In the discretion of the city manager and/or the director of finance, any surplus funds that are not needed for the immediate operation of the city shall be invested to bring the maximum return possible to the city.
(Ord. 170 § 1, 1963; Ord. 512 § 13, 1968)
All investments shall be made in accordance with the provision of the laws of the state of California, and no other investments, except those so authorized shall be utilized.
(Ord. 170 § 2, 1963)
A periodic report shall be made to the council as to the nature of the investments and the returns thereon, or whenever the council shall ask for such report.
(Ord. 170 § 3, 1963)