(a)
The
city council hereby adopts Local Government Code chapter 105, and
amendments, and all provisions of such law shall be in full force
and effect in the city and the city depository shall be appointed
thereunder, give security under one of the modes provided and perform
the duties specified therein and such other duties as may be agreed
on.
(b)
The
director of finance is hereby designated as the person to whom securities
pledged to the city shall be delivered and in whose possession such
securities shall remain under terms of the pledge, in the event a
pledge of securities is made by the city depository in lieu of execution
of a personal or surety bond.
(1970 Code, sec. 2-2; 1988 Code,
sec. 2-2)