§ 2-3. City depository; adequacy of securities.

Latest version.

It shall be the duty of the director of finance to see that securities pledged to secure deposits of city funds are at all times of a value sufficient to afford adequate security; for such purpose the director may demand the pledge of additional or other securities, allow withdrawals of excess securities and approve substitutions of securities. In the event of a disagreement with reference to any such matters between the director and depository, the depository shall have the right to appeal to the city council.

(Code 1960, § 2-4)

Charter reference

Director of finance to be responsible for safe-keeping of city funds, Art. VII, § 2.

                    
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