Pursuant to the delegation of authority in Section 3.04.010 of this chapter, the city treasurer is authorized to deposit for safekeeping, the securities in which city moneys have been invested pursuant to this chapter, in any institution or depository authorized by the terms of any state law, including but not limited to Section 53608 of the Government Code as it now reads or may hereafter be amended. In accordance with the section, the city treasurer shall take from such institution or depository a receipt for the securities so deposited and shall not be responsible for such securities delivered to and receipted for by such institution or depository until they are withdrawn therefrom by the city treasurer.
(Ord. 3 § 1 (part), 1991: prior code § 3.08.060)