HomeMy WebLinkAboutRDA Res 72-4 1972-06-26
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RESOLUTION NUMBER 72-4
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH AUTHORIZING THE CITY TREASURER
TO TAKE CUSTODY OF ALL CASH AND INVESTMENTS BELONG-
ING TO THE REDEVELOPMENT AGENCY; AUTHORIZING SUCH
CASH AND INVESTMENTS BE TRANSFERRED TO AND COM-
MINGLED WITH CASH AND INVESTMENTS HELD IN THE NAME
OF THE CITY OF SEAL BEACH; DIRECTING THAT SUCH
TRANSFER BE MADE AT A TIME WHEN THE REDEVELOPMENT
AGENCY WILL SUFFER NO LOSS OF INTEREST.
WHEREAS, all monies belonging to the Redevelopment Agency of the
City of Seal Beach are presently in the custody of the Chairman,
Vice Chairman, and Executive Director-Secretary of the RedevelOp-
ment Agency; and
WHEREAS, in accordance with Ordinance Number 860, passed by the
City Council on October 11, 1971, the members of the RedevelOp-
ment Agency and the members of the City Council became one and
the same; and
WHEREAS, it is desirable that monies belonging to the Redevelopment
Agency are invested promptly to obtain the maximum interest earn-
ings; and'
WHEREAS, it is desirable to reduce the administrative burden on
city officials and promote their efficacy contingent with legal
restraint imposed by the State Constitution on the handling,
depositing, and securing of public funds;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
city of Seal Beach as follows:
1. All monies, including cash and investments, belonging to
the Redevelopment Agency and which are held separately in the
name of the Agency by the depository bank shall be transferred to
and commingled with cash and investments held in the name of the
City of Seal Beach.
2. That said transfer and commingling of cash and investments
is to be implemented by the City Treasurer at such a time that the
Redevelopment Agency will suffer no loss of interest earnings and
in such a manner as to maintain a proper accounting and identifica-
tion of all funds held in the name of the Redevelopment Agency.
PASSED, APPROVED, AND ADOPTED by the Redevelopment ~gEll cy of....the city
of Seal Beach at a meeting thereof held on the .:2,!,-t' day of -. y~ . ,
1972, by the following vot~: ~ ~ C/
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AYES: Members~t ~ &('~~tt.-V ~t~ ?Lr-:lL
NOES: Members _ _
ABSENT: Members
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Chairman
t.fL~/llJ LL t2Llh
Executive Director-Secretary
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