[Ord. No. 611, § 1.]
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 Treasurer.
[Ord. No. 611, § 1.]
The City Treasurer is authorized to purchase, at their original
sale or after they have been issued, securities which are permissible
investments under sections 53601 and 53635 of the Government Code,
as they now read or may hereafter be amended, with money in his custody
which is not required for the immediate necessities of the City and
as he may deem wise and expedient, and to sell or exchange for other
eligible securities and reinvest the proceeds of the securities so
purchased.
[Ord. No. 611, § 1.]
From time to time the City Treasurer shall redeem the securities in which City money has been invested pursuant to § 11-44, so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the City Treasury.
[Ord. No. 611, § 1.]
Bonds issued by the City and purchased pursuant to Section 11-44, may be canceled either in satisfaction of sinking fund obligations or otherwise; provided, however, that such bonds may be held uncanceled and while so held may be resold.
[Ord. No. 611, § 1.]
The City Treasurer shall make a monthly report of all such investments
to the City Council.
[Ord. No. 611, § 1.]
The City Treasurer 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 § 11-44; provided, however, that the City Treasurer 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not be responsible for such securities delivered to and receipted for by such trust company or bank until they are withdrawn therefrom by the City Treasurer.
