(a) The City Treasurer shall separately deposit monies received for the construction and acquisition of permanent improvements from each sale of general obligation bonds of the City, or notes issued in anticipation of the issuance of such bonds, in one (1) or more segregated bank accounts in one (1) or more eligible depositories.
(b) The Director of Finance may designate any one (1) or more of the eligible depositories as a fiscal agent with respect to such segregated bank accounts, and shall enter into a written fiscal agent agreement with such designee. Such fiscal agent agreements shall provide that, before making any disbursement from such segregated bank accounts, the Treasurer, in addition to complying with all other requirements of law, shall obtain the approval of the fiscal agent. The fiscal agent shall approve disbursements from such a segregated bank account only for the purposes for which the bonds or notes, the proceeds of which have been deposited in such account, have been issued, as set forth in the ordinance or resolution authorizing the issuance of such bonds or notes, and for such other purposes properly chargeable as expenses from bond funds under the laws of the State.
(Ord. No. 2353-93. Passed 2-14-94, eff. 2-23-94)