HomeMy WebLinkAboutCC Res 1438 1966-05-16
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RESOLUTION NO. ##iTl?
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, AUTHORIZING AND DIRECT-
ING THE CITY MANAGER TO PURCHASE, WITH SURPLUS
MO~ IN THE CITY TREASURY, NOT TO EXCEED A
TO~AL OF $200,000.00 FACE AMOUNT OF UNITED STATES
TREASURY BILLS MATURING NOT MORE THAN 150 DAYS
FROM THE DATE OF ISSUE: AND AUTHORIZING AND DIRECT-
ING 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 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 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 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 May 16, 1966, by the
follOwing vote: c~~
AYES: Councilmen '(iu-,Ib,!J ~~ ~...v
NOES: Counc ilmen '7tt..fhtp .
ABSENT: Councilmen
ATTEST:
/Ct.-l ~~
City Cler~ ,"~"
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