Securities owned or held by the City, including uncancelled obligations of the City, may be kept either in City vaults or in safes or safety deposit boxes in banking institutions, or may with the approval of the Council be delivered to and held by banking institutions as custodians. The City Treasurer or his designated deputy acting jointly with the City Controller or his designated deputy shall have sole access to such safes or safety deposit boxes but such access shall always be in the presence of an appropriate official of the banking institution. The City Treasurer shall furnish monthly to the Director of Finance a list of all City securities and their place of safekeeping.

ANNOTATION

Sources: No specific source.

Purposes: The City owns many valuable securities and this section makes provision for their safekeeping an for the accounting for them.