§ 2-148. City depositories.

City funds may be deposited in state banks, national banks and savings and loan associations which are under state supervision and in the accounts of federal savings associations organized under the laws of the United States. The city commission may establish rules and regulations regulating the deposits, withdrawals of funds, security to be posted or provided by the depository, and other safeguards for the deposited moneys of the city; providing that same shall not be inconsistent with the provisions of this division. Whenever a deposit of the city funds is made in a bank or savings association, the proper city officials shall assure that there is approved collateral or its equivalent pledged to secure the deposit in accordance with state law.

(Laws of Fla. Ch. 57-1322, § 300; Ord. No. C-87-89, § 1, 6-21-87)

State law reference

Florida Security for Public Deposits Act, F.S. ch. 280.

Editor's note

Laws of Florida chapter 57-1322 is the former city charter. To the extent not inconsistent with the current charter, section 11.01 of the current charter converted the former city charter into an ordinance.

Charter reference

Investment of public funds, § 10.01.