HomeMy WebLinkAboutCC Res 1419 1966-02-21
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RESOLUTION NO. /11 I f_
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, AUIHORIZING AND DIRECT-
ING THE CITY MANAGER TO PURCHASE, WITH SURPLUS
MONEY IN THE CITY TREASURY, NOT TO EXCEED A
TOTAL OF $200,000.00 FACE AMOUNT OF UNITED STATES
TREASURY BILLS MATURING NOT MORE THAN 150 DAYS
FROM THE DATE OF ISSUE; AND AUIHORIZING 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
Fifty Thousand Dollars ($50,000) 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 invest such surp-
lus not exceeding, however, the amount necessary to purchase
Two Hundred Thousand Dollars ($200,000) 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. Purchases shall be completed on or before
March 31, 1966.
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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 February 21, 1966, by the
following vote: ~~.
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ABSENT :
ATTEST:
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City Clerk
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