§ 12-65. Retention of canceled bonds.  


Latest version.
  • The Director of Finance may enter into a written agreement with any bank or trust company acting as agent of the City for the payment of its bonds or interest coupons for the destruction, by burning, pulverizing or shredding, of bonds and interest coupons which are paid and canceled by such paying agent or by a copaying agent. Paid and canceled bonds and coupons shall be destroyed by such agent within one year after the date of payment. The agreement shall substantially provide, among such other stipulations and provisions as may be agreed upon, that the agent shall furnish the City periodically or from time to time with a written certificate of destruction to be in the form as prescribed by the Auditor of Public Accounts of the State and acknowledged in the manner prescribed by law for the acknowledgment of deeds and which certificate shall contain a description of bonds and interest coupons destroyed, including, with respect to bonds, designation or purpose of issue and series, date of issue, bond numbers, denomination, maturity date and total principal amount; and with respect to interest coupons designation or purpose of issue and series, date of bonds to which such coupons appertain, maturity date of such coupons and as to each such maturity date the denomination, quantity and total amount.

    (Code 1993, § 11-55; Code 2004, § 42-80)

(Code 1993, § 11-55; Code 2004, § 42-80)