If the depository fails to pay over any part of a deposit due the City, the Finance Director shall have the option of selling, upon the justified notification of Mayor and Council, any of the securities deposited pursuant to the provisions of this chapter. If the bonds or other securities are on deposit with the Trustee, the Finance Director may request the Trustee to deliver to the Finance Director any of the securities so deposited and the Finance Director shall have the option to sell such securities in the manner determined by the Finance Director. When a sale of securities has been made, upon payment to the Finance Director of the purchase money, the Finance Director shall transfer such securities to the purchaser whereupon the absolute ownership of such securities shall pass to the purchaser. Any surplus remaining after deducting the amount due the City and expenses of the sale shall be paid to the depository.
(Ord. 2006-075. Passed 8-14-06.)