§ 20-26. Award of contract; interest; readvertising.

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The county mayor shall be required to receive bids for the custody and deposit of county funds; the county mayor shall award a contract for not more than four years for the custody of county funds to the depository bank whose bid he approves. In such bid and contract the county mayor shall demand and receive interest on county funds on the average monthly balance of county funds deposited under the depository contract. If no award shall be made and no contract executed after the first advertisement for bids, or if no bid shall be received, the county mayor shall have the right and is hereby directed to readvertise and make an award and execute a contract with a depository at some subsequent time.

(Code 1992, § 13-32; Priv. Acts 1917, ch. 481, § 2; Priv. Acts 1937, ch. 496, § 1; Priv. Acts 1984, ch. 248, § 1)

                    
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