For the purposes set forth in this chapter, the Sinking Fund Commission shall designate as Escrow Agent a bank incorporated under the laws of this State or for the United States which has its principal office in the State of Ohio and which has a reported capital and surplus of not less than one hundred million dollars ($100,000,000.00). The Sinking Fund Commission shall select the Escrow Agent by soliciting proposals and receiving bids and shall designate as Escrow Agent the bank which satisfies the requirements set forth in the preceding sentence of this section and which the Sinking Fund Commission determines to have submitted the lowest and best proposal. The Sinking Fund Commission shall enter into a written contract with the Escrow Agent, which contract shall incorporate by reference this chapter and applicable provisions of ordinances providing for the issuance or securing of bonds or notes. The Sinking Fund Commission may at any time designate a successor Escrow Agent in accordance with the provisions of this section. The provisions of Chapter 127 with respect to depositories and the deposit of moneys of the City with depositories shall not apply to the Escrow Agent or the deposit with the Escrow Agent of moneys for the credit of Sinking Fund accounts.
(Ord. No. 1748-80. Passed 10-8-80, eff. 10-8-80)