San Francisco County Municipal Code Art. IX Sale of Trust Securities

Sec. 10.50. Sale Authorized. Sec. 10.51. Fixing Price.

Sec. 10.52. Notice of Sale; Procedure at Auction or Private Sale. Sec. 10.53. Approval of Minimum Sales Price. Sec. 10.54. Expense of Sale. Sec. 10.55. Article Not Applicable to Retirement System Securities. Sec. 10.56. Endorsement by Mayor.

Stocks, bonds or other securities received by any board, commission or officer, by donation, gift, devise, bequest or purchase and held by such board, commission or officer in trust for a special purpose for the benefit of the City and County or for the benefit of any of its departments may, on the recommendation of the officer, board or commission charged with the control or administration of such trust property or funds, be sold by the Treasurer of the City and County as provided by this Article. (Ord. No. 2754(1939), Sec. 1)

When any board, commission or officer shall in writing or by resolution of the board or commission, request the Treasurer of the City and County to sell any stocks, bonds or other securities received or held by the board, commission or officer in trust for a specific purpose for the benefit of the City and County, the board, commission or officer shall fix the price at which such stocks, bonds or other securities shall be sold, and notify the Treasurer to sell the same at a price at not less than the price fixed by the board, commission or officer. (Ord. No. 2754(1939), Sec. 2)

Upon receiving the notification from the board, commission or officer, it shall be the duty of the Treasurer to offer the stocks, bonds or other securities for sale, either at public auction or at private sale. The Treasurer shall, within five days prior to the making of the sale, publish a notice of the sale once in the official newspaper of the City and County. If the sale is to be at public auction, the notice shall contain the time and place of the sale. If at private sale, the notice shall contain the time and place when bids or offers for the stocks, bonds or other securities will be received. If the sale is made at public auction, the Treasurer shall sell the stocks, bonds or other securities to the highest and best bidder therefor. If sold at private sale, the Treasurer shall accept the highest bid or offer received therefor; provided, that no bid shall be accepted in an amount lower than the amount specified by the board, commission or officer requesting the sale. It is provided, however, that when stocks, bonds or securities are listed on an established stock or bond exchange, no notice of sale need be given and sale may be made through any bank or broker, through any recognized stock exchange; and also provided, that such stocks, bonds or securities are not sold below the price fixed by the board, commission or officer requesting such sale. (Ord. No. 2754(1939), Sec. 3)

Whenever any board, commission or officer shall request the Treasurer to sell any stocks, bonds or other securities held by or under the jurisdiction of the board, commission or officerthe board, commission or officer shall fix a price below which the stocks, bonds or other securities shall not be soldstocks, bonds or other securities shall not be offered for sale or sold, until such price is approved by the Controller. (Ord. No. 2754(1939), Sec. 4; amended by Ord. 370-87, App. 9/11/87)

All expenses incurred in the matter of the sale of any stocks, bonds or other securities offered for sale or sold as provided by this Article shall be paid from the proceeds of the sale of the same or by the department requesting the sale of the same. (Ord. No. 2754(1939), Sec. 5)

The provisions of the Article shall not apply to any sale of stocks, bonds or other securities held or to be sold by or for the City and County Employees' Retirement System (Ord. No. 2754(1939), Sec. 6)

Whenever the Treasurer shall sell any stocks, bonds or other securities, as provided in this Article, and whenever any of such bonds, stocks or other securities stand in the name of the City and County with the endorsement of the City and County being necessary in order to transfer the stocks, bonds or other securities, the Mayor is hereby authorized to endorse the same for and on behalf of the City and County; and to take all other actions which may be necessary in order that the stocks may be transferred to the purchaser thereof when sold by the Treasurer, in accordance with the provisions of this Article. (Res. No. 4111(1939))