Chapter 2.48


2.48.010  Establishment.

2.48.020  Appointment.

2.48.030  Duties and powers.

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)