(a) All banks as defined by Ohio R.C. 1101.01 having permanent offices in the City are eligible to become a depository for active and idle funds of the City.
(b) All building and loan associations which are eligible under Ohio R.C. 135.03, having permanent offices in the City, are eligible to become a depository for idle or inactive funds of the City Treasury.
(c) The designation of eligible institutions should be for an indefinite period of time and subject to control and transfer of funds by the Director of Finance.
(d) Each eligible institution designated as a depository shall be required to pledge to the City and place on deposit with the Director of Finance as guarantee for the repayment of all public moneys so deposited, securities eligible to secure public funds under the general laws of the State of Ohio. (Ord. 75-25. Passed 8-4-75.)