§ 3.25.110. Emergency powers.

Latest version.

Notwithstanding any other provision of this chapter or of the ordinance codified in this chapter, if the city manager and the city council determines that a reasonable possibility exists that the principal and interest of a city investment are not adequately secured for any reason, the city manager with the approval of the city council may take any or all of the following actions in order to protect the principal and interest of such city investment:
A.

Rescind or otherwise terminate the investment without regard to loss of interest or other penalties which may arise because of such action;

B.

Demand additional or substitute safekeeping measures;

C.

Demand additional or substitute collateral;

D.

Notify state or federal regulatory agencies of the nature and reasons for such insecurity and seek assistance in remedying the insecurity; or take judicial action.

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

                    
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