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HomeMy WebLinkAboutOrd 1069ORDINANCE N0. '�11.0 AN ORDINANCE OF THE CITY OF BURLINGAME DELEGATING TO THE CITY TP.EASURER THE AUTHORITY TO INVEST CITY FUPIDS AND TO DEPOSIT SECURITIES The CITY COUNCIL of the CITY OF BURLIPIGAME does ordain as follows: Section 1. Sections that the proceeds 3.12.040 applied through 3.12.090 the purposes are hereby added to the Burlingame P�1unicipal Code to read as follows: "3.12.040 Delegation. Pursuant to Sections 53607 and 53604 of the Government Code, 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. 3.12.050 Investments. The City Treasurer is hereby authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under Sections 53601 and 53635 of the :overnment Code, as they now read or may hereafter be amended, from money in his custody which is not required for the immediate neces- sities of the City and as he may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the pro- ceeds of the securities so purchased. 3.12.060 Redemptions. from time to time the City Treasurer shall redeem the securities in which City money has been invested pursuant to Section 2 of this Ordinance so that the proceeds may be applied to the purposes for vahich the original purchase money was designated or placed in the City treasury. 3.12.070 City Bonds. Bonds issued by the City and purchased pursuant to Section 2 of this Ordinance may be canceled either in satisfaction of sinking fund obligations or otherra�ise; prcvided, however, that said bonds may be held uncanceled and ,,chile so held may be resold. -1- 3.12.080 Re orts. The City Treasurer shall make a monthly report of all such investments to the City Council. 3.12.080 Deposits. The City Treasurer is hereby authorized to deposit for safe- keeping with a trust company ora state or national bank located within this state or with the Federal Reserve Bank of San Francisco or any branch thereof located within this 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 the City money has been _invested pursuant to Section 2 of this Ordinance; provided, however, that the City Treasurer shall take from such trust company or bank a receipt for 'the securities so deposited and shall nbt be responsible for such securities delivered to and receipted for by such trust company or bank until they are withdrawn therefrom by the City Treasurer." Section 2. Effective Date. This Ordinance shall be effective thirty (30) days from and after the date of -its passage. Section 3. This Ordinance shall be published as required by law. EVELYN N. HILL, City Clerk of the City of Burlingame, does hereby certify that the foregoing ordinance was introduced at a regular meeting of the City Council held on the :4,'::;day of April, 1976, and adopted thereafter ata regular meeting of the City Council held on the =;day of 1976. AYES: COUNCILMEN �.�." � .x-� _ a° �.,.: �- ., .; r' i.,,": ri NOES: COUNCILMEN: r:; ,,_. ABSENT: COUNCILMEN: f�lC'�rse -2- %¢ erk