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 Isleton
 Code of Ordinances
 Title III. REVENUE AND FINANCES
 Chapter 3.04. FISCAL ADMINISTRATION

  § 3.04.050. Investment of deposits  

Latest version.

  • City funds which have been deposited as provided in section 3.04.040 may be invested in accordance with the requirements of law and any investment policy statement or statement approved by the city council as follows:

    A.

    The restricted funds shall be invested in accordance with the provisions of the contract approved by the city council or in accordance with any applicable statute or regulation, which governs the investment of such funds. Unless said contract, statute, or regulation requires the city treasurer or the finance director to invest such funds, the city council shall be responsible for the investment of such funds.

    B.

    The treasurer's funds in a legal depositary are subject to investment by the city council under the provisions of section 53601 of the California Government Code to the extent that such funds constitute money in a sinking fund or are determined by the city council to be surplus money not required for the immediate needs of the city. The city council may, by resolution, establish criteria to be used in determining which deposited funds are subject to investment by the city as moneys in a sinking fund or as surplus money not required for the immediate needs of the city. The city treasurer shall not be authorized to invest said deposited funds unless the city council, by resolution, has delegated its authority to invest such funds to the city treasurer in accordance with the requirements of section 53607 of the California Government Code.

    C.

    The unrestricted funds in a legal depositary are subject to investment by the city council under the provisions of section 53601 of the California Government Code to the extent that such funds constitute money in a sinking fund or are determined by the city council to be surplus money not required for the immediate needs of the city. The city council may, by resolution, establish criteria to be used in determining which deposited funds are subject to investment by the city as moneys in a sinking fund or as surplus money not required for the immediate needs of the city. The city treasurer shall have no authority to invest said deposited funds unless the city council has delegated its authority to invest such funds to the city treasurer in accordance with the requirements of section 53607 of the California Government Code. In addition, the finance director shall have no discretionary authority to invest such deposited funds for the city, but the city council may, by resolution, direct the finance director, acting as an agent of the city council, to make investments previously authorized or approved by the city council.

(Ord. No. 359)