2004-009RESOLUTION NO. 2004R- 9
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ANAHEIM AUTHORIZING THE
CITY TREASURER TO SELL CERTAIN
SECURITIES ACQUIRED BY THE CITY FOR
SUPPORT OF THE MOTHER COLONY HOUSE
AND TO REINVEST THE PROCEEDS
THEREOF
WHEREAS, in 1954, a donation of $10,000.00 was made to the City by John J.
Dwyer for the care, maintenance and preservation of the Mother Colony House, located on North
West Street in the City of Anaheim; and
WHEREAS, the funds contributed to the City by Mr. Dwyer were not then
required for the care, maintenance and preservation of the Mother Colony House; and
WHEREAS, the City Council of the City of Anaheim directed by Resolution
No.2384, adopted on April 13, 1954, that the funds contributed to the City by John J. Dwyer be
invested in the common stock of the American Telephone and Telegraph Company (AT&T) with
the income from such investment used for support of the Mother Colony House; and
WHEREAS, such securities are not among the types of investments now
permitted for investment of City funds under the provisions of Government Code Section 53601;
and
WHEREAS, to comply with state law enacted after the receipt of the
aforementioned funds, such securities should be sold, and the proceeds should be re-invested as
soon as possible in one or more investments of a type authorized for surplus City funds by
Government Code Section 53601 if not needed immediately for the care, maintenance and
preservation of the Mother Colony House; and
WHEREAS, Government Code Section 53607 authorizes the City Council to
delegate to the City Treasurer authority to invest surplus funds, and Anaheim's City Treasurer is
been delegated such responsibility for the City's investment portfolio.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Anaheim as follows:
1. All securities purchased by the City for support of the Mother Colony
House with funds donated to the City for such purpose shall be turned over to the City Treasurer
for disposition.
2. If such securities arc not authorized under Government Code Section
53601 for investment of surplus city funds, the City Treasurer shall promptly arrange for sale of
such securities through an appropriate broker. The proceeds of such sale, if not needed
immediately for support of the Mother Colony House, shall, in accordance with any applicable
Investment Policy adopted by Anaheim, be reinvested in one or more securities authorized
pursuant to Section 53601 of the Government Code or deposited with the Orange County
Treasurer for the purpose of investment, pursuant to Government Code Section 53684, or
deposited with the State Treasurer for investment in the Local Agency Investment Fund pursuant
to Government Code Section 16429.1.
14773.5A
3. Any income attributable to such investment shall inure solely to the benefit
of the Mother Colony House. The City Treasurer may recover the costs and expenses incurred
for such sale and reinvestment from the proceeds of the sale of the securities.
Resolution No. 2384, adopted on April 13, 1954, is hereby repealed in its
entirety.
THE FOREGOING RESOLUTION is approved and adopted by the City Council
of the City of Anaheim this 27th day of January
MAYOR OF THE ANAHEIM
ATTEST: ;
C*ITY CLL~K OF/TH" ' E CITY-OF ANAHEIM
14773.5A
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, SHERYLL SCHROEDER, City Clerk of the City of Anaheim, do hereby certify that the foregoing
Resolution No. 2004-9 was introduced and adopted at a regular meeting provided by law, of the
Anaheim City Council held on the 27th day of January 2004, by the following vote of the members
thereof:
AYES:
MAYOR/COUNCIL MEMBERS:
Pringle, Tait, Chavez, Hernandez,
NOES: MAYOR/COUNCIL MEMBERS: None
ABSTAINED: MAYOR/COUNCIL MEMBERS:
None
ABSENT: MAYOR/COUNCIL MEMBERS: McCracken
(SEAL)