(A) All banks and financial institutions with facilities within the city limits are hereby designated depositories in which the funds and moneys of the city, in the custody of the City Treasurer, may be deposited.
(B) No bank herein designated as a depository shall be qualified to receive such funds or moneys until it has furnished the city with copies of the two last sworn statements of resources and liability, which such bank is required to furnish to the Auditor of Public Accounts, or to the Comptroller of Currency.
(C) Each bank designated as depository for such funds or moneys shall furnish the City Council with a copy of all bank statements, which it is required to furnish to the Auditor of Public Accounts, or the Comptroller of Currency, while acting as such depository.
(D) If such funds or moneys are deposited in a bank herein designated as a depository, the amounts of such deposits shall not exceed 75% of the capital stock and surplus of such banks, and the City Treasurer shall not be discharged from responsibility for any such funds or moneys deposited in any bank in excess of such limitation.
(E) The depositories mentioned herein have furnished that body with copies of their past two statements as furnished to the Comptroller of Currency, or Auditor of Public Accounts, which statements are approved and accepted.
(F) In addition to depositories defined by this section, the City Treasurer may deposit funds and money of the city in investment accounts managed by the Illinois State Treasurer.
(Res. 2001-2423, passed 5-1-2001; Am. Ord. 2005-5203, passed 5-3-2005)