The Finance Director may deposit the Town’s public funds and moneys in any bank, savings and loan association or credit union located in the State as now or hereafter provided in any applicable state statute, or in any bank, savings and loan association or credit union located outside the State, provided that such deposit is insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation or the National Credit Union Administration or collateralized as provided under the laws governing deposits of public funds of the state in which such institution is located. (Prior code 3.17.020)