The Council shall provide by ordinance for the deposit by the Director of Finance and Public Record of all moneys coming into his hands as City Treasurer in such financial institutions authorized by Revised Code Chapter 135: Uniform Depository Act as are named in said ordinance except for such funds as are required to be trusted or deposited to comply with bond funding requirements. To secure such deposits such financial institutions shall be required to give good and sufficient bond or bonds, subject to the approval of the Mayor. The total moneys on deposit in any financial institution shall not exceed its paid-up capital stock and surplus.
(Approved by voters 11-4-14)