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<br />SECTION 129.10. DEPOSITORIES. <br /> <br />(a) The Director of Finance shall determine <br />the amount of Public Moneys which shall be available <br />in Active Deposits to (i) provide the needed cash <br />flow to pay warrants and checks issued and outstand- <br />ing, and to provide for a reasonable surplus in <br />addition to the amount needed to pay such warrants <br />and checks, and (ii) maximize the interest received <br />on Public Monies of the City . Interest on Active <br />Deposits shall be paid or credited by the City's <br />designated Eligible Depositories at least quarterly <br />and when funds are withdrawn, computing th~ time of <br />payment from the date of deposit. No service charge <br />shall be made by a designated Eligible Depository <br />against an Active Deposit or collected from or paid <br />by the Director of Finance unless such service <br />charge is the same as is customarily imposed by <br />institutions receiving money on deposit subje·ct to <br />check, in which event the Director of' Finance may <br />pay such charge. All Public Moneys of the City not <br />deposited in Active Deposits shall be invested <br />pursuant to Section 129.11 of the Codified <br />Ordinances. <br /> <br />(b) The Director of Finance shall, by a writ- <br />ing filed with the Clerk of the Council, designate <br />one or more Eligible Depositories as the depository <br />or ,depositories_ of the City's Active Deposits. When <br />more than one Eligible Depository is designated, the <br />Active Deposits shall be allocated among the <br />Eligible Depositories from time to time at the sole <br />discretion of the Director of Finance. The Director <br />of Finance shall consider the following in making <br />the designation: <br /> <br />(1) the rate or rates of interest paid on <br />Active Deposit; <br /> <br />(2) the convenience of the location of the <br />depository's offices; <br /> <br />(3) the service charges, if any, that will be <br />made £or the services of the depository; <br />and <br />(4) any other terms or conditions with respect <br />to the depository's acceptance of the <br />City's Active Deposits. <br /> <br />(c) The initial designation of depositories <br />for the City's Active Deposits shall be for a period <br />not to exceed two (2) years and shall be made with~ <br />out giving the notice hereinafter provided for. <br />Subsequent designations of depositories for the <br />City's Active Deposits shall be (i) for a period <br />specified in the Director of Finance's written <br />designation of depositories pursuant to division (b) <br />of this section, which period shall not be less than <br />six months nor longer than two years, and (ii) shall <br /> <br />-4- <br />