§ 35.004 OFFICIAL DEPOSITORY OF FUNDS.
   (A)   The Fiscal Officer is directed and authorized to solicit applications from eligible institutions to be depositories of the village’s interim and active funds for five-year terms, as required by law.
   (B)   (1)   On estimate duly made, funds of the village aggregating a maximum amount as determined by Council shall be awarded as inactive deposits as determined by Council.
      (2)   The inactive funds of the village shall be deposited in a financial institution as required by law.
      (3)   The financial institutions offering the highest rate of interest per annum on inactive deposits shall be made the depository or depositories of funds of the village for a period of five-year terms, as required by law.
      (4)   Bids will be received, and notice to all financial institutions in the village and such other financial institutions as may be necessary, as provided by law. The Council reserves the right to reject any and all bids.
      (5)   The funds of the village shall not be deposited in any financial institution until a bond or securities have been deposited with the Fiscal Officer of the village as provided by law.
   (C)   Any and all endorsements for or on behalf of this village upon checks, drafts, notes, or instruments for deposit or collection made with the bank may be written or stamped endorsements of the village without any designation of the person making the endorsements.
   (D)   The bank shall be promptly notified in writing by the Fiscal Officer or any other officer of this village of any change in these resolutions or village bylaws and that, until it has actually received this notice in writing, the bank is authorized to act in pursuance of this section.
(Res. 42-72, passed 12-15-1972; Res. 01-2012, passed 1-3-2012; Res. 02-2012, passed 1-3-2012)