The board of trustees shall designate one or more banks within the county to serve as depositories for the funds of the authority, and all funds of the authority shall be deposited in such depository bank or banks.
Before designating a depository bank or banks, the trustees shall issue a notice stating the time and place the trustees will meet for such purpose and inviting the banks in the area to submit applications to be designated depositories. The term of service for depositories shall be prescribed by the trustees. Such notice shall be published one time in a newspaper or newspapers published in the area and specified by the trustees.
At the time mentioned in the notice, the trustees shall consider the applications and the management and condition of the banks filing them, and shall designate as depositories the bank or banks which offer the most favorable terms and conditions for the handling of the funds of the authority and which the trustees find have proper management and are in condition to warrant handling of authority funds. Membership on the board of trustees of an officer or director of a bank shall not disqualify such bank from being designated as a depository.
If no applications acceptable to the trustees are received by the time stated in the notice, the trustees shall designate some bank or banks within or without the authority upon such terms and conditions as they may find advantageous to the authority.
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