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(A) The Board of Finance of the City of Brazil, Indiana is designated and created pursuant to I.C. 5-13-7.
(B) The Board is to meet biennially for the purpose of designating depositories for the depositing of public funds.
(C) The Board is to receive proposals from certain banks and trust companies for the purpose of being designated and depository for the purpose of receiving public funds.
(D) The Board shall have supervision of all public funds of its city and the safekeeping and deposit thereof in accordance with the applicable laws of the State of Indiana.
(E) The Board shall require the Brazil Clerk-Treasurer to deposit and maintain the balance in each designated depository in proportion to the total resources of each depository as it bears to the total resources of all depositories so designated for receiving public funds.