Council shall, from time to time, designate by resolution a depository
or depositories for city funds. Such depositories shall be banks, banking
institutions, trust companies or savings and loan associations located in
the City of Butler.
Nothing herein contained shall be construed to require a depository
to furnish bond or collateral security to cover the amount of any deposit
to the extent that the same is insured with the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insurance Corporation.
The City Treasurer shall, upon the designation and qualification of
such depositories, immediately transfer thereto the city funds and shall thereafter
keep such deposits solely in such depositories in the name of the city.