Mission Viejo Municipal Code Ch. 3.08 Investment of Money and Funds

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Cross reference— South coast air quality management district receipts fund, ch. 6.01.

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

(Code 1988, § 3.08.010)

Pursuant to the delegation of authority in section 3.08.010, the city 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 city funds, including but not limited to Government Code §§ 53601 and 53635 as such sections now read or may hereafter be amended, from moneys in his custody which are 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.

(Code 1988, § 3.08.020)

From time to time the city treasurer shall sell the securities in which city 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 city treasury.

(Code 1988, § 3.08.030)

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

(Code 1988, § 3.08.040)

The city treasurer shall make a monthly report to the city council of all investments made pursuant to the authority delegated in this chapter.

(Code 1988, § 3.08.050)

Pursuant to the delegation of authority in section 3.08.010, the city treasurer is authorized to deposit, for safekeeping, the securities in which city 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 that section, the city 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 securities delivered to and receipted for by such institution or depository until they are withdrawn therefrom by the city treasurer.

(Code 1988, § 3.08.060)

Any departmental trust fund established by the city council pursuant to Government Code § 36523 shall be administered by the city treasurer in accordance with Government Code § 36523 and any other applicable provisions of law.

(Code 1988, § 3.08.070)