(A) Funds on deposit (checking accounts, certificates of deposit, and the like) in excess of FDIC limits must be secured. So as to anticipate market changes and provide an adequate level of security for all funds, the collateralization level will be 110% of market value of principal. Acceptable collateral is limited to obligations of the United States government, its agencies, and instrumentalities.
(B) Collateral will always be held by an independent third party institution in the name of the village. A clearly marked evidence of ownership (safekeeping receipt) must be supplied and retained.
(Ord. passed - -1999)