§ 4-12-3. Deposit of trust fund.

Latest version.

Subject to such provisions as may be prescribed by law for the deposit of municipal funds in banks, cash and investments of the trust fund may be deposited with a bank or trust company under a custodial agreement. Such bank or trust company shall be organized under the laws of the United States or any state thereof and any such bank or trust company not located in Tennessee shall have a combined capital surplus and undivided profits of at least $100,000,000.00. Investments may be purchased and held in the name of, or transferred to nominees of, sub-custodians of any such bank or trust company.

(Code 1985, § 25-32; Ord. No. 3907, § 1, 12-5-1989)

                    
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