Montclair Municipal Code Ch. 3.04 Financial Affairs

A. Deposits in the State. As far as possible, the City Treasurer shall deposit for safekeeping all money belonging to, or in the custody of the City, in state or national banks, California branch offices of a foreign or other state bank, savings associations or federal associations, credit unions, federally insured industrial loan companies in this state, or any depository designated by the Government Code, except that money shall not be deposited in any state or federal credit union if a member of a legislative office, City Manager's office, or administrative office also serves on the board of directors or any committee associated with the state or federal credit union. Such money shall be deposited with the objective of receiving maximum return consistent with prudent financial management.

B. Deposits Outside the State. The City Treasurer may deposit money necessary to pay the principal and interest of bonds in a bank within or without the State at the place where they are payable.

C. Maximum Deposits. Deposits shall not exceed those maximum standards as prescribed by the California Government Code.

D. Investments. Investments made by the City Treasurer shall comply with investment procedures established by the Government Code.

E. Investment Policy. The City Council shall adopt a Statement of Investment Policy and annually review such policy at a public meeting.

F. Borrowing Funds. The City Council shall deliberate, at a public meeting, on any decision that involves borrowing funds in the amount of One Hundred Thousand (100,000) Dollars or more.

(Ord. 99-791 Exh. A (part); prior code § 3-2.101)

Active deposits, investments, and interest thereon are subject to withdrawal upon the demand of the City Treasurer or authorized official; provided, however, that demands for payment against the City shall be presented in fully itemized statements, invoices or bills at regular meetings of the City Council for approval of payment.

(Ord. 99-791 Exh. A (part); prior code § 3-2.102)

A. Audit and approval by the City Council. A member of the City Council designated by the Mayor shall audit all demands presented to the City Council. In the event such designation has not been made, the Mayor Pro Tem shall audit all demands presented. All demands presented for payment shall be approved by a majority of City Council Members sitting in quorum.

B. Exclusions. Payroll warrants or checks need not be audited prior to payment; provided, however, that payrolls are presented to the City Council for approval at the first meeting after delivery of the payroll warrants. Demands for which earlier payments are required by sound business practice need not be audited prior to payment; provided, however, that prepaid demands are approved by the City Treasurer and are presented to the City Council for audit and approval at the first meeting after prepayment of the demands.

(Ord. 99-791 Exh. A (part))

All payments of demands brought against the City shall be by warrants drawn on the City Treasury. The warrants shall be signed by the Mayor and countersigned by the City Treasurer and City Clerk. The Mayor, City Treasurer and City Clerk are designated as the signatories for disbursement of all funds in payment of demands brought against the City.

(Ord. 99-791 Exh. A (part))