Whenever withdrawals of all or a portion of the public moneys deposited in depositories
are made, the city treasurer shall have the authority to surrender securities which
have been pledged as collateral for the deposit, in such amount and to such extent
that the remaining amount of money, if any, left on deposit in amply secured to the
extent required by the state Uniform Depository Act. Provided, however, that collateral
securities shall only be surrendered upon withdrawal of $5,000 or any multiple thereof.
The city treasurer shall have the further authority to permit the substitution of
collateral so long as such security to be substituted is of the kind permitted by
the Uniform Depository Act.
If the securities deposited with the city treasurer are such as to require endorsement
to pass title, they shall be endorsed over to "The City of Cincinnati" and shall be
delivered to the city treasurer with an agreement which shall provide that they are
pledged as collateral security, that the legal title to them shall be in the city,
and that in case of any failure on the part of the depository to do all things required
by its contract and the Uniform Depository Act of Ohio to be done, the treasurer shall
have the right to sell said securities in the manner provided in said act, and out
of the proceeds therefrom to make the city whole in every respect for the loss occasioned
by the default of the depository. The securities shall be safely kept by the treasurer
and the earnings thereof shall be turned over to the bank pledging them so long as
the bank is not in default as aforesaid.
(C.O. 301-10; renumbered to C.M.C. 301-7, eff. Jan. 1, 1972)
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