96-001 RESOLUTION NO. 96R- 1
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ANAHEIM AUTHORIZING THE
CITY TREASURER TO SELL CERTAIN
TYPES OF SECURITIES ACQUIRED BY THE
CITY OR ANY DEPARTMENT THEREOF AND
TO INVEST THE PROCEEDS
WHEREAS, the City, through its operating departments,
from time to time acquires shares of corporate stock and similar
securities in settlement of a debt owed to the City, through a
bankruptcy or otherwise; and
WHEREAS, such securities are not among the types of
investments permitted under the Government Code for surplus City
funds; and
WHEREAS, such securities should be sold as soon as
possible to prevent losses due to market fluctuations, 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 the
Government Code if not needed immediately; and
WHEREAS, Section 1222 of the city Charter requires
surplus City property having a value of $50,000 or more to be
sold to the highest bidder after publication of notice in the
official newspaper; and
WHEREAS, it is in the public interest to waive said
public bidding requirement, and said requirement is hereby
waived, with regard to the sale of any securities having a value
of $50,000 or more; and
WHEREAS, Government Code Section 53607 authorizes city
councils to delegate to city treasurers authority to invest
surplus funds, and Anaheim's City Treasurer is responsible for
the investment portfolio for the City's General Fund;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Anaheim as follows:
1. When the City, or any department thereof, acquires
possession of securities in settlement of a debt owed to the
City, such securities shall be transmitted promptly to the City
Treasurer.
2. If such securities are not authorized under
Government Code Section 53601 for investment of surplus city
funds, the City Treasurer shall promptly arrange for sale of the
securities through an appropriate broker. The proceeds of such
sale, if not needed immediately, shall 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.
3. The net proceeds from such sales shall be credited
to the City department and fund, as appropriate. The City
Treasurer shall also charge the department for expenses incurred
and for staff time devoted to the foregoing services.
THE FOREGOING RESOLUTION is approved and adopted by the
City Council of the City of Anaheim this 9th day of January
1996.
-/.. _-,
MAYO~ OF THE CITY OF~ANAHEIM
ATT~S~
CITY CLERK OF THE CITY OF ANAHEIM
1477~.4\EEGAN\Oecember 12, 1995
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution
No. 96R-1 was introduced and adopted at a regular meeting provided by law, of the Anaheim City Council
held on the 9th day of January, 1996, by the following vote of the members thereof:
AYES: MAYOR/COUNCIL: Tait, Zemel, Feldhaus, Lopez, Daly
NOES: MAYOR/COUNCIL: None
ABSENT: MAYOR/COUNCIL: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution No. 96R~t on the
9th day of January, 1996.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim
this 9th day of January, 1995.
CITY CLERK OF THE CITY OF ANAHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original
of Resolution No. 96R-1 was duly passed and adopted by the City Council of the City of Anaheim on
January 9th, 1996.
CITY CLERK OF THE CITY OF ANAHEIM