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HomeMy WebLinkAboutCC Res 2119 1972-06-26 I I 'I ~ .....;. .~ RESOLUTION NUMBER ...:2/17 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH AUTHORIZING THE CITY TREASURER TO TAKE CUSTODY OF ALL CASH AND INVESTMENTS BELONG- ING TO THE REDEVELOPMENT AGENCY: AtlTHORIZING SUCH CASH AND INVESTMENTS BE TRANSFERRED TO AND COMMINGLED 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 REDEVELOP- MENT 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 City Council 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 identifi- cation of all funds held in the name of the Redevelopment Agency. PASSED, APPROVED, AND ADOPTED by the City Council of the City of al Beach at a meeting thereof held on the~ day of A ' 1972, by the following vote: ~ ~ ' councilme~....._ ~.~_ ~ f/4: ~.--; ",Z:L- NOES :.' . ' :co;uncilmen ~~_ . "., 4 '.. ,.............." '_~~l'lEm: '-~O(~ilmen ~.Lf?J .- . . - - -..... - . ". . --.. ......- ~ I!j(~ Mayor "