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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