(A) The Municipal Treasurer may, upon resolution of the Mayor and Council authorizing the same, purchase certificates of deposit from and make time deposits in banks selected as depositories of municipal funds under provisions herein.
(B) The certificates of deposit purchased and time deposits shall bear interest, and shall be secured as set forth herein; provided that, the penal sum of such bond or the sum of such pledge of assets shall be reduced in the amount of the time deposit or certificate of deposit insured by the Federal Deposit Insurance Corporation.
(2005 Code, § 1-916)