HomeMy WebLinkAboutCC Res 1533 1967-04-03
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RESOLUTION NO. /~ 3.3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, A CHARTER CITY, DESIGNAT-
ING AND AUTHORIZING DEPOSITORIES FOR PUBLIC FUNDS.
WHEREAS, there are several banks within the corporate boundaries of
the City of Seal Beach that offer depository and other banking
services for public funds; and
WHEREAS, the City of Seal Beach official charter provides that the
City Treasurer shall deposit all public funds in such depository
as may be designated by resolution of the City Councilor if no
such resolution, then such depository designated by the City Manager,
in compliance with all provisions of the State Constitution and
state law governing the handling, depository, and securing of public
funds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SEAL BEACH:
Section 1. The Payroll Treasury Funds shall be deposited
with the Bank of America National Trust and Savings Association,
Branch #132, 208 Main Street, Seal Beach, California.
Section 2. The Active Cash Treasury Funds shall be deposited
with the Bank of America National Trust and Savings Association,
Branch #132, 208 Main Street, Seal Beach, California.
Section 3. Water Bond Redemption Treasury Funds shall be
deposited with United California Bank Branch #110, 13916 Bay
Boulevard, Seal Beach, California.
Section 4. Time deposits (interest bearing) may be deposited
with the following depositories:
1) Bank of America National Trust & savings Association,
Branch #132, 208 Main Street, Seal Beach, California.
2) United California Bank Branch #110, 13916 Bay Boulevard,
Seal Beach, California.
3) Crocker Citizens National Bank Branch #363, 12331 Los
Alamitos Boulevard, Rossmoor Business Center,
Seal Beach, California
4) Security First National Bank Branch #250, 12171 Los
Alamitos Boulevard, Rossmoor Business Center, Seal Beach,
California
Section 5. Water Deposit Trust Funds may be deposited with
any depository listed in Section 4 of this resolution.
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Section 6. 1911 Act Funds, Assessment Districts No. 1 and
2, shall be deposited with the Bank of America National Trust and
Savings Association Branch #132, 208 Main Street, Seal Beach,
California.
Section 7. Revenues from the City's Oil Lease (Signal Oil
and Gas Company) shall be deposited with Bank of America National
Trust and Savings Association Branch #132, 208 Main Street,
Seal Beach, California, but may be withdrawn from time to time and
deposited in time deposit interest bearing accounts in other banks
listed in Section 4.
Section 8. The City Manager may purchase such U. S.
Treasury Bills, U. S. Treasury Bonds, or other legal securities as
may be authorized by the City Council from time to time from any
of the depositories listed in Section 4 of this resolution, and
may establish active and/or time (interest bearing) accounts in
such depositories to facilitate these purchases, and he shall
cause to be completed Safekeeping Agreements with such depositories.
Section 9. The City Treasurer and/or City Manager shall not
deposit any funds in a depository listed in Section 4 until all
requirements of the State Constitution and state laws are complied
with by the depository.
Section 10. It is the policy of the City Council that
interest bearing time deposits shall be allocated by the City Manager
to the banks listed in Section 4 in as reasonable and equitable
manner as possible consistent with the cash needs of the City.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Seal Beach at a meeting thereof held on the 3rd day of April, 1967,
by the following vote:
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AYES: Councilmen UtlLl~.MMV. 7~<4 ~.,.//Uu,,,, 'iUun al'-~
NOES: Councilmen ~bY,,'
ABSENT: Councilmen
ATTEST:
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City Clerk