SEC. 10.49. PROCEDURE FOR PAYMENT; AGENT'S BOND.

   The Treasurer of the City and County may determine the time at which and the manner in which the amounts to become due as provided in the preceding section shall be paid, as well as to how and when the fiscal agent shall be reimbursed for any and all moneys paid out by the fiscal agent in the payment of any coupon or bond. The Treasurer is authorized to require a bond from the fiscal agent for the faithful performance of its duties and for the payment of any moneys which may become due from the fiscal agent to the City and County, the amount and terms of such bond to be approved by the Treasurer, and the premium thereon to be paid by the City and County.

(Ord. No. 1184(1939), Sec. 3; amended by Ord. 333-00, File No. 002020, App. 12/28/2000)

SEC. 10.49-1. PAYMENT OF LOST OR DESTROYED BOND COUPONS.

   The Treasurer is authorized to pay amounts due on lost or destroyed bond coupons upon the filing, within the period allowed by the statute of limitations, of an affidavit under oath by the owner of the coupon on its due date, setting forth all material facts relative to the loss or destruction, and presentation of the bond to which such coupon was attached, in accordance with forms and procedures established by the Controller.

(Added by Ord. 307-60, App. 6/15/60)

SEC. 10.49-2. INDEMNITY AGREEMENT AND ACCOUNT TO BE CHARGED.

   The requisite affidavit for payment of any lost or destroyed bond coupon shall contain an agreement to indemnify the City and County for any loss resulting from duplicate payment of such coupon, which duplicate payment, if occurring, shall be charged against the bond interest and redemption reserve.

(Added by Ord. 307-60, App. 6/15/60)

SEC. 10.49-5. CLEARING HOUSE REPRESENTATIVE.

   Any bank doing business with the City and County may be designated by the Controller and the Treasurer as the clearing house representative for the City and County.

(Amended by Ord. 66-76, App. 3/12/76)

ARTICLE IX: SALE OF TRUST SECURITIES

 

Sec. 10.50.	Sale Authorized.
Sec. 10.51.	Fixing Price.
Sec. 10.52.	Notice of Sale; Procedure at Auction or Private Sale.
Sec. 10.53.	Approval of Minimum Sales Price.
Sec. 10.54.	Expense of Sale.
Sec. 10.55.	Article Not Applicable to Retirement System Securities.
Sec. 10.56.	Endorsement by Mayor.

 

SEC. 10.50. SALE AUTHORIZED.

   Stocks, bonds or other securities received by any board, commission or officer, by donation, gift, devise, bequest or purchase and held by such board, commission or officer in trust for a special purpose for the benefit of the City and County or for the benefit of any of its departments may, on the recommendation of the officer, board or commission charged with the control or administration of such trust property or funds, be sold by the Treasurer of the City and County as provided by this Article.

(Ord. No. 2754(1939), Sec. 1)

SEC. 10.51. FIXING PRICE.

   When any board, commission or officer shall in writing or by resolution of the board or commission, request the Treasurer of the City and County to sell any stocks, bonds or other securities received or held by the board, commission or officer in trust for a specific purpose for the benefit of the City and County, the board, commission or officer shall fix the price at which such stocks, bonds or other securities shall be sold, and notify the Treasurer to sell the same at a price at not less than the price fixed by the board, commission or officer.

(Ord. No. 2754(1939), Sec. 2)

SEC. 10.52. NOTICE OF SALE; PROCEDURE AT AUCTION OR PRIVATE SALE.

   Upon receiving the notification from the board, commission or officer, it shall be the duty of the Treasurer to offer the stocks, bonds or other securities for sale, either at public auction or at private sale. The Treasurer shall, within five days prior to the making of the sale, publish a notice of the sale once in the official newspaper of the City and County. If the sale is to be at public auction, the notice shall contain the time and place of the sale. If at private sale, the notice shall contain the time and place when bids or offers for the stocks, bonds or other securities will be received. If the sale is made at public auction, the Treasurer shall sell the stocks, bonds or other securities to the highest and best bidder therefor. If sold at private sale, the Treasurer shall accept the highest bid or offer received therefor; provided, that no bid shall be accepted in an amount lower than the amount specified by the board, commission or officer requesting the sale.

   It is provided, however, that when stocks, bonds or securities are listed on an established stock or bond exchange, no notice of sale need be given and sale may be made through any bank or broker, through any recognized stock exchange; and also provided, that such stocks, bonds or securities are not sold below the price fixed by the board, commission or officer requesting such sale.

(Ord. No. 2754(1939), Sec. 3)