Type: MAUNOTParty: County: PulaskiAttorney/Contact: Tina Timmons
BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF MAUMELLE, COUNTY OF PULASKI, STATE OF ARKANSAS, AN ORDINANCE TO BE ENTITLED: ORDINANCE NO. 1106, AN ORDINANCE TO AMEND THE MAUMELLE CITY CODE TO ADD A NEW SECTION CONCERNING CASH BONDS POSTED AND CASH DEPOSITED WITH THE CITY, AND FOR OTHER PURPOSES
WHEREAS, the Maumelle City Code currently allows posting a cash bond or depositing cash with the city in lieu of a surety bond, see, e.g., §§ 66-37, 70-145(d), 90-41, C-171(b); and
WHEREAS, the city must responsibly deposit these moneys in an interest-bearing account or otherwise invest it; and
WHEREAS, the Maumelle City Code does not currently specify the disposition of interest or dividends accruing on these cash bonds or deposits; and
WHEREAS, the city council desires to clarify the Maumelle City Code to specify that the city will retain all interest and dividends earned on cash bonds posted or cash deposits made with the city.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MAUMELLE, ARKANSAS, AS FOLLOWS:
Section 1. The Maumelle City Code is amended by adding a section to read as follows:
Section ___ – ___. Cash bonds and cash deposits.
(a) Cash bonds posted and cash deposited under sections 66-37, 70-145(d), 90-41, or C-171(b) of the Maumelle City Code, or under any similar provision of law, shall be promptly deposited by the city into an interest-bearing account or otherwise invested.
(b) Interest and dividends earned on such cash bonds and cash deposits with the city shall be kept by the city and added to the city’s general fund.
Section 2. (Do not codify.) Codification. It is the intention of the city council that the provisions of this ordinance shall become and be made a part of the Maumelle City Code.
Section 3. (Do not codify.) Repealer. All other ordinances or parts of ordinances in conflict herewith are hereby repealed to the extent of the conflict.
Section 4. (Do not codify.) Severance. If any clause, sentence, paragraph, section or other portion of this ordinance is found to be unconstitutional, invalid, or inoperative by a court of competent jurisdiction, such findings shall not affect the validity of the remainder of these sections, nor shall any proceeding invalidating any portion of any section operate to affect any portion of the remainder of said sections not specifically attacked in said proceeding. Adopted this 5th day of February 2024. DR1T 2/13/2024.