§ 18. Department of Finance: Registrar of debt; Custodian of funds and securities; Keeper of Seal.

(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.