6-22-120 - Depositories of municipal funds.
6-22-120. Depositories of municipal funds.
Depositories of the municipal funds shall be designated by ordinance. The board shall require any financial institution that becomes a depository of municipal funds to secure such funds 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 1921, ch. 173, art. 11, § 13; Shan. Supp., § 1997a192; Code 1932, § 3590; Acts 1977, ch. 80, § 1; T.C.A. (orig. ed.), § 6-2221; Acts 1989, ch. 175, § 21; 1994, ch. 752, § 5.]