(a) Each financial institution listed below is hereby designated as a public depository of active and interim deposits of public funds belonging to the Village, and in the amounts listed below upon said institution pledging or securing to the Finance Director of the Village, eligible securities as provided by the Uniform Depository Act and as set out in the applications for repayment of such public funds to be deposited pursuant to this award.
(1) Community First Bank & Trust: One million dollars ($1,000,000) active deposits;
(2) The Peoples Bank Co.: One million dollars ($1,000,000) active deposits; and
(3) Mercer Savings Bank: One million dollars ($1,000,000) active deposits.
(b) The Village Finance Director is hereby authorized to enter into a depository agreement with each of the financial institutions listed in division (a) of this section.
(Ord. 1448. Passed 6-25-01.)