(a) Registrar of debt; custodian of funds and securities.
The Director shall be the registrar of the public debt and responsible for all moneys and securities
belonging to the City including the actuarial retirement systems and shall provide for the
safekeeping and transfer of stocks, bonds, and securities owned or held by the City or any agency
thereof, provided, however, that the designation of depository institutions shall be as set forth in
Article VII, Section 21(b).
To help the Director discharge the Director’s duties as custodian of the moneys and securities of
the actuarial retirement systems of the City, the administrators of those systems shall provide the
Director with the financial information and assurances that he may request. The Director, acting
under the supervision of the Board of Estimates, may contract with banks or trust companies that
have appropriate charter authority to be custodians of cash and securities of the retirement
systems. The Director shall have no personal liability for the performance, lack of performance,
misfeasance or malfeasance of a bank or trust company so selected.
(b) Securities; advancements.
The Director shall perform such duties relating to the stocks, bonds, and other evidences of
indebtedness or securities issued by the City as may be directed by the Board of Finance. In
exercising powers as the custodian of the moneys of the City, the Director may advance funds in
the Director’s custody for the discharge of obligations incurred in connection with projects for
which bond issues of the City have been approved and moneys therefor appropriated, prior to the
issuance of the bonds; provided that repayment of any advances shall be made out of the
proceeds of sale of the bond issue concerned.
(c) Keeper of City Seal.
The Director or the Director’s delegate, designated in writing by the Director, shall have charge
of the corporate seal of the City and shall use it in all cases where the use of the seal is required
by federal or State laws, ordinances, or the uses and customs of nations, and shall charge a fee as
may be fixed from time to time by the Board of Estimates for each impression of the seal except
such as shall be affixed to or impressed upon documents for the City.
Board of Finance