[HISTORY: Adopted by the City Council of the City of Oil
City 2-5-1940 by Ord. No. 1520; amended in its entirety 12-22-1986 by Ord. No.
2456 (Ch. 11 of the 1986 Code). Subsequent amendments
noted where applicable]
GENERAL REFERENCES
Administrative Code — See Ch. 4.
From and after the first day of January 1940, and until otherwise
provided by Council, all City taxes and all other funds coming into
the possession or hands of the City Treasurer of the City of Oil City
for and on behalf of said City, or entrusted to his care, shall be
deposited daily by said Treasurer in the First Seneca Bank and Trust
Company, 248 Seneca Street, Oil City, Pennsylvania.
Said First Seneca Bank and Trust Company shall forthwith deliver
to the City of Oil City its own bond in the sum of $100,000 in a form
satisfactory to Council and the City Solicitor, conditioned for the
faithful keeping and paying over, on demand, of all funds and property
of the City that may come into its hands; and as security for said
bond, said First Seneca Bank and Trust Company shall deposit, in escrow
bonds of the United States of America, the par value of which shall
be not less than $50,000.
The Mayor of the City of Oil City is hereby authorized and directed
to enter into an agreement with the First Seneca Bank and Trust Company
providing for the deposit of the bonds by the First Seneca Bank and
Trust Company as above provided and for the control thereof. The City
reserves the right, whenever deemed advisable by Council, to demand
additional bond or additional security from said First Seneca Bank
and Trust Company and, upon failure of said First Seneca Bank and
Trust Company to furnish the same, its right to hold said City funds
or property, or to receive any further deposits thereof, shall forthwith
cease and determine and it shall forthwith, upon demand, return to
the City all funds that may then be in its hands or possession.
