Chapter 427 — Deposit of Public Funds

427.01 Deposit of Public Funds This section requires city councils in statutory cities and fourth-class cities to choose banks as depositories for city … 427.02 Depositories This section gives city councils the power to choose which banks hold city money. It limits how much can be deposited in … 427.03 Duty of Treasurer; Exemption From Liability This section says the city treasurer must keep funds in the banks chosen by the council. If the treasurer does so and a … 427.04 Failure to Designate If the city council fails to designate depositories, the city treasurer remains fully liable for any loss of public … 427.05 Duty of Council; Interest This section requires city councils to choose safe banks and get the best possible interest rates for city deposits. All … 427.06 Money, How Deposited; Checks, How Drawn City money must be deposited in the city's name. The bank can only pay out money when a check is signed by the treasurer … 427.07 Withdrawal of Funds The city treasurer must withdraw all funds from a bank when told to do so by the sureties on the treasurer's bond or by … 427.08 This section has been repealed or its content relocated. It originally contained additional rules about city fund … 427.09 Failure to Designate Depository If the city council does not designate a depository within 30 days of the fiscal year, the treasurer can select up to … 427.10 Treasurer, Liability When the city treasurer deposits money in banks as allowed under section 427.09, the treasurer is not personally liable … 427.11 Interest on Funds All interest earned on city funds deposited under sections 427.09 and 427.10 must be credited to the city's respective … 427.12 Warrant as Check on City Depository In second, third, and fourth-class home rule charter cities, a disbursement order or warrant becomes a check on the …