6-35-313 - Depository for city funds.
6-35-313. Depository for city funds.
(a) The council shall designate a commercial bank or banks as depository or depositories for city funds and shall provide for the regular deposit of all city moneys.
(b) The council shall require any city funds deposited with a financial institution to be secured by collateral in the same manner and under the same conditions as state deposits, under title 9, chapter 4, parts 1 and 4, or as provided in a collateral pool created under title 9, chapter 4, part 5.
[Acts 1957, ch. 238, § 7.23; T.C.A., § 6-3522; Acts 1994, ch. 752, § 6.]