A. Pursuant to, and in accordance with, and to the extent allowed by California Government Code sections 53607 and 53608, the authority to invest and reinvest monies of the town, to sell or exchange securities, and to deposit them and provide for their safekeeping, is delegated to the town treasurer.
B. Pursuant to the delegation of authority in subsection A of this section, the town 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 town funds, including, but not limited to, California Government Code sections 53601, 53635 and 53635.5, as said sections now read or may hereafter be amended, from monies in his custody which are not required for the immediate necessities of the town and as he 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, 11-27-1991)