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City of Portland

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5.64.090 Investment of Available Funds.

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.