HomeMy WebLinkAboutCC Res 1451 1966-06-20
I
I
I
RESOLUTION NO. 11/&"1
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
$500,000 FACE AMOUNT OF UNITED STATES TREASURY
BILLS MATURING NOT MORE THAN l50 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 l. The City Council hereby determines that it is wise and
expedient to invest surplus money of the City Treasury in United States
Treasury Bills maturing not more than l50 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 Five-Hundred
Thousand Dollars ($500,000) 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 August 3l, 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 dis-
bursement 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 June 20, 1966, by the following
vote:
AYES:
NOES:'
ABSENT:
Councilmen~.,.p44"'f"1 ~./Afl"t, ~'':II,,,,'A~~ hL.cIl4~
Councilmen ~
Councilmen '"'iir"'~_A --;~/
Attest:
/ UJ.~~'t./' ~
City Clerk
rJd- ~~
(;tyor .
"
-.
,.. ~ ....=-. .. .~ ":.
-.-,.4" ,
......... ,4
~ ., ~
.
-
... '!-
.
r,
, ,
, ,
:'"