§ 2-1613. Care, custody and disposition of investment securities.

Latest version.

All securities purchased under the authority of section 2-1612 for investment of funds of the city shall be under joint custody of the director of finance and the city treasurer, and these officials may contract with a designated depository bank or trust company for the safekeeping of the securities owned by the city, which bank or trust company shall give its receipt therefore to the authorized officials. The director of finance and the city treasurer may be represented by alternates designated by them in administrative matters. The city treasurer shall be charged with the collection of such bonds and securities and the interest thereon, as the bonds and securities and interest or any part thereof may become due; provided, however, whenever custody of the bonds and securities has by contract been placed with a bank or trust company and the contract so provides, such bank or trust company shall deposit to the credit of the city the sums collected for maturing bonds and coupons or other interest payments.

(Ord. No. 070744, § 1, 7-19-07)

                    
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