§ 321.09. Duties and obligations of depositories.  


Latest version.
  • Each bank designated as a depository shall be deemed bound, and every undertaking shall be conditioned, for the faithful compliance, by the bank so designated or furnishing such undertaking, with all the duties and obligations imposed by laws of the state and by the provisions of this chapter upon the depositories of such public money, and particularly for the receipt, safekeeping and payment over of all money which may come into the custody of the bank under and by virtue of the provisions of this chapter and the award of such commission, together with interest thereon at the rate specified in the bid. Whenever securities are hypothecated and accepted by the commission as security, such hypothecation shall be by legal transfer as collateral which shall stipulate that such securities shall be the property of the city in case of any default on the part of the bank as such depository, and that their release shall require the signature of the city treasurer. When such hypothecated securities are not deposited as provided for in C.C. 321.08 or C.C. 321.081, the commission shall make provision for the safekeeping of such securities in a safe deposit box, which shall only be opened in the presence of the city treasurer and the appropriate bank official. The interest on such securities, when paid, shall be turned over to the bank so long as it is not in default as aforesaid.

(Ord. 321-96.)