On or before January 1 of any year each designated depository shall file with the City the bond required by this article, together with a statement of the present market value of the security for such bond and a corporate resolution of its board of directors authorizing such bond, the deposit of the security and the execution of an agreement with the City for moneys deposited during the ensuing calendar year. Council shall authorize the execution of such an agreement between the City and the depository which shall fix all terms and conditions of the deposit of public money.
(Ord. 5086. Passed 9-28-71.)