Section 53649 - Contracts with depositories; responsibility for securing money depositedThe treasurer is responsible for the safekeeping of money in his or her custody and shall enter into any contract with a depository relating to any deposit which in his or her judgment is to the public advantage. The depository, and the agent of depository to the extent the agent of depository has been notified of deposits and the amount thereof, are responsible for securing moneys deposited pursuant to such a contract in accordance with Section 53652. One copy of each contract shall be filed with the auditor, controller, secretary, or corresponding officer of the local agency. The contract shall:
(a) Fix the duration of deposits, if appropriate.(b) Fix the interest rate, if any.(c) Provide conditions for withdrawal and repayment.(d) Provide for placement of pooled securities in a named agent of depository in accordance with Section 53656.(e) Grant authority for agent of depository to place securities for safekeeping in accordance with Section 53659.(f) Set forth in accordance with Section 53665 the conditions upon which the administrator shall order pooled securities converted into money for the benefit of the local agency, and the procedure therefor.(g) Provide for compliance in all respects with the provisions of this article and other applicable provisions of law.(h) Provide, upon notice to the treasurer from the administrator, that a treasurer may withdraw deposits in the event a depository fails to pay the assessments, fines, or penalties assessed by the administrator or may withdraw authorization for the placement of pooled securities in an agent of depository in the event that the agent of depository fails to pay the fines or penalties assessed by the administrator.Amended by Stats. 1987, Ch. 841, Sec. 1.