HomeMy WebLinkAboutORD 30. .. �:., ORDINANCE NO. 30
AN ORDINANCE OF THE CITY OF PfLM DESERT,
CALIFORNIA, RELATING TO THE !NYESTMENT
OF MONEYS AND FUNDS BY THE CITY, TREASURER
The City Council of the .,..•., of Palm Desert, California,
DOES HEREBY ORDAIN as follows:
SECTION 1_: Investment of city moneys and deposit
of securities. Pursuant to, in accordance with, and to the
extent allowed by, Sections 53607 and 53608 of the Government
Code, the authority fo invest and reinvest moneys of the
city, to sell or exchange securities, and to deposit them
and provide for their safekeeping, is delegated to the city
treasurer.
SECTION 2: Authorized investments. Pursuant to the
delegation of authority in Section 1, the city treasurer, or
his delegate, 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 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 his custody which in the opinion of the City Manager
and Finance Director are 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 securities so purchased.
SECTION 3: Sales of Securities. 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 purposes for
which the original purchase money may have been designated
or placed in the city treasury.
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SCTiOiI d: C" fonds. Bonds issued by the city and
►erthd:od pursuant to this chapter may be canceled tither in
satisfaction of sinking fund obligations or otherwise if
prvrew and appropriate& provided, howa.er, that said bonds
may be held uncanceied and wh. field may be resold.
SECTION 5: Re oa rts. The city treasurer, or his delegate,
shall make a monthly report to the City Council of all invest
Monts made pursuant to the authority delegated in this chapter.
SECTION 6: Deposits of securities Pursuant to the
delegation of authority in Section 5, the city treasurer, or
his delegate, 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 insti-
tution or depository until they are withdrawn therefrom by the
city treasurer.
SECTION 7. Trust fund administration. 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 taw.
SECTION 8: The City Clerk of the City of Palm Desert,
California, is hereby directed to cause this ordinance to be
posted in three public places, in accordance with Resolution No.
74-17 and Section 36933 of the Government Code of the State of
California.
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