Section 53607 Of Article 1. Investment Of Surplus From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 1.
53607
. The authority of the legislative body to invest or to
reinvest funds of a local agency, or to sell or exchange securities
so purchased, may be delegated for a one-year period by the
legislative body to the treasurer of the local agency, who shall
thereafter assume full responsibility for those transactions until
the delegation of authority is revoked or expires, and shall make a
monthly report of those transactions to the legislative body. Subject
to review, the legislative body may renew the delegation of
authority pursuant to this section each year.