7.16.140 Emergency powers.
Notwithstanding any other provision of this chapter or this code of ordinances, if the Mayor determines that a reasonable possibility exists that the principal and interest of a Borough investment are not adequately secured for any reason, the Mayor may take any or all of the following actions in order to protect the principal and interest of such Borough investment:
A. Rescind or otherwise terminate the investment without regard to interest or other penalties which may arise because of such action;
B. Demand from the financial institution additional or substitute collateral;
C. Demand from the financial institution additional or substitute safekeeping measures;
D. Notify state or federal regulatory agencies of the nature and reasons for such insecurity and seek assistance in remedying the insecurity;
E. Temporarily deviate from the requirements of FNSBC 7.16.100 through 7.16.120 relating to the qualified bidders list and the placement of Borough investments, and the provisions of FNSBC 7.16.060 relating to portfolio diversification;
F. Take any other action which the Mayor deems reasonably necessary to protect the security of the principal and interest of Borough investments. (Ord. 87-069 § 4, 1988. 2004 Code § 3.04.150.)