Chapter 3.08 — INVESTMENT OF MONEYS AND FUNDS

Pursuant to, in accordance with, and to the extent allowed by, Sections 53607 and 53608 of the Government Code, 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.

(Prior code § 1621; Ord. 907 § 3, 1971)

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 investing of general city funds, including but not limited to Sections 53601 and 53635 of the Government Code, as said 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. (Prior code § 1622; Ord. 907 § 3, 1971)

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 purposes for which the original purchase money may have been designated or placed in the city treasury.

(Prior code § 1623; Ord. 907 § 3, 1971)

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 and appropriate; provided, however, that said bonds may be held uncanceled and while so held may be resold. (Prior code § 1624; Ord. 906 § 3, 1971)

The city treasurer shall make a monthly report to the city council of all investments made pursuant to the authority delegated in this chapter. (Prior code § 1625; Ord. 907 § 3, 1971)

Pursuant to the delegation of authority in Section 3.08.050, 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 Section 53608 of the Government Code as it now reads or may hereafter be amended. In accordance with said section, the city treasurer shall take from such institution or depository a receipt for the securities so deposited and shall not be responsible

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City of Palm Springs, CA § 3.08.060

PALM SPRINGS CODE

§ 3.08.070

for such securities delivered to and receipted for by such institution or depository until they are withdrawn therefrom by the city treasurer.

(Prior code § 1626; Ord. 907 § 3 (part) 1971)

Any departmental trust fund established by the city council pursuant to Section 36523 of the Government Code shall be administered by the city treasurer in accordance with Sections 36523 and 36524 of the Government Code and any other applicable provisions of law. (Prior code § 1627; Ord. 907 § 3, 1971)

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City of Palm Springs, CA

REVENUE AND FINANCE

§ 3.16.010

§ 3.16.013