If, in order to maintain sufficient moneys on demand deposit in any fund, as provided in Section 3.12.010, it becomes necessary to transfer or sell any securities of such funds, any two or more of the officers specified in Section 3.12.030 may transfer the securities to any other fund or funds in which there are temporarily idle moneys or shall sell such securities, and for such purpose they shall have authority to make any necessary written directions, endorsements or assignments for and on behalf of the city. Any such transfers or sales shall be reported in writing to the Governing Body at its next regular meeting. (Prior Code § 1-505.)