If the depository bank fails to pay over any part of a deposit due the Municipality, the Director of Finance shall have the option of selling in the manner determined by the Director of Finance any of the collateral securities deposited or segregated pursuant to the provision of this chapter. If the collateral securities are in an escrow or a trust account with a trustee, the Director of Finance may request the trustee to deliver to the Director of Finance any of the collateral securities so deposited and the Director of Finance shall have the option to sell such collateral securities in the manner determined by the Director of Finance. When a sale of collateral securities has been made, upon payment to the Director of Finance of the purchase money, the Director of Finance shall transfer such collateral securities to the purchaser whereupon the absolute ownership of such collateral securities shall pass to the purchaser. Any surplus remaining after deducting the amount due the Municipality and any expenses of the sale shall be paid to the depository bank. This provision is in addition to any rights of the Municipality to recover under Ohio R.C. Chapter 135.
(Ord.1986-46. Passed 10-28-86.)