The city is hereby authorized to hold deeds of trust or mortgages or security interests in personal property as security for loans and other obligations authorized by this title and to pledge or assign the same as security for repayment of bonds. Such deeds of trust, mortgages or security interests, or any other interest of the city in any facility, may be assigned to, and held on behalf of the city by, any bank or trust company appointed to act as trustee by the city in any resolution or indenture providing for issuance of bonds.
('86 Code, § 8.02.070) (Ord. 3863, passed - - )