HomeMy WebLinkAboutCC Res 1512 1967-02-06
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RESOLUTION NO. /..r7-z..-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH, CALIFORNIA,
AUTHORIZING AND DIRECTING THE CITY MANAGER TO PURCHASE, WITH SURPLUS
MONEY IN THE CITY TREASURY, NOT TO EXCEED A TOTAL OF $750,000 FACE
AMOUNT, OF UNITED STATES TREASURY BILLS OR INTEREST BEARING TIME
DEPOSITS IN LEGALLY CONSTITUTED BANKS FOR PERIODS NOT TO EXCEED 150
DAYS FROM DATE OF ISSUE OR DEPOSIT; AND Au'rHORIZING AND DIRECTING
SAID OFFICIAL TO SELL THE SECURITIES SO PURCHASED OR DEPOSITED WHEN
THE DISBURSEMENT REOUIREMENTS 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 Ten
Thousand Dollars ($10,000) is surplus money of the City Treasury, and
that it is wise and expedient to invest the same in United States
Treasury Bills or interest bearing time deposits in legally consti-
tuted banks for periods not to exceed 150 days from date of issue or
deposit. The City Manager is hereby authorized and directed to invest
such surplus not exceeding, however, the amount necessary to purchase
or deposit Seven Hundred Fifty Thousand Dollars ($750,000) face amount
of said United States Treasury Bills or other securities, 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 subscrip-
tion 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 cash such interest bearing
time deposits, 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 February 6, 1967, by the
following vote:
AYES:
NOES:
ABSENT:
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Councilmen ~ J
Councilmen
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ATTEST:
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City Clerk