All funds and money belonging to the village in the custody of the Treasurer shall be kept upon deposit in banks and institutions as designated as depositories for the funds and money by the Village Board of Trustees. Each institution shall not be qualified to receive funds or money of the village until it has furnished the corporate authorities with two copies of the last two sworn statements of resources and liabilities which the institution is required to furnish to the Auditor of Public Accounts or the Comptroller of Currency, and the institutions, while acting as the depositories, shall furnish the corporate authorities with copies of all statements of resources and liabilities which it is required to furnish to the Auditor of Public Accounts or to the Comptroller of Currency. The Treasurer shall be discharged from his or her responsibility for all funds or money which he or she deposits in each institution, while the funds and money are so deposited; provided, however, that, the amount of the deposits shall not exceed 75% of the bank’s capital stock and surplus and shall not exceed an amount as may be insured while upon deposit in the savings and loan institution by the Federal Savings and Loan Insurance Corporation, and the Treasurer shall be responsible for funds or money deposited in the institution in excess of this limitation.
(Prior Code, § 1-9-1)