A. It shall be at the discretion of the treasurer to determine whether or not collateral will be required of financial institutions receiving funds.
B. At all times, the treasurer will require that deposits in excess of ten percent (10%) of the capital and surplus of a financial institution will be collateralized. The treasurer may request collateral for any part of deposits in financial institutions when the treasurer determines it to be in the best interests of safeguarding the funds on deposit.
C. When collateral is required, one hundred five percent (105%) of the deposit will be required. Only the following collateral will be accepted:
1. U.S. government direct securities;
2. Obligations of federal agencies, obligations of federal instrumentalities;
3. Obligations of the state of Illinois;
4. Obligations of the village; and/or
5. Acceptable collateral as identified in Illinois Compiled Statutes for use by the state treasurer. (Ord. 99-23, 12-8-1999)