The city may hold deeds of trust or mortgages as security for construction loans, mortgage loans, loans to lenders and participation purchases and may pledge or assign the same as security for repayment of bonds. Such deeds of trust or mortgages may be assigned to, and held on behalf of the city by, any bank or trust company or other financial institution appointed to act as trustee by the city in any resolution providing for the issuance of bonds. (Ord. 1505 NCS §1 (part), 1982.)