§ 5.10.080. Safekeeping.

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Procedures and criteria for selection of a custodial or safekeeping institution shall be established under Section 5.10.020 of this chapter. Selection of an institution shall be in accordance with those procedures and the borough purchasing code. The finance director shall enter into agreements with one or more financial institutions to provide custodial and safekeeping services for borough investments. All investments purchased by the borough, and all securities used as collateral for certificates of deposit, and other deposits, shall be either held directly by the borough, or held by a third party custodial bank as agent for the borough. Collateral for overnight repurchase agreements shall be pledged to the borough but may be held by the financial institution.

(Ord. No. 89-7, § 1(part), 1989)

                    
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