The sum of the lawful fidelity bond which the
City Treasurer is required to give to the Commonwealth of Pennsylvania
under the provisions of the Third Class City Code is fixed at $1,500,000.
The sum of the insurance protection against
any and all losses of funds which the City Treasurer is required to
furnish under the provisions of the Third Class City Code for any and all losses of funds is fixed at $15,000.
Annually, at the first stated meeting of the
Council in January, the Council shall select and designate the banks,
banking institutions or trust companies of the City to be the City
depositories for the ensuing year. Each depository so named shall
pay to the City interest on the average daily balance so deposited,
the rate to be determined by the Mayor, City Treasurer, City Controller
and Director of the Department of Administrative Services.
The City Treasurer, before making such deposits,
shall require each bank, banking institution or trust company so selected
and designated to give a good and sufficient bond with corporate surety,
to be approved by the Council, and no deposit shall at any time be
greater than the amount of the bond furnished by such depository,
provided that no institution shall become its own bondsman, and provided
further that in lieu of the aforesaid surety bond, the aforesaid designated
depository shall give collateral security to the City, to be approved
by the Council in an amount sufficient to cover any deposit, before
any such deposit of public funds shall be made therein, agreeable
to the Act of 1933, P.L. 624, Section 1004, exception (1).