Ridgecrest Municipal Code Div. 2 Investment Policy

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State Law reference— Investment of surplus funds, Government Code § 53600 et seq.

This division sets forth the city's investment policy established pursuant to Government Code § 53646.

(Code 1980, § 3-6.101)

(a) The city treasurer shall invest the surplus funds of the city in investments permitted by Government Code § 53601, taking into account safety, liquidity and then yield. The treasurer shall not invest in bills of exchange, time drafts, commercial paper, repurchase or reverse repurchase agreements, corporate notes or diversified management fund without prior approval by the council.

(b) The treasurer may invest in certificates of deposit or other similar evidences of indebtedness issued by banks, savings and loans and thrift associations located within the state without obtaining collateral to the extent that such indebtedness is guaranteed for payment by an instrumentality of the United States government.

(Code 1980, § 3-6.102)

The treasurer shall provide a monthly report showing the status of all investments and shall certify that all investments are in accordance with the foregoing investment policy.

(Code 1980, § 3-6.103)

The council shall annually review the investment policy set forth in this division. If the council chooses to reaffirm the investment policy, it may do so by minute order. If the council chooses to modify the investment policy, it shall do so by amendment to this division.

(Code 1980, § 3-6.104)