The director of finance is authorized to deposit for safekeeping with a trust company or a state or national bank located within this state or with the Federal Reserve Bank of San Francisco or any branch of it located within this state or with any Federal Reserve Bank or with any state or national bank located in any city designated as a reserve city by the Board of Governors of the Federal Reserve System, the securities in which the city money has been invested pursuant to Section 2.08.050 of this code; provided, however, that the director of finance shall take from such trust company or bank, a receipt for the securities so deposited and shall not be responsible for such securities delivered to, and receipted for, by such trust company or bank until they are withdrawn from there by the director of finance. (Prior code § 8-80)