§ 2-74. Surety bond generally; notice of withdrawal of savings accounts  

Latest version.
  • Except as otherwise provided in this article, no money shall be deposited in any bank enumerated in section 2-73, until such bank shall have executed a bond, with some guaranty or surety company authorized to do business in this state, as surety, in the penalty of at least the amount of money that is at any time on deposit in such designated depository. The condition of such bond shall be that such bank will faithfully account for and promptly pay over, when and as required or requested, whatever amount of money which may be on deposit in such bank to the credit of the city treasurer or the city, either or both, and shall indemnify the city against any loss that may be incurred by reason of the failure of such bank to honor all checks lawfully drawn on the funds in such bank or return to the city treasurer all funds of the city as and when the same may be called for; provided, however, that the bank shall have the right to require notice in writing for the withdrawal of any sums on deposit in the savings account in such bank to the credit of the treasurer or the city, either or both, provided the terms of such notice are agreed upon in writing at the time the deposit is made.

(Ord. No. 15, § 3; Code 1961, § 16-7)