3307

(a) The Commissioner of Finance shall, insofar as practicable, divide the deposits of governmental funds among banks or trust companies designated as depositories to receive such funds in accordance with the provisions of section 3301 of this title; Provided, however, That in no event shall the amount of the deposit or the daily deposit balances in any depository exceed, with reference to the requirements of this chapter as to depository bond or collateral—\n(1) the penalty on the bonds; or\n(2) the full face value of the collateral; or\n(3) the penalty on the bonds plus the full face value of the collateral, if both are furnished.\n(b) In fixing the amount of the collateral and in regulating the amount of governmental deposits the Commissioner of Finance shall except from the surety bond and collateral security any portion of governmental funds which are insured by the Federal Deposit Insurance Corporation.