(A) The moneys of the village shall be deposited in a bank located in the City of Clinton, to be selected by the Village Board.
(B) The said President, Chairperson of Accounts and Finances and the Village Treasurer, in the selection of any such depository bank, shall take into consideration the reputation and solvency thereof and the sufficiency of the security offered by such bank.
(C) All interest paid by any such bank upon any balance shall be collected by the Village Treasurer, and shall be reported by him or her in his or her next statement showing such collection and shall be considered and treated as part of the General Fund of the village, subject to use for any legitimate municipal purpose.
(1975 Code, § 8-112)