RES NO 03-07-2013 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. 3 7- 2013
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN, ARKANSAS,
A RESOLUTION TO BE ENTITLED:
A RESOLUTION ESTABLISHING A CITY DEPOSITORY AND FOR
OTHER PURPOSES.
WHEREAS, the City Council of the City of Van Buren, Arkansas, hereby acknowledges the
mandates A.C.A. 19 -8 -106 which requires a three member board to designate
depositories and supervise the depositing of municipal funds; and
WHEREAS, the City Council recognizes that this three member board may consist of the
Mayor, City Clerk, a City Council Member selected by the City Council or the
City Finance Officer who may in the place of one of the first three listed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF VAN BUREN,
ARKANSAS, THAT:
SECTION 1: The following are hereby appointed and shall constitute the three member depository
board to fulfill, on behalf of the City of Van Buren, the mandates of A.C.A. 19 -8 -106 on
behalf of the City of Van Buren:
A) Mayor
B) City Clerk
C) Alderman— Donna Parker
IN WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did pass,
approve, and adopt, by a vote of for and 0 agai •e foregoing Resolution at its regular
meeting held on the 18 day of March 2013.
1
1
Robert D. Freeman
Mayor
ATTESTED: P' OV 1 T 3 FORM:
i I l
Barbe Curtis Candice A. Settle
City Clerk /treasurer City Attorney
st 4' DEPOSITORIES FOR PUBLIC FUNDS
)35, No. 21, 107 19 -8 -10;
5; 1973, No.
1, No. 459, 1; 1995 No. 770 1 As 6 eu i
d Loans shall enter into a depository agreement with earl
1, ?Oljs' "savngs and loans are not eligible as depositories for public
es. The version of 't designated institution.
§6-20 -601 cafe 'tts^ de? 2 1 of 1935. Arkansas State Banking Dept 1 Arkansas
)7 2
sd ys'+ Inets., Inc, 307 Ark. 474, 821 S.W.2d 472 (1991). The depository boards may at any time enter int(
-(5 m depository agreements with any new bank chartered is
Phe 2011 amendment, in (a) s M y 4yy 1f" ex
rose (b) ana (c) "ana "sta ubsht III-7: the bank is certified by the commissioner as barn
ublicfunds" far`statefunde for tote of 1 Dep ository hoards. eligible as a depository of public funds under the laws
and deleted (c). ^r•he qu orum court of each of the several coun- of this state. The certificate shall contain the recom.
1 e ji by ordinance establish a county depository mended amount of public funds the bank may accept,
'al list of eligible ba 74ie county depository board is to be composed of (3)(A) All county and municipal depository agree
on December nks {S k lcaagy judge, the county treasurer and county menu shall be entered into using standardized forme
ish to the govern. the Bank o-S ii or, the sheriff when acting as ex officio tax provided by the State Board of Finance.
A the count g board ofeg t' o r those officials performing the duties of the (B) The forms shall include language necessar to
of an im yboar dofeac6c o t where an elective county office has been create an enforceable perfected security interest in ro ibdivision, h vin ant d istnct-d r y ,,n r g ccordance with Arkansas Constitution, all collateral for deposits.
funds belonging t o t the s s a S f2�egboard shall designate depositories and su- tut
(C) ions giving or holding olateral for deposits st of
ion a list of all the banks 7b ye he dep ositing of all county funds and all other public funds shall comply with federal law so that the
Federal Deposit in this state.w��11'1"'dl {un held by t county treasurer, except funds governmental entity or political subdivision deposit
poait InsuranceT o r-k r ool district, and shall also desig ate deposito- ing public funds will hold a valid claim in deposits
toner shall recomlliend them and'sup' 'se the depositing of all funds collected and collateral given for those deposits against and
t of public funds each bank sd awd'heldb'ythe county collector. prevent avoidance of such a claim by the Federal
None of these public fun ds alb
1 1 may also require county officials to Deposit Insurance Corporation or its successor o r
bank other than those co bef a y q y any similar deposit insurance agency acting
Aq �ntt a iDpdy dli ig{tvr rkansas law.
c ount treasurer more frequent than y P g y actin as re-
ace shall the coin ,.7v§- 1'"' n gmre A server, conservator, or in any other capacity.
