Can Los Angeles start a public pot bank? City study says costs could be ‘exorbitant’

What’s more, the charter gives the city treasurer the authority to choose the financial institutions that hold city deposits, and also requires a competitive bidding process for banking services and other big contracts. Without changes to the city charter, which would also have to be approved by voters, that means a city-owned bank would not by default be chosen to hold the city’s deposits.


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