§ 37.36. Failure to pay deposit.

If the depository bank fails to pay over any part of a deposit due the city, the Investment Officer shall have the option of selling in the manner determined by the Investment Officer any of the collateral securities deposited or segregated pursuant to the provisions of this chapter. If the collateral securities are in an escrow or a trust account with a trustee, the Investment Officer may request the trustee to deliver to the Investment Officer any of the collateral securities so deposited and the Investment Officer shall have the option to sell such collateral securities in the manner determined by the Investment Officer. When a sale of collateral securities has been made, upon payment to the Investment Officer of the purchase money, the Investment Officer shall transfer such collateral securities to the purchaser whereupon the absolute ownership of the collateral securities shall pass to the purchaser. Any amount remaining after deducting the amount due the City and any expenses of the sale shall be paid to the depository bank. This rights provided herein are in addition and supplemental to any rights of the City to recover under R.C. Chapter 135.

(Ord. 789-1986; Ord. 611-1985)