Village funds on deposit in excess of FDIC insurable limits must be secured by collateral or private insurance to protect public deposits in a single financial institution if the institution were to default. Collateral must be placed in safekeeping at or before the time when the village buys an investment in a manner clearly demonstrating that the purchase of the investment is predicated on the securing of the collateral. Third party safekeeping is required for all collateral and shall be documented by an approved written agreement between the village and a financial institution which complies with all state and federal (including FDIC) regulations. (Ord. 1999-14 § 1 (part), 1999)