The city treasurer shall perform such duties as required by law and may assume such duties as are delegated by the city manager. Further, the city treasurer shall exercise delegated authority pursuant to Government Code Sections 53607 and 53608 to invest and reinvest money of the city, to sell or exchange securities so purchased, and to deposit such securities for safekeeping, as follows:
(1) Investment. The city treasurer may purchase, at their original sale or after they have been issued, securities which are permissible investments under Government Code Sections 53601 and 53635, as they may be amended from time to time, and sell or exchange those securities for other eligible securities and reinvest the proceeds of the securities so purchased. Funds for these investments or reinvestments shall be provided from surplus money which the finance director has determined is not required to meet the immediate necessities of the city.
(2) Interest Rate. Pursuant to Government Code Section 53637, the city treasurer shall deposit surplus money which the finance director has determined is not required to meet the immediate necessities of the city in a depository selected from those banks and those savings and loan associations agreeing to pay the highest rate of interest. Deposits and investments made pursuant to this section shall mature in accordance with a schedule determined by the finance director.
(3) Redemptions. From time to time the finance director may direct that the city treasurer shall redeem the securities in which city money has been invested pursuant to this section so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the city treasury.
(4) City Bonds. Bonds issued by the city and purchased pursuant to this section may be cancelled either in satisfaction of sinking fund obligations or otherwise; provided, however, that said bonds may be held uncancelled and while so held may be resold.
(5) Reports. The city treasurer shall report quarterly to the city council on the status of the investments made pursuant to this section.
(6) Deposits. The city treasurer may 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 bank by the Board of Governors of the Federal Reserve System, the securities in which the city money has been invested pursuant to this section; 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. (Ord. No. 935, § 2; Ord. No. 996, § 1; Ord. No. 1497, § 3.)