Mammoth Lakes Municipal Code Ch. 3.28 Investments

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

(Prior Code, § 3.08.010; Code 1990, § 3.28.010)

Pursuant to the delegation of authority in Section 3.28.010, 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 and 53635 as those sections now read or may hereafter be amended, from monies in the Treasurer's custody which are not required for the immediate necessities of the Town and as the Treasurer may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased.

(Prior Code, § 3.08.020; Code 1990, § 3.28.020)

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

(Prior Code, § 3.18.030; Code 1990, § 3.28.030)

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 the bonds may be held uncanceled and while so held may be resold.

(Prior Code, § 3.08.040; Code 1990, § 3.28.040)

The Town Treasurer shall make an annual report to the Town Council of all investments made pursuant to the authority delegated in this chapter.

(Prior Code, § 3.08.050; Code 1990, § 3.28.050)

Pursuant to the delegation of authority in Section 3.28.010, the Town Treasurer is authorized to deposit for safekeeping, the securities in which Town monies 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. In accordance with the 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.

(Prior Code, § 3.08.060; Code 1990, § 3.28.060)

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.

(Prior Code, § 3.08.070; Code 1990, § 3.28.070)