McFarland Municipal Code Ch. 3.04 Fund Management

Pursuant to Sections 53607 and 53608 of the Government Code, 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.

(Ord. 128 §1, 1972)

The city treasurer is authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under Sections 53601 and 53635 of the Government Code, as they now read or may hereafter be amended, from 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 for other eligible securities and reinvest the proceeds of the securities so purchased.

(Ord. 128 §2, 1972)

From time to time the city treasurer shall redeem the securities in which city money has been invested pursuant to Section 3.04.020 so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the city treasury.

(Ord. 128 §3, 1972)

Bonds issued by the city and purchased pursuant to Section 3.04.020 may be canceled either in satisfaction of sinking fund obligations or otherwise; provided, however, that the bonds may be held uncanceled and while so held may be resold.

(Ord. 128 §4, 1972)

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

(Ord. 128 §5, 1972)

The city treasurer is authorized to deposit for safekeeping with a federal or state association (as defined by Section 5102 of the California Financial Code), a trust company or a state or national bank located within the state or with the Federal Reserve Bank of San Francisco or any branch thereof within the state, or with any Federal Reserve bank or with any state or national bank located in any city designated as a reserve city by the Board of Governors of the Federal Reserve System, the securities in which the money of the city has been invested pursuant to Section 3.04.020; provided, however, that the city treasurer shall take from such financial institution a receipt for securities so deposited and shall not be responsible for such securities delivered to and receipted by such financial institution until they are withdrawn therefrom by the city treasurer.

(Ord. 210 §11, 1987: Ord. 128 §6, 1972)

All funds or money belonging to the city shall be deposited to the credit of the city within any bank, savings and loan association or trust company located in the state, and authorized to receive for deposit such money and funds pursuant to state law, determined from time to time by order of the city council.

(Ord. 196 §1, 1984)

All withdrawals upon funds and money deposited as required by Section 3.04.070 shall be made upon warrants drawn upon the city treasury and signed by any two of the following persons: the mayor, the city clerk, or any other member of the city council. The city council may establish by minute order or resolution any preference or order of priority of the foregoing persons in the signing of such warrants.

(Ord. 196 §2, 1984)