The council may direct, by ordinance or resolution, one or more qualified public depositories pursuant to Chapter 14A of Title 41 where the treasurer shall deposit public money and may require interest to be paid thereon and security to be given by the depository, but, as to deposits made under the authority of an ordinance of the council, neither the treasurer nor his bondsmen if the treasurer has exercised due care shall be further liable for any loss occasioned thereby.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 43 - Mayor and Council, Other Officers, Employees, Departments, Etc.
Section 11-43-120 - Bond; Duties Generally; Payment of Warrants; Reports and Statements to Council.
Section 11-43-121 - Payment of Interest Upon Warrants Not Paid for Lack of Funds; Additional Duties.
Section 11-43-122 - Public Depositories; Liability for Loss.
Section 11-43-123 - Moneys Due Municipalities, etc., to Be Paid to Treasurer.