The city may hold deeds of trust, mortgages or security interests as security for loans and other obligations under this chapter and may pledge or assign the same as security for repayment of bonds. Such deeds of trust, mortgages or security interests 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.
(Ord. 1584 §1 (part))