HomeMy WebLinkAbout91-46 - Treasurer to Invest and Reinvest Idle Moniesx,149
RESOLUTION NO. 91-46
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, AUTHORIZING THE CITY
TREASURER TO INVEST AND REINVEST IDLE MONIES OF
THE CITY OF COSTA MESA IN ELIGIBLE SECURITIES,
AND TO SELL OR EXCHANGE SECURITIES PURCHASED,
AND AUTHORIZING SAID TREASURER TO DEPOSIT SUCH
SECURITIES FOR SAFEKEEPING IN DESIGNATED BANKS
AND SAVINGS AND LOANS, AND AUTHORIZING SAID
TREASURER TO DELEGATE TO THE DEPUTY TREASURER
THE CARRYING OUT OF ANY SUCH TASKS.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, in accordance with Section 53607 of the Government Code of
the State of California, the City Treasurer is hereby authorized (a) to
invest such portion of any sinking fund of, or idle money in, the City
Treasury, not required for the immediate necessities of the City as is
deemed wise or expedient, in securities in which this Council is author-
ized to invest such sums by the provisions of the State Government Code
Section 53601 and Section 53635, and (b) to sell, or exchange for other
eligible securities, and reinvest the proceeds of the securities purchased.
The City Treasurer shall make a monthly report of such transactions to this
Council.
NOW, THEREFORE, BE IT RESOLVED that the City Clerk shall certify to
the passage and adoption of this resolution, and it shall thereupon be in
full force and effect.
PASSED AND ADOPTED this 17th day of June, 1991.
Mayor ityU
ta M
ATTEST:
City Clerk of the City of Costa Me
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 91-46 was duly and regularly passed and adopted by the
said City Council at an adjourned regular meeting thereof, held on the 17th
day of June, 1991.
IN WITNESS WHEREOF, I have hereunto set my hard and affixed the Seal
of the City of Costa Mesa this 18th day of June, 1991.
C ty Clerk and ex -officio Clerk ot1the
City Council of the City of Cost esa