintained at Citizens.
2. The Mayor and City Clerk /Treasurer shall monitor the Checking
Account balances on a periodic basis to see that balances are
kept on a fairly even basis. Should these balances average
higher in one bank than the other, an additional amount of
Certificates of Deposit shall be deposited in the Bank with the
lower checking account balances.
3. Certificates of Llzposit shall be as evenly distributed as possible
except as provided in No. 2 above.
The full intent of this Policy is to keep City Funds as evenly distributed
as possible in the two banks.
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