Res78 7978 - Laserfiche WebLink

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i triad • The council , in the case of general municipal funds , and the Board of Port. Commissioners , in the case of Port funds , may authorize the treasurer to invest such public moneys as are not required for immediate expenditure in United--States Treasury-metes;-bends;-bills-er-ether-eertifieates-ef-indebted- Hess-fer-whieh-the-€ell-€aitk-and-eredit-ef-the-United-States s-pledged-fer-the-payment-of-the-entire-prineipal-and-interest: such securities or other certificates of indebtedness as are provided by law for the investment of public funds , generally. Such authority may include the power to sell or exchange such securities and reinvest the proceeds thereof. If so authorized, the treasurer shall thereafter assume full responsibility for such transactions until such authority is revoked and shall make a monthly report of such transactions to the council concerning the investments of general municipal funds and to the Board of Port Commissioners concerning the investment of Port funds . " (b) Said Charter amendment proposal shall be submitted to the electors of the City of Redwood City at the General Municipal Election to be held in the City on April 11, 1978, in the form of a proposal to amend said Charter by amending Section 34 thereof. On the ballots and on the voting machines to be used at said election, in addition to all other matters required by law to be printed thereon, shall appear the following: PROPOSITION G. Shall Section 34 of the Charter of the City of Redwood City be amended to enable the City Treasurer to deposit funds in depositories provided by law and to invest funds in securities or other certificates of indebtedness as provided by law for the investment of public funds, generally? SECTION 10 . (a) The Council of Redwood City hereby proposes, on its own motion, to amend the Charter of the City of Redwood City by amending Section 50b thereof to read as follows: "SECTION 50b. REVENUE BONDS. "1. The provisions of this section shall supersede and control all other provisions of this charter in conflict herewith. "2. The term 'enterprise ' as used in this section means any or all facilities and improvements, including any or all improvements to any thereof, referred to or described in paragraph 2 or 3 of Section 47f of the charter and under the jurisdiction of the Board. -12- ,