(a) There shall be maintained in each of the designated depositories a minimum balance of ten thousand dollars ($10,000.00). There shall also be maintained such balances deemed necessary by the director of finance for the efficient operation of the county, for which, the director of finance with the approval of the county executive may provide minimum balances between ten thousand dollars ($10,000.00) and three hundred thousand dollars ($300,000.00) for banks in such cases as the amount or nature of the services rendered make it necessary or advisable, and provided there are sufficient county funds to maintain this minimum. After these provisions, any remaining balances shall be distributed in proportion to the deposits of the respective banks or branch offices of banks located in the county; except, that for any bank or branch offices of banks with deposits exceeding fifty million dollars ($50,000,000.00) the figure fifty million dollars ($50,000,000.00) shall be used for the purpose of this distribution; provided, that no depository shall receive more than five hundred thousand dollars ($500,000.00) under this provision; provided further, that it shall not be necessary to redistribute funds for the purpose of maintaining proportionate distribution more than once quarterly.
(b) Except as may be required by the limitations of security provisions and temporarily for purposes of immediate deposit of large sums or for the liquidation of county debt, not more than five hundred thousand dollars ($500,000.00) shall be deposited outside of the county when the total county deposits are three million five hundred thousand dollars ($3,500,000.00) or less. When county deposits exceed this sum, any portion of the amount in excess of three million dollars ($3,000,000.00) may be deposited in Washington, New York or Baltimore.
(c) When a depository has made a loan to the county, it will be permitted to keep the funds loaned on deposit to the credit of the county until such funds are expended for the purpose borrowed; provided, that the sum is not in excess of the security furnished by the depository. This is an exception to the general proportionate distribution policy.
(d) When a depository has furnished additional collateral to accept the proceeds of a bond
issue or other large deposit, the funds should not be immediately withdrawn merely for the purpose of proportioning deposit. The depository should be allowed to retain such funds not required to be immediately disbursed for a period of ninety (90) days before any apportionment is made.
(e) Regardless of the provisions of subsection (a) of this section, it shall not be necessary to place more than one-fourth of all county funds deposited locally in a single bank. (Mont. Co. Code 1965, § 84-3; Res. No. 5-2815; 1969 L.M.C., ch. 40, § 5.)