Section 1. Definitions.--As used in this act, the following terms shall have, unless the context clearly indicates otherwise, the following meanings:
(1) "Custodian." A Federal Reserve Bank, a bank, a bank and trust company, a trust company or a national bank.
(2) "Depository." A banking institution authorized to hold deposits of public funds.
(3) "Public body." The Commonwealth or any political subdivision thereof or any agency, authority, board, commission or instrumentality of the Commonwealth or of any political subdivision thereof.
(4) "Public funds." Funds of a public body.
(5) "Public deposits." Deposits of public funds.