Whenever a withdrawal of all or a portion of the public moneys deposited in depositories is made, the Director of Finance is hereby authorized to surrender securities which have been pledged as collateral for the deposit, in such amount and to such extent that the remaining amount of money, if any, left on deposit is amply secured to the extent required by Ohio R.C. Chapter 135, provided, however, that collateral securities shall only be surrendered upon withdrawal of five thousand dollars ($5,000.00) or any multiple thereof. The Director is hereby further authorized to permit the substitution of collateral so long as such security to be substituted is of the kind permitted by Ohio R.C. Chapter 135.
(Ord. 2529, passed 8-1-1945; Am. Ord. O2008-56, passed 7-15-2008)