Authorized Investments and non-interest-bearing Demand deposits shall be made with or acquired from only the type of entity which is listed below opposite the appropriate category of Authorized Investment or non-interest-bearing Demand deposit.
INVESTMENT OR DEPOSIT | TYPE OF ENTITY |
Certificates of Deposit
| |
If uncollateralized but federally insured: | Any bank or savings and loan association, wherever located, that is a member of the Federal Deposit Insurance Corporation. |
If collateralized: | Any institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City. |
City's Securities
| The City or a Securities Dealer.
|
Demand Deposits
| |
If uncollateralized but federally insured: | Any bank or savings and loan association, wherever located, that is a member of the Federal Deposit Insurance Corporation. |
If collateralized: | Any institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City. |
Government Agencies and Instrumentalities
| Securities Dealer.
|
Government Securities
| Securities Dealer.
|
Repurchase Securities
| Securities Dealer.
|
Municipal Securities
| Securities Dealer.
|
Non-demand savings accounts
| Any institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City.
|
(Ord. 182-13. Passed 4-30-13.)