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City of Portland



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3.08.060 Council May Require Additional Security from Banks.

If the Council deems the securities pledged by any bank insufficient and inadequate security for the City deposits with such bank, other or additional securities to be given by such bank shall be requested and require approval by the Council.  If such bank fails to furnish such securities promptly, the Treasurer at once shall withdraw all deposits from such bank and such bank shall cease to be a depository of the City funds.  To be reinstated as a depository of City funds requires that the bank deposit securities deemed satisfactory by a vote of the Council.