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A. The village will not maintain funds in any financial institution that is not a member of the FDIC or SAIF system. Furthermore, the village will not maintain funds in any financial institution not willing or capable of posting required collateral for funds in excess of the FDIC or SAIF insurable limits.
B. The village will not select as depository a financial institution in which the village funds on deposit will exceed fifty percent (50%) of the institution's capital stock and surplus. Priority for investing local funds may be given to banking institutions which exhibit compliance with the community reinvestment act such as:
1. Assist the village in achieving neighborhood redevelopment objectives.
2. Actively market lending programs in older, lower income neighborhoods.
3. Develop programs which better meet credit needs of specified neighborhoods.
4. Assist the village in developing programs which promote reinvestment and revitalization of specified neighborhoods (e.g., risk lending pool). (Ord. 1166, 3-15-1999)