Paradise Municipal Code Ch. 3.12 Investment of Funds

Pursuant to Sections 53601 et seq. of the Government Code the authority to invest and reinvest money of the town, to sell or exchange securities so purchased, and to deposit such securities for safekeeping is delegated to the town treasurer and investment committee.

(Ord. 307 §5(part), 1998)

The town council has determined that it is necessary to provide guidelines for the prudent investment of the temporary idle cash of the town and to outline the policies for maximizing the efficiency of the town's cash management system to enhance the financial status of the town, while protecting its pooled cash.

(Ord. 307 §5(part), 1998)

The town treasurer shall make the following reports to the investment committee and town council: an annual statement of investment policy; a quarterly investment report detailing the performance of the investment portfolio; and any additional reports as required by applicable state or local laws or policies, or as requested by the town council. (Ord. 307 §5(part), 1998)

The town council shall adopt an investment policy and set forth investment guidelines for the administration of the town's investment of the idle funds as set forth in either state law, resolution or administrative policy. (Ord. 307 §5(part), 1998)