A. 
Investment Authority. Pursuant to Article 1 of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code (commencing with Section 53600), including, but not limited to, Sections 53601 and 53607 therein, the authority to invest and reinvest funds of the city, and to sell or exchange securities so purchased for investment, is vested in the city council. Pursuant to, and in accordance with, and to the extent allowed by, Section 53607 of the Government Code, such investment authority may be delegated by the city council to the city treasurer for a one year period, renewable annually subject to review. Any such delegation of investment authority by the city council to the city treasurer shall be made by resolution adopted as follows:
1. 
In connection with the city treasurer's annual rendering of the statement of investment policy for city council review and approval pursuant to Section 3.16.050 of this chapter; or
2. 
If pursuant to Section 3.16.050, the city council has provided, by resolution or in the city's adopted statement of investment policy, that the city treasurer is only required to render the statement of investment policy to the city council for consideration and approval when a change is proposed to be made to the statement of investment policy, then in connection with either: (a) the city council's consideration and approval of the city's annual budget; or (b) the city treasurer's quarterly report to the city council covering the last quarter of the fiscal year; or
3. 
If impracticable at the times described in subsections (A)(1) and (A)(2) above, at a public meeting at any other time during the year that is convenient for the city council.
B. 
Deposit and Safekeeping of Investments. Pursuant to, and in accordance with, and to the extent allowed by, Section 53608 of the Government Code, the authority to deposit for safekeeping with an authorized financial institution the securities in which the money of the city is invested pursuant to Article 1 of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code (commencing with Section 53600) or pursuant to other legislative authority is delegated to the city treasurer.
(Ord. 2 § 1, 1983; Ord. 483 § 1, 2020)
The city council, or the city treasurer to the extent that the city council has delegated its investment authority to the city treasurer pursuant to Section 3.16.010(A) of this chapter and such delegation is in full force and effect, is authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under any provision of state law relating to the investing of general city funds, including, but not limited to, Sections 53601 and 53635 of the Government Code, as said sections now read or may hereafter be amended, from moneys in the city's treasury which are not required for the immediate necessities of the city and as the city council or the city treasurer, as applicable, may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased. In connection with any such investment, the prudent investor standard set forth in Government Code Section 53600.3 and the investment objectives set forth in Government Code Section 53600.5 shall apply.
(Ord. 2 § 1, 1983; Ord. 483 § 2, 2020)
From time to time the city treasurer shall sell the securities in which city moneys have been invested pursuant to this chapter, so that the proceeds may, as appropriate, be applied to the purchase for which the original purchase money may have been designated or placed in the city treasury; provided, if the city council has not delegated its investment authority to the city treasurer pursuant to Section 3.16.010(A)of this chapter, or such investment authority has expired or been revoked, in the absence of a designated purchase or purpose for which the original purchase money for a security was placed in the city treasury, the city treasurer shall request approval by the city council prior to selling such security."
(Ord. 2 § 1, 1983; Ord. 483 § 3, 2020)
Bonds issued by the city and purchased pursuant to this chapter may be canceled either in satisfaction of sinking fund obligations or otherwise if proper and appropriate; provided, however, that said bonds may be held uncanceled and while so held may be resold.
(Ord. 2 § 1, 1983)
A. 
The city treasurer may render, or if so provided in the city's adopted statement of investment policy shall render, a quarterly report in furtherance of Government Code Section 53646 to the city council of all securities, investments, and moneys held by the city within 30 days following the end of the quarter.
B. 
Pursuant to Government Code Section 53607, the city treasurer shall make a monthly transactions report of all investment transactions made pursuant to the investment authority delegated by the city council pursuant to Section 3.16.010(A) of this chapter.
C. 
The city treasurer shall annually, as well as when any change is proposed to be made to the policy, render a statement of investment policy to the city council which the city council shall consider for approval at a public meeting; provided, the city council, by resolution or in the city's adopted statement of investment policy, may provide that the city treasurer is only required to render the statement of investment policy to the city council for consideration and approval when a change is proposed to be made to the statement of investment policy. The statement of investment policy shall be submitted to any oversight committee determined by state law."
(Ord. 2 § 1, 1983; Ord. 293, 2003; Ord. 483 § 4, 2020)
Pursuant to the delegation of authority in Section 3.16.010(B) of this chapter, the city treasurer is authorized to deposit for safekeeping, the securities in which city moneys have been invested pursuant to this chapter, in any institution or depository authorized by the terms of any state law, including, but not limited to, Section 53608 of the Government Code as it now reads or may hereafter be amended. In accordance with said section, the city treasurer shall take from such institution or depository a receipt for the securities so deposited and shall not be responsible for such securities delivered to and receipted for by such institution or depository until they are withdrawn therefrom by the city treasurer.
(Ord. 2 § 1, 1983; Ord. 483 § 5, 2020)
Any departmental trust fund established by the city council pursuant to Section 36523 of the Government Code shall be administered by the city treasurer in accordance with Sections 36523 and 36524 of the Government Code and any other applicable provisions of law.
(Ord. 2 § 1, 1983)