§ 2-1615. Deposit requirements.

(a)

Deposit deadline. All moneys belonging to the city and collected by any officer or employee shall be paid into the city treasury before 3:00 p.m. of the business day next following the day of such collection. All moneys received into the city treasury shall be deposited daily in a bank or banking institution designated as a depository for city funds.

(b)

Amounts less than $500.00. Where collections are small and do not accumulate to an amount in excess of $500.00 in one week, such moneys shall be paid into the city treasury once each week, or whenever the sum of $500.00 is accumulated, if such sum is accumulated in a lesser period of time; except that no funds in any amount may be held beyond the last business day of each month or the last business day of the fiscal year.

(c)

Agents or private contractors. Agents or private contractors charged with collecting moneys belonging to the city shall be required to meet the city's daily deposit requirements as described in subsections (a) and (b) of this section, unless otherwise specified by ordinance of the city council.

(Ord. No. 070744, § 1, 7-19-07)