The Mayor shall enter into agreements with one or more banks to provide custodial and safekeeping services for Borough investments. All investments purchased by the Borough, and all securities pledged to the Borough as collateral, shall be either held directly by the Borough or held by a third party custodial bank as agent for the Borough. At no time shall the Mayor permit the financial institution with whom the Borough is investing funds, or from whom the Borough is purchasing securities, to hold both the Borough’s money and the securities purchased or pledged as collateral. A custodial and safekeeping bank may hold both the Borough’s money and the securities purchased or pledged, for the time necessary to accomplish delivery of either or both. (Ord. 87-069 § 4, 1988. 2004 Code § 3.04.060.)