(A) Designated. The institutions that are designated as depositories for the Village from time to time shall be established by resolution of the President and Board of Trustees.
(B) Duties of depositories. Each bank designated as a depository for Village funds or money shall furnish the Village with a copy of all bank statements which it is required to furnish to the Auditor of Public Accounts, or to the Comptroller of Currency, while acting as a depository.
(C) Statement from depositories required. No bank designated herein as a depository shall be qualified to receive funds or money of the Village until it has furnished to the Village copies of the last two sworn statements of resources and liabilities which the bank is required to furnish to the Auditor of Public Accounts or to the Comptroller of Currency.
('73 Code, § 2-252)