A.    The funds of the town shall be deposited in a qualified public depository, which shall be any national banking association, federal savings and loan association or federal savings bank and any bank, trust company or savings and loan association organized under Virginia law which has an office and accepts deposits in the Town of Front Royal, provided that said qualified public depository is insured by the FDIC or the FSLIC or otherwise complies with the requirements of the Virginia Security for Public Deposits Act, Virginia Code Section 2.1-359, et seq.

B.    All accounts for the deposit of town funds shall be established by the Town Treasurer with the concurrence of the Town Council.