In advertising for bids from banks and savings and loan associations for the payment of interest upon funds to be deposited in such banks or savings and loan associations, it shall be the duty of the comptroller to inform prospective bidders that, for the protection of the public interest, awards shall be made only to national and state banks, and to federal and state savings and loan associations, that are regularly organized, and are federally insured under the Federal Deposit Insurance Act, and maintain an office within the corporate limits of the City of Chicago.
(Prior code § 7-31; Amend Coun. J. 9-14-16, p. 29717, § 2)