HomeMy WebLinkAboutCC Res 1489 1966-10-03
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RESOLUTION NO, /1/ R f
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, AUTHORIZING AND DIRECT-
ING THE CITY -MANAGER TO PURCHASE, WITH SURPLUS
MONEY IN THE CITY TREASURY, NOT TO EXCEED A
TOTAL OF $500,000.00 OF FACE AMOUNT OF UNITED
STATES TREASURY BILLS MATURING NOT MORE THAN
150 DAYS FROM THE DATE OF ISSUE; AND AUTHORIZING
AND DIRECTING SAID OFFICIAL TO SELL THE SECURITIES
SO PURCHASED WHEN THE DISBURSEMENT REQUIREMENTS
OF THE CITY TREASURY EXCEED THE CASH BALANCE THEREIN,
The City Council of the City of Seal Beach, California, resolves
as follows:
Section 1. The City Council hereby determines that any money in
the City's active, non-interest bearing bank accounts in excess of
Twenty-Five Thousand Dollars ($25,000) is surplus money of the City
Treasury, and that it is wise and expedient to invest the same in
United States Treasury Bills maturing not more than 150 days from
date of issue. The City Manager is hereby authorized and directed
to purchase Five-Hundred Thousand Dollars ($500,000,00) face amount
of said United States Treasury Bills, in the purchase thereof, Such
securities shall be purchased on the basis of the best market price
obtainable at the time of purchase, or, in the case of current issue
United States Treasury Bills, at the subscription price established
therefor by the United States Treasury.
Section 2. The City Manager is hereby authorized and directed
to sell such United States Treasury Bills, or as much thereof as may
be necessary, at the current market price at the time of sale when
the disbursement requirements of the City Treasury exceed the cash
balance therein.
PASSED, APPROVED, AND ADOPTED by the City Council of the City
of Seal Beach at a meeting thereof held on Oc~obeb 3, 1966, by the
following vote:
AYES:
Councilmen ,('~ ~'r ;,,~~.&:;i; I#u;'" t"'M. ~
Councilmen ~
Councilmen
NOES:
ABSENT:
ATTEST:
/C<J.~'I1. ~
C:i:ty Clerk