(a) In accordance with the Government Code, the director of administrative services shall designate banks for the deposit and, upon proper warrant from the city manager, the disbursement of city moneys.
(b) After taking into account the amounts necessary to meet the current and pending cash requirements of the city, the director of administrative services may arrange for term deposits, or investment in securities authorized by law, of the treasury balance.
(c) All securities shall be placed in and maintained under safekeeping agreement with a state or national bank designated by the director of administrative services. No officer or employee of the city shall take delivery or otherwise have access thereto other than by specific authorization of the council approved by the city manager.
(Ord. 4274 § 2 (part), 1995)