153.03 DUTIES.

   The duties of the Treasury Investment Board shall be:

   (a)   Whenever any obligations of the City are to be sold and the same are not taken by the Finance Director, or when the obligations are otherwise available for purchase by the City, the Finance Director shall submit to the Mayor and to the Law Director a statement of the moneys in the Treasury or in the process of collection and a schedule showing the probable requirements of money for the use of the City for such period, not less than six months, as the Mayor shall direct, together with a recommendation as to whether any moneys in the Treasury should be invested in such obligations. The Board may thereupon order the investment of money in the Treasury in such obligation at not more than the current market value, as it may deem advisable in the interest of the City. However, it shall not be necessary to advertise the bonds before the investment is made, and no investment shall be made except in obligations which have been passed upon and approved as to validity by a reputable firm of bond attorneys.

   (b)   Whenever it is necessary to convert any such investments into cash, it shall be done by selling such investments in any manner authorized by law for the sale of investments, provided that no such obligation shall be sold for less than the current market value.

      (1961 Code Sec. 232)