Y
missioner (bXEzcept asprovided in subdivision (b)(2)' of this (b) A]] depository agreements shall continue in full
accept, for deposit more pubh 'c k ko'hon?the' following per sons shall constitute a three- force until the bank or banking institution receives
25 of the'tota1 i cri 'membe`r baord to designate depositories and supervise written notice of revocation by the depository board or
accent
lusive of the pub11d fund's ,16e de`p hag of municipal funds: until there is a change of membership on the depository
the amount allowed I t
governing ]na •eetla� (A). mayor board.
g board, ma beta fi c
bank if the excess de osit s is ^�(B city clerk or recorder or clerk- treasurer or (c)(1) The treasurers other public officials or other
p "`I O °recorder- treasurer; and persons having custody of these funds shall de osit
ates Government Bonds goy (C) city counc mem selected by the city them into the designated depositories.
Agency bonds, or demand lo u (2) The depositing o t he s e f i n t o t he d
commonly known as C ot u 'a 2J A1tSough the board shall not total more than depositories shall relieve the public officer or other
loans, being only suc t-31 'Sb` 5 i•--3:33-c4-t% ree`(3) :hiembers, the city council may replace one (1) person and hie or her sureties from any liability for the
ana ae loss of the funds b reason of the default or insolvency
Jnited States of the }}three (3) board members listed. in subdivision Y
FJ rw tt, 3 i
u Y thi se with the city finance officer or other of any depository.
21, 1; Popes D, Yf l voff6eialisicA (3) County offic shall make timely investment of
Dig., 4327 A SA 1 8 0 1- v 'e
i 3) A •madori the board members shall be neces- public funds to earn optimum interest consistent with
originally enacted this s°o �mfe'�r'ol�) dtery to conduct business and to constitute a quorum. the prudent investor rule for investments as defined by
:orporation. However, Reorg Plan` 9`d'> ..�(C) -Th ommissioners of road, drainage, levee, and Arkansas law.
17, 12 Fed Reg 4981, 61 Stat 2 Wmtds�yy
)an Corporation with other igennes,nmily-4'. ot her an a4e vice districts shall designate deposito- (d)(1) County and municipal officials shall require
e Agency. ¶jdtq nab d sup ervise the depositing of funds of their security for the deposit or investment of public funds
s a;Y mapechve'districts, for amounts not fully insured directly by the United
d2CH R EFERENCES :2 §4 4 (d) e l 'he�boa r d o f directors of any school district shall States.
gae ,F„ ro a b oard t designate depositories and super- (2) All security required under this subsection shall
Fifteenth Annual smze d oe °'L 1. rise the depositing of school district funds. All school me et the requirements of an eligible security under
327. y n dlet fun w h et h er held by the treasurer of the 19 -8 -203 and 23- 47- 203(c).
u s t p t y or b y t cou ty treasurer, shall be (3) Public officials may require as a condition for
:ASE NOTES pA u. r depos)ted designated by the board of directors. placing deposits or keeping funds on deposit such
rc rg fi r' fi nancial data as they need to make an informed
i" is l eas No 21, 2; Pope's Dig., 4328; Acts 1945, No. decision, including without limitation quarterly ANALYSIS finan-
fl r2o 1673 No 07, 1; A.S.A. 1917 13 sot; Acts 1687, No. 250, c ial statements, quarterly profit and loss statements,
1 dot 2011SNa
aced a Depository ..a,,, g and tangible net worth or capital -to- assets ratios.
a 'SO' n ^r'SS aiendment The 2011 amendment rewrote (b).
r ti. g t
a i v O 1'
gnated a Depos,tory •C5 ~3 l lQ lj History. Acts 1935, No. 21, 3; Pope's Dig., 4329; Acts 1945, No.
vcuit clerk to cash a checkshownng ,81 .3 poeitOry agreements. 62, 1, 1947, No. 122, 1, 1964 (1st Ex. SeseJ, No. 18, 1 A.S.A.
taxes, with notice clerk wa'veomm'd� e$1) 1947, 13 803 Acts 1987, No. 250, 2 3, 1995, No. 232, 9; 2003,
h
taxes,
designated as deposit ary f Pa +4" of t h ey AG er the receipt from the Bank Commissioner No. 68, 1, 2 2011, No. 619, 2
J zea het of banks or banldn institu and re com- added the
Lion in the breach of trust irre9P� R yu g Amendments. The 2003 amendment added a)(3}
mt or debtor Drainage D,,etafP i- d BmO o public funds each ma accept, the subdivision designations in (d); in present (d)(1), substituted "shall
onesboro, 200 Ask 435u170 W'2d q flffTL boards shall designate the banks or banking require security' for `may require the wliateralization° and deleted the
2., 1$'' =a ut i ons ln W g former last sentence; present (d) added (d)(2); and substituted public officials" far
hu the funds shall be deposited and "They" in prese (d)(3
h
3 f
w, ``F y v -g. G am_, m 8
a