Irvine Municipal Code Div. 2 City Treasurer

In addition to performing those duties otherwise required by law, the City Treasurer shall have the following powers and shall perform the following duties:

A. The following words and phrases shall have the indicated meanings for the purposes of this section:

1. Agent of depository means a trust company or trust department of a State or national bank located in this State, including the trust department of a depository where authorized.

2. Depository means a State or national bank, State or federal savings and loan association, State or federal credit union or federally insured industrial loan company in which the monies of the City of Irvine are deposited.

3. Security means any of the eligible securities or obligations listed in Government Code § 53651.

B. The authority of the City Council to invest or to reinvest monies of the City of Irvine is hereby delegated to the City Treasurer, who shall assume full responsibility for such transactions until such time as this delegation of authority is revoked.

C. The City Treasurer and/or Deputy City Treasurer shall deposit the money in a depository that pays the highest available rate of interest and/or in the Local Agency Investment Fund of the State of California.

D. The City Treasurer shall complete and transmit to the City Manager and the City Council a monthly report of the transactions involving the investment or reinvestment of funds of the City during the previous month.

E. The City Treasurer shall render to the City Manager and City Council of the City of Irvine a statement showing the amount of interest collected for each deposit for the preceding month.

F. Prior to the waiver of any security for that portion of any deposit that is insured under federal law, the City Treasurer shall complete a written statement stating his or her findings that local conditions warrant the waiver of the security to the extent that deposited funds are insured under federal law. Such local conditions may include, but not be limited to, the City's financial condition, the depository concerned, the amount of deposit, and/or the particular needs for the deposited funds. This written statement shall be presented to the City Manager and City Council for their review and approval, prior to being submitted to the depository.

(Code 1976, § t-101; Ord. No. 189, § 1, 4-12-77)