A. The city finance director is hereby authorized to waive deposit security as provided for in Section 53653 of the California Government Code, when in the finance director’s discretion local conditions so warrant.
B. The minimum local conditions to be considered by the finance director are the city’s financial condition, the depository concerned, the amount on deposit and the particular need for the deposited funds.
(Res. No. 45 77-78, Res. No. 133 95-96 §1)