Yucca Valley Municipal Code Ch. 3.10 Investment and Collection of Town Monies

A. Pursuant to, and in accordance with, and to the extent allowed by California Government Code sections 53607 and 53608, the authority to invest and reinvest monies of the town, to sell or exchange securities, and to deposit them and provide for their safekeeping, is delegated to the town treasurer.

B. Pursuant to the delegation of authority in subsection A of this section, 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, California Government Code sections 53601, 53635 and 53635.5, as said sections now read or may hereafter be amended, from monies in his custody which are not required for the immediate necessities of the town and as he may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased. (Ord. 3, 11-27-1991)

A. Sale Of Securities: From time to time the town treasurer shall sell the securities in which town monies 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.

B. Deposit Of Securities: Pursuant to the delegation of authority in subsection 3.10.010A of this chapter, the town treasurer is authorized to deposit for safekeeping, the securities in which town monies 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, California Government Code section 53608. In accordance with said 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not be responsible for such securities delivered to and receipted for by such institution or depository until they are withdrawn therefrom by the town treasurer. (Ord. 3, 11-27-1991)

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 and appropriate; provided, however, that said bonds may be held uncanceled and while so held may be resold. (Ord. 3, 11-27-1991)

The town treasurer shall make a quarterly report to the town council of all investments made pursuant to the authority delegated in this chapter; provided, however, that the town treasurer shall make a special report to the town council each time the interest rate paid on investments changes downward by one percent (1%) or more. (Ord. 132, 8-22-2002)

Any departmental trust fund established by the town council pursuant to California Government Code section 36523 shall be administered by the town treasurer in accordance with California Government Code sections 36523 and 36524 and any other applicable provisions of law. (Ord. 3, 11-27-1991)

The amount of any fee, assessment, service charge, utility charge, license or tax of any nature whatsoever imposed by this code or by any other resolution, ordinance, rule, regulation or in any other fashion by the town shall be deemed a civil debt owing to the town. An action may be commenced in the name of the town in any court of competent jurisdiction for the collection of the amount of any such delinquent or unpaid fee, assessment, service charge, utility charge, license, or tax, together with any penalties applicable thereto as prescribed by this code or any other enactment. Such action may also be commenced for the collection of any other amount or debt determined to be due the town on account of any contractual obligation or on account of any tortuous act or conduct by any person. The remedy prescribed by this section shall be cumulative, and the use of an action to collect such an amount as a debt by civil action shall not bar the use of any other remedy provided by this code or by law for the purpose of enforcing the provisions thereof. (Ord. 3, 11-27-1991)