§ 2-81. Securities to be insured  


Latest version.
  • Every bank wherein securities are deposited as provided by this article shall, at its own cost, insure the securities against robbery and burglary, except the securities required under section 2-77, for the full value of such securities so on deposit, such insurance policy to be approved by the city treasurer and the director of finance, and a copy thereof furnished to the city treasurer. Such insurance policy or policies shall be payable, in the event of loss of any of the securities, to the city and the bank where the securities are so deposited, as its interest may appear.

(Ord. No. 15, § 11; Code 1961, § 16-16)