CHAPTER 2. ADMINISTRATION.
Article VI. Clerk and Treasurer.
Sec. 2-6-3. Duties of the city treasurer.
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
(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
(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.)