A. The city council shall, from time to time, by resolution, designate depositories in which funds or monies belonging to the city shall be kept.
B. Such designated depositories shall be financial institutions that are members of the FDIC system with asset size of five hundred million dollars ($500,000,000.00) or greater and a capital ratio ten percent (10%) or greater. In addition, city funds shall not be maintained in any financial institution that is not willing or capable of posting required collateral, or purchasing private insurance for funds in excess of FDIC insurable limits.
C. In order to qualify as a depository for city funds, the financial institution must furnish copies of the latest two (2) statements of resources and liabilities that it is required to furnish to the commissioner of banks and real estate, or to the comptroller of currency. (Ord. 12-O-16, 4-3-2012)