HomeMy WebLinkAboutCC Res 1432 1966-04-18
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RESOLUTION NO. / If :;I "'/..--'
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH, CALIFORNIA, AUTHORIZING AND
DIRECTING THE CITY MANAGER TO PURCHASE, WITH
SURPLUS FUNDS IN THE CITY TREASURY, NOT TO
EXCEED A TOTAL OF $200,000.00 FACE ~'VII.lUC.':-
AMOUNT OF UNITED STATES TREASURY BILLS MATUR-
ING NOT MORE THAN 150 DAYS FROM THE DATE OF
ISSUE: AND AUTHORIZING 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 Twenty-Five Thousand Dollars ($25,000) is surplus money in 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 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 com-
pleted on or before June 30, 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 the City
of Seal Beach at a meeting thereof held on April 18, 1966, by the
following vote: ~ ~~
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Councilmen ~ ~"
Councilmen ~-'
Councilmen 71-d1{.L
AYES:
NOES:
ABSENT:
ATTEST:
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City Clerk
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