Yuba City Municipal Code Art. 2 Delegation to City Treasurer Authority to Invest City Funds and Deposit…

Pursuant to the provisions of Government Code §§ 53607 and 53608, the authority to invest and reinvest money of the City, to sell or exchange, securities so purchased, and to deposit such securities for safekeeping is hereby delegated to the City Treasurer.

(§ 1, Ord. 735, eff. February 2, 1977)

The City Treasurer is hereby authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under Government Code §§ 53601 and 53635, as such sections now read or may hereafter be amended, from money in his or her custody which is not required for the immediate necessities of the City and as he or she may deem wise and expedient and to sell or exchange for other eligible securities and to reinvest the proceeds of the securities so purchased.

(§ 1, Ord. 735, eff. February 2, 1977)

From time to time the City Treasurer shall redeem the securities in which City money has been invested pursuant to Section 3-7.202 of this article so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the City treasury.

(§ 1, Ord. 735, eff. February 2, 1977)

Bonds issued by the City and purchased pursuant to Section 3-7.202 of this article may be canceled either in satisfaction of sinking fund obligations or otherwise; provided, however, such bonds may be held uncanceled and, while so held, may be resold.

(§ 1, Ord. 735, eff. February 2, 1977)

The City Treasurer shall make a monthly report of all such investments to the Council.

(§ 1, Ord. 735, eff. February 2, 1977)

The City Treasurer is hereby authorized to deposit for safekeeping with a trust company, or with a State or national bank located within the State, or with the Federal Reserve Bank of San Francisco, or any branch thereof located within the State, or with any Federal Reserve Bank, or with any State or national bank located in any city designated as a reserve city by the Board of Governors of the Federal Reserve System the securities in which City money has been invested pursuant to Section 3-7.202 of this article; provided, however, the City Treasurer shall take from such trust company or bank a receipt for the securities so deposited and shall not be responsible for such securities delivered to and receipted for by such trust company or bank until such securities are withdrawn therefrom by the City Treasurer.

The City Treasurer is further authorized to deposit such funds in all legal depositories as provided for by the laws of the State, specifically including savings and loan associations.

(§ 1, Ord. 735, eff. February 2, 1977)