§ 5.08.050. Deposits from construction contractors—Custodial services.

Latest version.

A.

The metropolitan treasurer is designated as the appropriate official of the metropolitan government to receive deposits from construction contractors, pursuant to the provisions of Tennessee Code Annotated, Section 12-4-108.

B.

The metropolitan treasurer is authorized and required to enter into contracts with state and/or national banks having a trust department located in Tennessee for custodial care and servicing of any such securities deposited pursuant to said code section. Such services shall include the safekeeping of said securities and of all services required to effectuate the purpose of said code section.

(Ord. 90-1339 § 1 (15-2), 1990; prior code § 15-1-31.1)

                    
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