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.
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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
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