In this chapter:
(1) “Bank” means a state bank or a national bank that has its main office or a branch office in this state.
(2) “Credit union” means a state credit union or federal credit union domiciled in this state.
(3) “Demand deposit” means a deposit of funds that may be withdrawn on the demand of the depositor.
(4) “Depository” means the bank, credit union, or savings association selected by the municipality to provide depository services.
(5) “Time deposit” means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor’s intent to withdraw the funds.
(6) “Depository services” means the receipt and disbursement of funds by a depository in accordance with the terms of a depository services contract.
(7) “Depository services contract” means a contract executed by a municipality and a depository containing terms and conditions relating to the depository services to be provided by the depository.
(8) “Designated officer” means the treasurer of a municipality or other officer of the municipality so designated by the governing body of a municipality.
(9) “Federal credit union” means a credit union organized under the Federal Credit Union Act (12 U.S.C. § 1751 et seq.).
(10) “Federal savings association” means a savings and loan association or a savings bank organized under federal law.
(11) “National bank” means a banking corporation organized under the provisions of 12 U.S.C. § 21.
(12) “Savings association” means a savings association or savings bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state.