Chapter 2.62
INVESTMENTS OF CITY FUNDS

Sections:

2.62.010    Brokers and municipal securities dealers – Involvement restricted.

2.62.020    Investment of surplus funds.

2.62.010 Brokers and municipal securities dealers – Involvement restricted.

No “broker,” as defined by California Commercial Code Section 8303, “broker-dealer,” as defined by California Commercial Code Section 25004, or “investment adviser,” as defined by California Corporations Code Section 25009, shall be used in the investment of any surplus city funds. However, nothing herein shall prohibit the use of a broker, dealer or municipal securities dealer when the city is issuing bonds, certificates of participation or other similar instruments. (Ord. 1486 § 1, 1995)

2.62.020 Investment of surplus funds.

A. The majority of the city’s surplus funds shall be invested in treasury bills and government notes.

B. No surplus city funds shall be invested in any repurchase agreements, reverse repurchase agreements, derivatives or noncollateralized corporate notes. (Ord. 1486 §§ 2, 3, 1995)