(A) The City Treasurer shall deposit, and at all times keep on deposit, for safekeeping, in state or national banks of approved and responsible standing, all money collected, received or held by him or her as City Treasurer. The deposits shall be subject to all regulations imposed by law or adopted by the City Council for the receiving and holding thereof.
(B) The fact that a stockholder, director or other officer of the banking institution shall also be serving as Mayor, as member of the City Council, or as any other officer of the city shall not disqualify the bank from acting as a depository for the city funds.
(Prior Code, § 2-314)
Statutory reference:
Similar provisions, see Neb. RS 16-712