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The City of Portland, Oregon

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City of Portland



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Section 7-108 Investments.

Whenever bonds of the City of Portland are offered for sale, and there is a balance to the credit of any fund, not invested, said bonds may be awarded at par and accrued interest to the City Treasurer for the nearest practical amount, to consume said balance, and shall be held by the City Treasurer as an investment for said fund. When the bonds of the City of Portland are not offered for sale at a time or in sufficient amount to provide for the investing of any such balance, the Council may provide for investing the same in any general obligations of the United States Government, State of Oregon, the City of Portland, Multnomah County, School District No. 1 of Multnomah County or Port of Portland, or in any other bonds or investments permitted by statute, and to that end the Council may authorize the Treasurer to purchase the same on the open market if there is an established market therefor, or to submit a bid for any such bonds which are about to be issued for sale, or may authorize the Treasurer to advertise for proposals from persons holding any such bonds. Purchase of bonds upon bids shall be made by the Council on the basis of the most advantageous bid received, reserving the right to reject any and all bids. All interest received from such investments shall be credited to the fund from which the investment was made unless specifically provided otherwise by Charter or statute, provided, that two (2) or more funds may be joined in one investment, a suitable provision being made for keeping an account of the amount invested from each fund and making an apportionment of the interest and principal when received. The Council may sell any bond or investment so purchased, when the same may not be payable at or near the time when such funds may be needed for the purpose for which the sinking fund or special fund was created, on the open market, if there is an established market for such investments, or, if there is no such established market, to the highest and best bidder after advertising for proposals in the City official newspaper by publication for at least five (5) days. Pending the investment as herein provided of any surplus or idle funds, the same shall be deposited in a depository bank which has qualified and been selected as a depository pursuant to statute. [Ch. 1903, sec. 116; am. May 3, 1913, sec. 90; rev. 1914, sec. 192; am. May 17, 1918; 1928 pub., sec. 192; 1942 recod., sec. 7-104; rev. Nov. 6, 1962; am. May 18, 1994.]