(A) When the City Council designates a new depository for the city’s funds, the City Treasurer shall assist the City Council in notifying the sureties on the bond of the City Treasurer of the impending transfer of the city’s funds at least five days before the transfer of funds.
(B) When the City Council has withdrawn its designation of a financial institution as a depository of the city’s funds, the City Treasurer shall remove the city’s fund from that financial institution no later than ten days after a new depository is designated and has qualified by furnishing to the City Council copies of its two most recent statements of resources and liabilities.
(1986 Code, § 2-140.3)