Investment of funds - Delegation of authority.
San José Municipal Code § 3.32.325
in effect3.32.325 - Investment of funds - Delegation of authority.
A. Without limiting the authority of the board itself to invest and reinvest the moneys of the retirement fund as provided in Section 3.32.320, the board may adopt an investment resolution or resolutions containing detailed guidelines, consistent with Section 3.32.320. While the resolution or resolutions are in effect, investments consistent with such guidelines may be made by an officer of the board, an officer or employee of the city, or a qualified investment advisor who has entered into a contractual arrangement pursuant to Section 3:32.400, provided that such officer, employee or advisor has been delegated such authority by the board and such officer, employee or advisor has been designated by name in the investment resolution or resolutions. Any transactions made pursuant to the foregoing provisions of this section shall be reported to the board on a monthly basis.
B. Without limiting the authority of the board itself to invest and reinvest the moneys in the retirement fund as provided in Section 3.32.320 or to delegate authority for investment and reinvestment as provided in Subsection A. of this section, the board may, by resolution, designate a person by name to make short-term investments and reinvestments of moneys in the retirement fund and to purchase, sell, or exchange such short-term investments. For purposes of this subsection, "short-term investments" shall consist of the following:
1. Repurchase agreements and reverse repurchase agreements;
2. Short-term investment fund;
3. Investments which are in commercial paper, United States Treasury bills, bankers' acceptances, negotiable certificates of deposit, or similar evidences of, indebtedness; and
a. Which are of no more than one year in duration; and
b. Which are liquid in nature; and
c. Which are not investments in bonds or preferred or common stock.
The person to be so designated by the board shall be either a member of the board, a qualified investment advisor who has entered into a contractual arrangement pursuant to Section 3.32.400, or an officer or employee of the city. The person so designated shall serve in said capacity at the pleasure of the board and shall report monthly to the board on such short-term investments.
Moneys to be invested pursuant to this Subsection B. shall be only those moneys not then required for investments made pursuant to Section 3.32.320 and Subsection A. of this section.
(Ords. 23560, 25084.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.32POFIDEREPL_3.32.325INFUELAUFetched: 11/1/2026