§ 3.25.080. Safekeeping and custody of securities.

Latest version.

The city manager shall enter into agreements with one or more financial institutions to provide custodial and safekeeping services for city investments. Except as provided otherwise in this section, all investments purchased by the city, or all securities pledged to the city as collateral, shall be held by a custodial financial institution as agent for the city, or as agent for a group of depositors of which the city is also a member. At no time shall a financial institution with whom the city is investing funds, or from whom the city is purchasing securities, hold both the city's money and the securities purchased or pledged, for the time necessary to accomplish delivery of either or both.

(Ord. 95-4 (part), 1995).

                    
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