Pursuant to the delegation of authority in Section 3.04.010 of this chapter, 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 Sections 53601 and 53635 of the Government Code, as the sections now read or may hereafter be amended, from moneys in his or her custody which are not required for the immediate necessities of the city and as he or she 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 § 1 (part), 1991: prior code § 3.08.020)