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Pursuant to and in accordance with, and to the extent allowed by Government Code Sections 53607 and 53608, the authority to invest and reinvest moneys of the City, to sell or exchange securities and to deposit them and provide for their safekeeping, is delegated to the City Treasurer.
[Ord. No. 461, Section 3, 5/9/07.]
Pursuant to the delegation of authority in Section 3.01.010, the City 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 City funds, including but not limited to Government Code Sections 53601, 53635 and 53635.5, and the City Charter, as said Sections now read or may hereafter be amended, from moneys in his custody which are not required for the immediate necessities of the City 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. No. 461, Section 3, 5/9/07.]
From time to time, the City Treasurer shall sell the securities in which City 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 City treasury.
[Ord. No. 461, Section 3, 5/9/07.]
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