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._.� �__. <br /> � RJC.ek 8/7/62-7 <br /> O R D I N A N C E N O. zo65 10�1�62 <br /> AN ORDINANCE AUTHORI�ING CITY TREASURER TO INVEST <br /> SURP^LU� MUNICIPAL FUNDS IN FEDERAL SECURITIES <br /> THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: <br /> SECTION l. Pursuant to the provisions of Section 34 of <br /> the Charter of the City of Redwood City, the City Treasurer is <br /> hereby authorized to invest such public moneys of the City of <br /> Redwood C�.ty as are not required for immediate e�penditure, <br /> in United States treasury notes, bonds, bills, or other certi- <br /> ficates of indebtedness for which the full faith and credit of <br /> the United �tates is pledged for the payment of the entire <br /> principal and interest. Such authority shall include the <br /> power to sell or e�change such securities and reinvest the <br /> proceeds thereof. <br /> SECTION 2. The City Treasurer sha11 make a detailed <br /> written report to the Council of all investment transactions <br /> authorized by this ordinance on the last day of each calendar <br /> month during which any public moneys are so invested. <br /> sECTION 3. In the event the authority granted by this <br /> ordinance is exercised, the City Treasurer sha11 assume full <br /> responsibility for the transactions authorized hereunder until <br /> such authority is revoked by this Council. <br /> SECTION 4. This ordinance shall be effective thirty (30) <br /> days after its adoption. <br /> * * * <br />