The City Treasurer may, upon resolution of the Mayor and City Council authorizing the same, purchase certificates of deposit from and make time deposits in any bank, capital stock financial institution, or qualifying mutual financial institution in the State of Nebraska to the extent that such certificates of deposit or time deposits are insured or guaranteed by the Federal Deposit Insurance Corporation. Deposits may be made in excess of the amounts so secured by the corporation, and the amount of the excess deposit shall be secured by a bond or by security given in the same manner as is provided for cities of the first class in sections 16-714 to 16-716 RS Neb. Section 77-2366 RS Neb. shall apply to deposits in capital stock financial institutions. Section 77-2365.01 RS Neb. shall apply to deposits in qualifying mutual financial institutions. (Ref. 17-720 RS Neb.) (Ord. No. 454, 7/21/98) (Amended by Ord. No. 543, 4/2/02)