All securities belonging to the City or to any fund thereof may be placed in the custody of any member of the Federal Reserve Banking System, upon the issuance of such member of its custodian or other bailment receipt to the Director of Finance. Such securities, if not kept in the custody of a member of the Federal Reserve Banking System, shall be in the custody of the Director of Finance, and shall be kept by him in a safe deposit box or vault belonging to a regular City depository. Such securities, if so kept, are to be under the sole control of the Director of Finance; and he shall keep a perpetual inventory of the contents of each safe deposit box or vault, which inventory shall be made available to the Treasury Investment Board for ascertainment of its accuracy at any time. Not less than twice each year, once in January and once in July, the Treasury Investment Board shall inspect each safe deposit box or vault and verify its contents with the inventory. In the event securities are deposited with a member of the Federal Reserve Banking System, such securities may be withdrawn or sold only upon order of the Treasury Investment Board.
(Ord. 1-54. Passed 1-12-54; Ord. 24-56. Passed 5-14-56.)