§ 2-77. Same—Deposit under escrow agreement  

Latest version.
  • Any bank mentioned in section 2-73 may, in lieu of the bond required by section 2-74, and in lieu of the deposit of the bonds or notes secured by first mortgages or deeds of trust on real estate, as permitted under section 2-75, deposit in escrow with any bank, in or out of the state acceptable and satisfactory to the city treasurer and the director of finance, any of the bonds and notes mentioned in section 2-76, which bonds or notes so deposited in escrow shall be held by such bank in trust to secure the public funds deposits of the city in the bank so delivering such bonds or notes in escrow as herein permitted. No such bonds or notes shall be deposited in escrow until the bank so depositing and the bank so receiving the same shall have executed an escrow agreement acceptable and satisfactory to the city treasurer and director of finance and approved by the city attorney, a copy of which agreement, duly executed, shall be delivered to the city treasurer.

(Ord. No. 15, § 10; Code 1961, § 16-14)