(A)   With the approval of the Fiscal Officer, a depository may provide collateral for deposits of the village with a single pool of securities pledged toward all deposits of public funds held by the depository in the manner provided in R.C. § 135.181.
   (B)   Unless secured in the manner provided in R.C. § 135.181, all deposits of the village shall be secured by pledged collateral in the manner provided in R.C. § 135.18.
   (C)   The method of collateralization of village deposits shall be set forth in a depository agreement between the village and the depository institution. The depository agreement, in accordance with requirements set forth by the Federal Depository Insurance Corporation, shall be:
      (1)   In writing;
      (2)   Executed by the depository institution and any person claiming as adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the depository institution;
      (3)   Approved by the board of directors of the depository institution or its loan committee, which approval shall be reflected in the minutes of said board of committee;
      (4)   Be continuously, from the date of its execution, an official record of the depository institution; and
      (5)   Approved by the Village Solicitor.
(Ord. 98-6-7, passed - -98)