(A) The boxes referred to in
§ 37.022 may be opened by the following persons, and no other, in
the following manner and no other, for the following purposes and no other:
(1) The City Manager and the Finance Director in the presence of each other, and both in the presence of a duly authorized officer of the bank, for the purpose of taking inventory of the collateral bonds, from time to time, when and as the City Manager shall or may direct.
(2) The City Manager and the Finance Director in the presence of each other, and both in the presence of a duly authorized officer of the bank, for the purpose of clipping matured interest coupons from the collateral bonds, from time to time, when and as a duly authorized officer of the bank shall or may direct. The matured interest coupons when so clipped shall be released ipso facto as collateral hereunder and shall revert to the exclusive control and use of the bank.
(3) The City Manager and the Finance Director, each in the presence of the other and both in the presence of a duly authorized officer of the bank for the purpose of withdrawing therefrom any matured collateral bonds therein deposited and substituting therefor other collateral bonds equivalent to, or exceeding in market value those so withdrawn, from time to time, when and as a duly authorized officer of the bank shall or may direct.
(4) The City Manager and the Finance Director, in the presence of each other, and without interference from any officer or agent of the bank, or from any receiver, representative of depositors or stockholders, bank examiner, or agent of any or either of them, in the event that the bank for any reason shall have been and remained closed for a period of at least ten consecutive business days. In that event, the City Manager and the Finance Director, on behalf of the city, may immediately enter on the premises of the bank, open the safety deposit box and withdraw therefrom any or all of the collateral bonds. With the consent of the Board of Commissioners, the City Manager and the Finance Director may sell so many of same as they, in their allowance, may deem necessary for the protection of the city from loss by reason of the city's deposit of public funds in the bank.
(5) Any national bank examiner in the exercise of his duty as such.
(B) In case the City Manager and/or the Finance Director are unable to function in the capacities listed in this section the following individuals shall serve as alternates: the Assistant Finance Director for the Finance Director, and the City Clerk for the City Manager.
('83 Code, § 36.13)