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ORDINANCE NO. 1426
AN ORDINANCE ESTABLISHING THAT THE PLACEMENT,
USE AND INVESTMENT OF CITY FUNDS WILL BE AT THE SOLE
DISCRETION OF THE CITY TREASURER
BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF
FAIRHOPE, ALABAMA, AS FOLLOWS:
SECTION I: PLACEMENT, USE AND INVESTMENT OF CITY FUNDS
The City Treasurer is the custodian of all funds of the City of Fairhope. It is hereby
established that all placement, use, and investment of City funds will be at the sole
discretion of the City Treasurer in accordance with all laws and governmental standards
pertaining to public funds. The City Treasurer will keep the Chairman of the Finance
Committee apprised of all banking activities and report to the City Council as required.
SECTION II. SEVERABILITY
The sections, paragraphs, sentences, clauses and phrases of this ordinance are severable,
and if any phrase, clause, sentence, paragraph or section of this ordinance shall be
declared unconstitutional by a court of competent jurisdiction, then such ruling shall not
affect any other paragraphs and sections, since the same would have been enacted by
the municipality council without the incorporation of any such unconstitutional phrase,
clause, sentence, paragraph or section.
SECTION III. EFFECTIVE DATE
This ordinance shall take effect immediately upon its due adoption and publication as
required by law.
ATTEST:
ADOPTED THIS 14TH DAY OF JUNE 2010
, City Clerk