(A) The town, through its Clerk-Treasurer may deposit public funds in a financial institution only if the financial institution is a depository eligible to receive state funds.
(B) The Clerk-Treasurer shall deposit funds not later than the business day following the receipt of funds on business days of the depository in depositories designated in this subchapter, according to the following:
(1) All financial institutions located in the corporate boundaries of the town are approved to serve as public depositories of the town as long as the financial institution is also listed as an approved as depository of state funds, and satisfies the provisions of division (A) above; and
(2) Public funds deposited under this subchapter shall be deposited in the same form in which they were received.
(C) Any depository designated under this subchapter may resign as a depository and relinquish all public funds on deposit with the depository. The resignation is effective after 30 days notice in writing to the State Board of Finance and after settlement with the Clerk-Treasurer for all public funds on deposit with the depository.
(Ord. 2009-4, passed 4-14-2009)