Apple Valley Municipal Code Ch. 3.08 Investment of Moneys and Funds

Pursuant to, and in accordance with, and to the extent allowed by, Government Code §§ 53607 and 53608, the authority to invest and reinvest moneys of the Town, to sell or exchange securities, and to deposit them and provide for their safekeeping, is delegated to the Town Treasurer.

Pursuant to the delegation of authority in Section 3.08.010, the Town Treasurer 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 Town funds, including, but not limited to, Government Code §§ 53601, 53635 and 53635.5, as said sections now read or may hereafter be amended, from moneys in his or her custody which are not required for the immediate necessities of the Town and as he or she may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased.

(Ord. 224, 6-13-00)

From time to time the Town Treasurer shall sell the securities in which Town 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 Town Treasury.

Bonds issued by the Town 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.

The Town Treasurer shall render a quarterly report to the Town Council. The quarterly report shall be consistent with state law and shall be submitted within 30 days following the end of the quarter covered by the report.

(Ord. No. 555, § 2, 6-14-2022)

Pursuant to the delegation of authority in Section 3.08.010, the Town Treasurer is authorized to deposit for safekeeping, the securities in which Town 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, Government Code § 53608 as it now reads or may hereafter be amended. In accordance with said Section, the Town 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 Town Treasurer.

Any departmental trust fund established by the Town Council pursuant to Government Code § 36523 shall be administered by the Town Treasurer in accordance with Government Code §§ 36523 and 36524 and any other applicable provisions of law.

(Ord. 3, 11-28-88)