The Mayor may also designate, according to his adopted designation procedure, other Depository Financial Institutions doing business as "city depositories" in which money necessary to pay principal, interest, and exchange fees on city notes and bonds may be deposited into trust and paying agent accounts. City depository accounts may also be established in designated financial institutions for the purpose of receiving city utilities payments made at those institutions pending scheduled transfers to the City's Fiscal Agent. Financial Institutions designated by the U.S. Treasury as "minority-owned enterprises" may be designated as city depositories and receive monies for those activities funded exclusively by federal grants-in-aid. No institution shall be so designated unless it has an unimpaired capital and surplus of at least $500,000.
('74 Code, § 4-5-6) (Ord. 73-1975; Am. Ord. 44-1986; Am. Ord. 7-2001; Am. Ord. 2020-001)