§ 321.05. Limitation on amounts of deposits.

No bank shall apply for, receive or have on deposit at any one time public moneys of the city in an aggregate amount in excess of the greater of the two (2) amounts hereinafter described: (1) its capital funds as hereinafter defined; and (2) thirty (30) percent of the average of its total deposit liabilities as revealed by its reports to the Superintendent of Financial Institutions or the Comptroller of Currency or Auditor of the state, as the case may be, made during the twelve (12) months prior to the date when this limitation shall be applied.

The maximum amount that shall be deposited in any building and loan or savings association or company shall in no event exceed fifteen (15) percent of the combined capital reserve and undivided profits of such association or company and the total aggregate awards to such associations or companies shall be subject to the discretion of the commission.

"Capital funds," as referred to in this section shall mean, in case of an incorporated institution, the sum of the following; the par value of the outstanding common capital stock, the par value of the outstanding preferred capital stock, if any; the aggregate par value of all outstanding capital notes and debentures, if any; and the surplus. In the cases of an unincorporated institution such terms shall mean the capital and surplus thereof.

(Ord. 321-96.)