A. Sale Of Securities: From time to time the town treasurer shall sell the securities in which town monies have been invested pursuant to this chapter, so that the proceeds may, as appropriate, be applied to the purchase for which the original purchase money may have been designated or placed in the town treasury.
B. Deposit Of Securities: Pursuant to the delegation of authority in subsection 3.10.010A of this chapter, the town treasurer is authorized to deposit for safekeeping, the securities in which town monies 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, California Government Code section 53608. In accordance with said section, the town 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not be responsible for such securities delivered to and receipted for by such institution or depository until they are withdrawn therefrom by the town treasurer. (Ord. 3, 11-27-1991)