The successful firm selected as the city depository shall be required to pledge securities with the City Commission for the purpose of securing city funds in an amount equal to the amount of the city funds on deposit with it. Securities of the following kind shall be acceptable: United States bonds, certificates of indebtedness of the United States, treasury notes of the United States and other evidence of indebtedness of the United States which are guaranteed as to both principal and interest by the United States government, bonds of the state or of any county, independent school district, common school district or other school districts in the state, notes or bonds issued by mortgagees insured and debentures issued by the Federal Housing Administrator of the United States government, and bonds issued by municipal corporations of the state. Securities so pledged shall be approved as to kind and value by the City Commission. When the securities so pledged shall be in excess of the amount required under the provisions of this section, the City Commission shall permit the release of such excess. The right of substitution of securities shall be granted to the depository; providing, the securities substituted meet the requirements of this subchapter and are approved by the City Commission.
(1998 Code, § 2-164)