(a) All eligible collateral shall be delivered by a depository to a custodian serving under a separate custodian agreement between the City and the custodian concurrently with receipt by the depository of the authorized investment or non-interest bearing demand deposit. A Federal Reserve Bank, the State Treasurer and the Commissioner of Taxation and Treasury may serve as custodian without a custodian agreement. The Mayor and Director of Law shall approve as to form each custodian agreement and an executed copy of each custodian agreement shall be placed on file with the Clerk of City Council.
(b) Each custodian agreement shall require the custodian to report to the Director of Finance within thirty days after the end of each calendar quarter the total value of the eligible collateral held by it and to deliver an itemized list of the obligations included as eligible collateral, and the face and then current market values of each.
(Ord. 366-86. Passed 5-20-86; Ord. 178-94. Passed 4-18-94.)