1960-6179RESOLUTION NO. 6179
Copies sent: Finance
Treasurer
(3) Banks
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AUTHORIZING THE PURCHASE, FROM
TIME TO TIME, OF SHORT TERM SECURITIES OF
THE UNITED STATES, OR THE DEPOSIT IN SAVINGS
ACCOUNTS IN BANKS IN THE CITY OF ANAHEIM OF
IDLE CITY FUNDS.
WHEREAS, the City Council believes that public funds
should, so far as is reasonably possible, be invested in
government bonds or securities, or deposited in savings
accounts in banks in the City of Anaheim, to produce revenue
for the City rather than to remain idle; and
WHEREAS, 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, or for deposit in
savings accounts in banks in the City; and
WHEREAS, it is impractical for the City Council to
take action authorizing the investment of such funds in United
States government securities or savings accounts in each parti-
cular instance when funds are available and not needed for any
public purpose for ninety days or longer, and the City Council
does find and determine that the City Treasurer should be
authorized to invest such funds in definite United States
Government securities, or savings accounts.
NOW, THEREFORE, BE IT RESOLVED by the City Council
that the City Treasurer of the City of Anaheim, with the advice
and approval of the Director of Finance of the City, be, and
she is hereby authorized to purchase ninety day short term
securities of the United States of America, or to deposit in
savings accounts in the Bank of America National Trust and
Savings Association, California Bank, and Security First
National Bank of Los Angeles, Anaheim Branches, city funds
from any of the various accounts of the City when such funds
will not be needed far any necessary public purpose for a
period of ninety days or longer, and to purchase such United
States securities when they can be purchased at a price that
will yield a return of not less than 1.50;.
AND BE IT FURTHER RESOLVED that effective immediately
and continuing until written notice of the revocation by the
City Council of the authority granted, each of the following
banks, to wit:
1. Bank of America National Trust and Savings
Association,
2. Security First National Bank of Los Angeles,
a National Banking Association,
3. California Bank,
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is hereby authorized and instructed to charge the funds of the
City of Anaheim on deposit in such respective banks the full
amount of the purchase price of any such securities of the
United States of America which the City Treasurer, with the
approval of the Director of Finance of said City, may authorize
and direct. The 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 Director of Finance endorsed thereon.
A copy of such written order so approved shall be filed with
the Director of Finance of the City of Anaheim.
THE FOREGOING RESOLUTION is approved and signed by
me this 26th day of July, 1960.
ATTEST:
CITY CLERK OF 1E CITY OF ANAHEIM
STATE OF CALIFORNIA
OOUN TY OF ORANGE ss.
CITY OF ANAHE IF
(SEAL)
I, DENE M. WILLIAI S, City Clerk of the City of Anaheim,
do hereby certify that the foregoing resolution was passed and
adopted at a regular meeting of the City Council of the City of
Anaheim held on the 26th day of July, 1960, by the following
vote of the members thereof:
AYES: COUNCILMEN: Chandler, Coons, Fry, Thompson and
Schutte.
NOES: COUNCI Lr' EN None
ABSENT: ODUNCI LI'iEN None
AND I FURTHER CERTIFY that the Payor of the City of
Anaheim signed and approved said Resolution on the 26th day of
July, 1960.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the seal of the City of Anaheim this 26th day of July,
1960.
CI CLERK OF CI OF ANAHEIM
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