HomeMy WebLinkAboutCC Res 1424 1966-03-21
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RESOLUTION NO. plz.,fi.-
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
$150,000 FACE AMOUNT OF UNITED STATES TREASURY
BILLS MATURING NOT MORE THAN 150 DAYS FROM THE
DATE OF ISSUE; AND AUTHORIZING AND DIRECTING
SAID ORRICIAL 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
surplus not exceeding, however, the amount necessary to purchase
One-Hundred Fifty Thousand Dollars ($150,000) 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
May 31, 1966.
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
of Seal Beach at a meeting thereof held on ~~~
1966, by the following vote:
the City
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AYES:
councilmen:~.u~~ "!1./7..1~ ~,,,,6..t.. ;U~-t.A.t..t.-
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NOES:
Councilmen:
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ABSENT :
Councilmen:
ATTEST:
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City Clerk
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