Hanford Municipal Code Ch. 3.12 Investment of City Funds

Pursuant to the provisions of Sections 53607 and 53608 of the Government Code of the state, the authority to invest and reinvest money of the city, to sell or exchange securities so purchased, and to deposit such securities for safekeeping is delegated to the city treasurer.

(Prior code § 2-7.01)

The city treasurer is authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments pursuant to the provisions of Sections 53601 and 53635 of the Government Code of the state, as they now read or may hereafter be amended, from the money in his custody which is not required for the immediate necessities of the city, and as he may deem wise and expedient, and to sell or exchange such securities for other eligible securities and to reinvest the proceeds of the securities so purchased.

(Prior code § 2-7.02)

From time to time the city treasurer shall redeem the securities in which city money has been invested pursuant to the provisions of Section 3.12.020 so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the city treasury.

(Prior code § 2-7.03)

Bonds issued by the city and purchased pursuant to the provisions of Section 3.12.020 may be canceled either in the satisfaction of sinking fund obligations or otherwise; provided, however, such bonds may be held uncancelled and, while so held, may be resold.

(Prior code § 2-7.04)

The city treasurer shall make a monthly report of all such investments to the council.

(Prior code § 2-7.05)

The city treasurer is authorized to deposit for safekeeping with a trust company or a state or national bank located within the state, or with the Federal Reserve Bank of San Francisco, or with any branch thereof located within the State, or with any federal reserve bank, or with any state or national bank located in a city designated as a reserve city by the Board of Governors of the Federal Reserve System, the securities in which city money has been invested pursuant to the provisions of Section 3.12.020 of this chapter; provided, however, 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not be responsible for such securities delivered to and receipted for by such trust company or bank until they are withdrawn therefrom by the city treasurer.

(Prior code § 2-7.06)