Ord 1744 - AMENDING TOWN CODE SECTIONS 2 -7 - DELEGATION OF CERTAIN DUTIES; 2 -10.4 - OFFICE OF THE DIRECTOR OF FINANCE, AND ADDING SECTION 2 -7.1 - CONTRACTS AND AGREEMENTS TO BE FILED WITH TOWN CLERKORDINANCE NO. 1744
AN ORDINANCE AMENDING TOWN CODE
SECTIONS 2 -7 - DELEGATION OF CERTAIN DUTIES;
2 -10.4 - OFFICE OF THE DIRECTOR OF FINANCE,
AND ADDING SECTION 2 -7.1 - CONTRACTS AND AGREEMENTS
TO BE FILED WITH TOWN CLERK
The Town Council of the Town of Los Gatos hereby ordains:
SECTION 1.
Section 2 -7 of the Town Code is hereby amended to read as follows:
Sec. 2 -7 Delegation of certain duties
(a) Signing check - warrants. The town clerk shall sign all
check - warrants drawn on the town treasurer. The town treasurer
shall countersign all check - warrants drawn on his /her office. In
the absence of either the town clerk or the town treasurer, their
respective appointed deputies be authorized to sign
check - warrants as prescribed herein. In the event that the town
treasurer or his /her appointed deputy does not sign
check - warrants within the prescribed time limits established by
town council resolution, the town mayor or vice -mayor may review
and sign check - warrants.
(b) Town bank accounts. All Town bank accounts will have any of the
following two (2) signatories. Any two of the following are
required to process checks /warrants:
Town Treasurer
Town Clerk
Mayor
(c) Delegation of investment function. The Council is responsible
for the delegation of authority and responsibility for
investments.
(1) The Council's delegate-for investments shall annually
provide an updated investment policy. The primary goal of
the policy shall be the safekeeping of the Town's deposits
and investments. In addition, the policy shall:
(a) Reflect that the Town will deposit no more than the
exempted amount set forth in Government Code Section
53638 in any financial institution unless the net worth
of the institution at the time of the individual
deposit exceeds the Town's deposit in accordance with
Government Code Section 53638.
-1-
(b) Limit consolidation of the Town's investments or
deposits to no more than ten per cent (10 %) of the
Town's entire portfolio (except the Local Agency
Investment Fund [L.A.I.F.] which can be higher).
(c) Establish criteria for evaluating the minimum financial
strength of banks and savings and loans eligible for
Town deposits and criteria for evaluating the minimum
investment grade for securities eligible for Town
investments.
(d) Acceptance of conveyances. The Town Engineer may accept on
behalf of the town any conveyance of an interest in real property
and execute instruments of acceptance, including certificates of
acceptance under the provisions of Government Code section 27281.
(e) Signing standard development contracts. The Town manager may
sign, on behalf of the Town, standard development, improvement
and dedication contracts when such contracts are connected with
conditions on land development, imposed in land division or
zoning proceedings. (Ord. No. 1103, § 1; Ord. No. 1644 § 1.)
Section 2 -7.1 of the Town Code is hereby added to read:
Sec. 2 -7.1 Contracts and Agreements to be Filed with Town Clerk.
Copies of all contracts and agreements are to be filed with the
Town Clerk including all contracts and agreements regarding the
safekeeping of Town money. This shall include all contracts or
subsequent agreements for any deposit or investment.
Section 2 -10.4 of the Town Code is hereby amended to read:
Sec. 2 -10.4 Office of the Director of Finance Established.
(a) The Director of Finance shall be the accounting officer of
the Town and shall have the responsibility for performing
all accounting functions for the Town.
(1) The Director of Finance shall be the Town Manager or
Town Manager's delegate.
(b) The Director of Finance shall maintain records readily
reflecting the financial condition of the Town.
(c) The Director of Finance shall cause a summary of the Town's
financial report required by Government Code Section 53891,
in a form prescribed by the State Controller, to be
published in accordance with Government Code Section 40804
and 40805.
(d) The transfer of the financial and accounting duties imposed
upon the Town Clerk by the Government Code to the Director
of Finance shall not affect the duties of the Clerk to sign
check - warrants as set forth in Section 2 -7. (Ord. No. 1658.)
-2-
(e) The Director of Finance shall cause a cash forecast to be
prepared and distributed quarterly to the Town Treasurer.
(f) The Director of Finance shall develop a financial policies
and procedures manual.
(g) The Treasurer is to notify Director of Finance of all
transfers, investments, and deposits written by the
Treasurer or Deputy Treasurer.
RRCTTnN 2.
This ordinance takes effect 30 days after the date it is adopted. Within
fifteen (15) days after this ordinance is adopted, the Town Clerk shall cause
it to be published once in a newspaper of general circulation published and
circulated in the Town.
This ordinance was introduced at a regular meeting of the Town Council held
on the 16 day of February , 1988; and
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Los Gatos, California, held on the 7 day of March 1988 by the
following vote:
AYES: COUNCIL MEMBERS Joanne Benjamin, Thomas J. Ferrito,
Brent N. Ventura, and Mayor Eric D. Carlson
NOES: COUNCIL MEMBERS Robert L. Hamilton
ABSTAIN: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS
SIGNED: 1
MAYOR OF THE TOWN OF LOS GATOS
ATTEST:
CLERK OF THE TOWN OF LOS GAT
-3-