151.03 DEPOSIT OF MONEYS.

   All moneys belonging to the sinking fund and not invested as authorized by law shall be deposited in one or more banks designated as sinking fund depositaries, under the contracts with such depositaries made as provided by law, provided that moneys for the payment of maturing obligations which specify that payment thereof is to be made at a bank or financial institution named in such obligations, shall be deposited in such named bank or financial institution for such purposes on or before the date of maturity of such obligations.

(Ord. 3317. Passed 1-18-33.)