(A) The followings banks are hereby designated as depositories in which the funds and moneys of the city may be deposited:
(1) Villa Grove State Bank, Villa Grove, Illinois;
(2) Villa Grove First or Longview State Bank, Villa Grove, Illinois;
(3) Any depositories designated by the Treasurer of the State of Illinois participating with the IPTIP (Illinois Public Treasurer’s Investment Pool) Program, so long as the moneys are deposited with the city as a participant of that same program.
(B) Each bank designated as depository for the funds or moneys shall furnish the City Treasurer with a copy of all bank statements, which it is required to furnish to the appropriate state officer, while acting as the depository. If the funds or moneys are deposited in a bank herein designated as a depository, the amounts of the deposits shall not exceed 75% of the capital stock and surplus of the bank, and the City Treasurer shall not be discharged from responsibility for any funds or moneys deposited in any bank in excess of the limitation.
(1992 Code, § 36.03) (Am. Ord. 082800A, passed 8-28-2000)