56R-3540
-
RESCLUTIO,.l NO. 35{O
r
A RESCLUTION OY ':L'HE CITY" COUNCIL AUTHORIZING
THE PURCHASE OF SHORT TEm~ SECURITIES OF THE
UNITED STATES FROM TIl4E TO TIp~ WITH IDLE
CITY FUiJDS.
ivHEREAS, the 01 t;y Councn believes that public funds
sllOUld, so fHl~ as 1s reasonably })ossible, be invested in
government bonds or securities to produce revenue for the city
ra ther than to re;;min idle; and
,rr~REAS, from time to time there are city funds from
the various accounts which for varying periods of time will
not be required for use for ninety days or longer by the city
and which will therefore be available for the purchase of
short term United States government securities; and
WHEREAS, it is impractical for the City Council to
take action authorizing the investment of such funds in United
States government Becurities in each particular instance ..,hen
funds are available &nQ not needed for any public purpose for
ninety days or longer, ana. the City Council (Loes find and
determine that the City Treasurer should be authorized to
invest such funds in definite United States Government
securi ties not exceedinG' in the H.ggregate the sum of $2.000.000.09.
NOW TlffiREFCHE, BE IT RESOL\~D by the City Council
tr:a t the City Treasurer of the ci t;y of Anc'~heim with the advice
and a~J;!roval of ar.. acuJlinistrative officer of the city be, and
she is hereby authorlzed to ~Jurchase ninety o_ay short term
securi ties of the United States of America. vii th city funds
from any of the var:'<ous accounts of the city when such funds
will not be needed for any necessary public purpose for a
period of ninet;y da;ys or longer, and such United States
securities can be,8urchEsed at a price that will yield a re-
turn of not less than 1. 75;&. That such purchases shall be
made from time to time, but the tota.l amount of city funds
invested in such United States goyernment securities shall not
at any time exceed in the aggregate the sum of $2.000.000.00
AIID B1: IT ~UHTHI~H RESOLVED the.t effective immediately
and continuin( until 'I'lr:ltten notice of the revocation by the
City Council of the authority Grunted each of the following
banks, to wit:
1. Bank of America National Trust and Savings
Association.
2. Security Fil'st National Bs.nk of Los Angeles,
a National BankinG Association.
J. California Bank,
r--.
,
is 11ereby authorized and instructed to charge the funds of the
city of Anaheim on deoosit in such resDective banks the full
amount of the purchase price of any such securities of the
United States of America which the City Treasurer, with the
apJroval of an administrative officer of said city, may
-,1-
-
--
r
authorize and direct. Trte order for any such purchases may be
made by telephone but shall be promptly thereafter confirmed
in writing, filed with such bank, signed by such City Treasurer
with the written approval of the city administrative officer
endorsed thereon. A CODY of such written order so approved
shall be filed with the Director of Finance of the City of
Anahe im.
ATTEST:
C~E:h TY~~
STA'TE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
I, DENE M. WILLIAMS. City Clerk of the City of Anaheim,
do hereby cerk~~at the f.oregoing resolution was passed and
adopted at a/~ meeting of the City Council of the City of
Anaheim held on the 25th day of October ,1956, by the
following vote of the members therec)f':
AYES: COUNCILMEN; Pearson, Coons, Fry, Schutte and Wisser
NOES: COUNCIU<1EN: N<m.e
ABSENT: COUNCILMEN: None
AND I FURTHER CERTIFY that the Mayor of the City of
Anaheim signed and approved said Resolution on the 25th day of
October ,1956.
IN WITNESS ~mEHEOF. I have hereunto set my hand and
affixed the seal of the City of Anaheim this 25th day of
October ,1956.
L~~..
...,.,~~
y ler of t ~ of Anaheim
r'
(SEAL)
-2-