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Regulation 3140 – Banking Services

For purposes of letting bids, the Board will divide District funds into no fewer than two nor more
than ten equal parts. Each eligible bidder may bid for any number of the parts. However, the bid for
each part must be separate. Notice that bids for depositary of District funds will be received will be
published in a newspaper within the county which publishes at least five times per week or, if no
such publication exists, then notice will be published in a newspaper of general circulation within the
county. Notice that bids will be received will be published at least twenty (20) days prior to the date
designated for acceptance of bids.

Each eligible bidder is required to deliver to the secretary of the Board a sealed bid stating the rate of
interest or the method by which the interest will be determined for the term of up to five years as
specified in the notice to bidders. Each bid must be accompanied by a certified check drawn upon a
county bank or a bank in an adjoining county made out to the District in an amount of no less than
two thousand five hundred dollars. The bidder’s certified check is required as a guaranty of good
faith that if selected as depositary, it will deposit the required security. Bids will not be disclosed
prior to opening at a public meeting.

On the date designated for acceptance of bids, the Board/designee will publicly open each bid and
will verbally read and document each such bid. After discussion and after any clarification of bids,
the board will select the successful bidder( s) for each fund part let for bid. Upon award of the
depositary bid(s ), the security checks will be returned to all bidders. The Board reserves the right to
reject any and all bids. Depositary contracts may be terminated at any time by the mutual agreement
of the Board and the depositary.

Interest on funds deposited will be computed on the daily balance and will be payable on the first day
of each month to the treasurer of the District for credit of the District. No later than the fifth day of
each month, the District’s depositary(s) will provide to the secretary of the Board a written
accounting of the interest paid by the depositary on District funds.

District funds will be deposited in the name of the District. No funds may be withdrawn except by a
legally drawn check bearing the signatures of the president and the treasurer of the Board or by wire
transfers executed by a person designated by the Board to execute such transfers.

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