Chapter 2.48
INVESTMENT COMMITTEE
Sections:
2.48.010 Establishment.
An investment committee is created to make individual investments of town funds without the consent of the council; said committee shall consist of the mayor and two councilmen. The town treasurer shall advise the committee at its request. (Ord. 12-B §1, 1970)
2.48.020 Appointment.
The mayor is authorized to appoint two councilmen to the committee and who, when appointed, shall hold office at the discretion of the mayor. (Ord. 12-B §2, 1970)
2.48.030 Duties and powers.
The duties and powers of the investment committee shall be as follows:
A. To determine the amount of money available in each fund for investment purposes, according to law;
B. To invest such funds;
C. To make monthly reports of all investments to the town council;
D. To convert such funds to cash or securities at any time according to law. (Ord. 12-B §3, 1970)