Truckee Municipal Code Ch. 3.08 Town 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 Town, to sell or exchange securities, and to deposit them and provide for their safekeeping, is delegated to the Town Treasurer.

Pursuant to the delegation of authority in Section 3.08.010, the Town 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 the investing of general Town funds, including but not limited to Sections 53601 and 53635 of the Government Code, as such sections now read or may hereafter be amended, from moneys which are not required for the immediate necessities of the Town and as may be deemed wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased.

From time to time the Town Treasurer shall sell the securities in which Town moneys have been invested pursuant to this chapter, so that the proceeds may, as appropriate, be applied to the purchase for which the original purchase money may have been designated or placed in the Town treasury.

Bonds issued by the Town and purchased pursuant to this chapter may be canceled either in satisfaction of sinking fund obligations or otherwise if proper or appropriate; provided, however, that such bonds may be held uncancelled and while so held may be resold.

The Town Treasurer shall make a periodic report to the Town Council of all investments made pursuant to the authority delegated in this chapter, the frequency of which shall be determined by Town Council resolution.

(Ord. No. 2026-08, § 1(Exh. A), 5-27-2026)

Pursuant to the delegation of authority in Section 3.08.010, the Town Treasurer is authorized to deposit for safekeeping, the securities in which Town 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 such section, the Town Treasurer shall take from such institution or depository a receipt for the securities so deposited and shall not be responsible for such securities delivered to and receipted for by such institution or depository until they are withdrawn there from by the Town Treasurer.

Any departmental trust fund established by the Town Council pursuant to Section 36523 of the Government Code shall be administered by the Town Treasurer in accordance with Section 36523 of the Government Code and any other applicable provisions of law.

(ORD 93-15 06-03-93; 93-19 07-01-93)