Where allowed by state law and in accordance with the GFOA Recommended Practices on the Collateralization of Public Deposits, full collateralization will be required on all demand deposit accounts, including checking accounts and non-negotiable certificates of deposit.
Specific pledged collateral must be eligible collateral as described in Ohio Revised Code §135.18. Pooled collateral must have a total market value of securities pledged at least equal to one hundred five percent of total deposits held by the financial institution.
(Ord. 1776-10. Passed 9-23-10.)