|
The City Treasurer hereby is authorized to invest any uninvested surplus
balance to the credit of the General Fund or any sinking fund or special fund in
interest bearing securities such as may be lawfully held by the City under
Section 7‑105 of the City Charter. The Treasurer may purchase such
securities on the open market and may bid on new issues of such
securities. The Treasurer may sell such securities on the open market, if
there is an established market therefor, as necessary to meet the cash needs of
the various funds. The authority herein granted to the Treasurer may only be exercised with the
approval of the Commissioner of Finance and Administration and, in the case of
the investment of sums held in special funds or sinking funds, with the approval
of Commissioner In Charge of the budget of such sinking fund or special
fund.
|
| |
