Pursuant to Cal. Gov’t Code § 53607, the City Manager and Finance Director as chief fiscal officers are authorized to undertake investment transactions on behalf of the city.
(A) Security purchases and holdings are maintained within statutory limits imposed by the Cal. Gov’t Code §§ 53600 et seq.
(B) Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable income to be derived.
(Ord. 342, passed 12-15-1987)