(a) The Finance Director shall propose financial institutions to be designated as eligible depositories. Said depositories shall be accepted by an ordinance authorizing the Mayor to enter into a depository contract with these financial institutions. Said institutions shall become the depositories, until cancelled, for the monies of the City.
(Ord. 91-89. Passed 11-14-89.)
(b) (EDITOR'S NOTE: Subsections (b), (c) and (d), relating to the investment of City funds, were repealed by implication by Ordinance 43-98, passed May 26, 1998, which adopted a comprehensive investment policy for the City. See Section 234.09.)