Public money may be deposited in the following institutions: banks, savings and loan associations, or credit unions. The institution must be insured by an agency of the United States (F.D.I.C., F.S.L.I.C., N.C.U.A.), designated to receive public money, able to deposit collateral security, and located within the city limits. Brokerage (investment) companies are not designated as financial institutions unless the population of the city exceeds 65,000 and the manager of the brokerage company manages at least $100,000,000.
(Ord. 919, passed 1-14-2003)