The Council shall provide by ordinance for the deposit of all public moneys of the City in such bank or banks situated within the City as Council shall designate by ordinance. Before any public moneys shall be deposited in such bank it shall give a good and sufficient bond to the city to secure the accounting for and due payment over such public moneys, with security approved by the Council. The security shall always be in a sum not less than ten percent in excess of the maximum amount at any time deposited, but there shall not be deposited in any one bank an amount in excess of the paid-in capital stock and surplus of such bank, and not in any event an amount in excess of six million dollars. As to any deposits made under authority of an ordinance of the Council, passed pursuant to this section, neither the depositing officer nor other persons so depositing, nor such officers’ sureties, shall be liable for any loss occasioned by the deposit or in anywise growing out of it.
(Ord. 13382. Passed 2-20-07.)
(Ord. 13382. Passed 2-20-07.)