Before any public money shall be deposited in a designated depository, the bank shall give a good and sufficient bond to the City to secure the accounting for and due payment over all moneys deposited with it. The depository shall give security for such bond which shall consist of bonds of the United States, bonds of instrumentalities of the United States or general obligation bonds of the State of West Virginia or any county, district or municipality of this State. The market value of the security for such bond shall always be maintained in a sum not less than ten percent in excess of the maximum amount of the City funds on deposit at any time. There shall not be deposited in any bank an amount in excess of the paid-in capital stock and surplus of such bank, nor in any event an amount in excess of six million dollars ($6,000,000).
(Ord. 13383. Passed 2-20-07.)
(Ord. 13383. Passed 2-20-07.)