Chapter 2.88
DEPOSIT OF FUNDS
Sections:
2.88.010 Financial institution designated.
2.88.020 Financial institution – Authorization of payments.
2.88.040 Execution of other agreements – Authority.
2.88.050 Indemnification of financial institution.
2.88.010 Financial institution designated.
Cashmere Valley Bank (the “financial institution”) at any one or more of its offices or branches is designated as the financial institution of and depository for the funds of the city, which may be withdrawn on checks, drafts, advices of debit, notes or other orders for the payment of moneys bearing the signatures of the city clerk-treasurer, the mayor and the city administrator, or any one those officers or employees of the city (“agents”). The financial institution shall be and is authorized to honor and pay the same whether or not they are payable to bearer or to the individual order of any agent or agents signing the same. (Ord. 947 § 1, 1999).
2.88.020 Financial institution – Authorization of payments.
The financial institution is hereby authorized and directed to accept and pay without further inquiry any item drawn against any of the city’s accounts with the financial institution bearing the signature or signatures of agents, as authorized above or otherwise, even though for deposit to the agent’s personal account, and the financial institution shall not be required or be under any obligation to inquire as to the circumstances of the issue or use of any item signed in accordance with the resolutions contained herein, or the application or disposition of such item or the proceeds of the items. (Ord. 947 § 2, 1999).
2.88.030 Authority of agents.
Any one of such agents is authorized to endorse all checks, drafts, notes and other items payable to or owned by this city for deposit with the financial institution, or for collection or discount by the financial institution, and to accept drafts and other items payable at the financial institution. (Ord. 947 § 3, 1999).
2.88.040 Execution of other agreements – Authority.
The above named agents are authorized to execute such other agreements, including, but not limited to, special depository agreements and arrangements regarding the named, conditions, or purposes for which funds, checks, or items of the city may be deposited, collected, or withdrawn and to perform such other acts as they deem reasonably necessary to carry out the provisions of this chapter. (Ord. 947 § 4, 1999).
2.88.050 Indemnification of financial institution.
The authority hereby conferred upon the above named agents shall be and remain in full force and effect until written notice of any amendment or revocation thereof shall have been delivered to and received by the financial institution at each location where an account is maintained. The financial institution shall be indemnified and held harmless from any loss suffered or any liability incurred by it in continuing to act in accordance with this chapter, so long as such loss or liability is not caused by the negligence or willful act of the financial institution. Any such notice shall not affect any items in process at the time notice is given. (Ord. 947 § 5, 1999).