Chapter 3.08
INVESTMENT OF CITY FUNDS
Sections:
3.08.020 Permissible investments.
3.08.010 Authority.
Pursuant to Sections 53607 and 53608 of the Government Code, the authority to invest and reinvest money of the city, to sell or exchange securities so purchased, and to deposit such securities for safekeeping is delegated to the city clerk. (Ord. 469 §1, 1972)
3.08.020 Permissible investments.
The city clerk is authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under Section 53601 and 53635 of the Government Code, as they now read or may hereafter be amended, from money in her custody which is not required for the immediate necessities of the city and as she may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased. (Ord. 469 §2, 1972)
3.08.030 Redemptions.
From time to time the city clerk shall redeem the securities in which city money has been invested pursuant to Section 3.08.020 of this chapter so that the proceeds may be applied to the purposes for which the original moneys were designated or placed in the city treasury. (Ord. 469 §3, 1972)
3.08.040 City bonds.
Bonds issued by the city and purchased pursuant to Section 3.08.020 of this chapter may be canceled either in satisfaction of sinking fund obligations or otherwise; provided, however, that said bonds may be held uncanceled and while so held may be resold. (Ord. 469 §4, 1972)
3.08.050 Monthly reports.
The city clerk shall make a monthly report of all such investments to the city council. (Ord. 469 §5, 1972)
3.08.060 Deposits.
The city clerk 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 thereof 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 3.08.020 of this chapter; provided, however, that the city clerk 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not be responsible for such securities delivered to and receipted for by such trust company or bank until they are withdrawn therefrom by the city clerk. (Ord. 469 §6, 1972)