The duties of the Treasury Investment Board shall be:
(a) Whenever the money in the City Treasury is to be invested as provided in Section 175.02 the Finance Director shall submit to the City Manager and to the Law Director a statement of moneys in the Treasury or in the process of collection and a schedule showing the probable requirements of money for the use of the Municipality for a period of not less than six months as the City Manager directs, together with a recommendation as to whether any moneys in the Treasury shall be invested in such obligations. The City Manager, the Law Director and the Finance Director may thereupon order such investments, at not more than the current market value, as they deem advisable, in the interest of the Municipality. It is unnecessary to advertise such bonds before such investment is made. 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 obligations shall be sold for less than the current market value.
(Ord. 1414. Passed 6-4-62.)