HomeMy WebLinkAbout92-63 - City Treasurer to Invest Sale Monies14j
RESOLUTION NO. 92-63
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 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 ASSISTANT DIRECTOR OF FINANCE 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 authorized 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 15th day of June, 1992.
I
i
ATTEST:
City Clerk of the City of Costa Me Mayor #f the City of Costa Mesa
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 foregoing Resolution No. 92-63 was duly and
regularly passed and adopted by the said City Council at a regular meeting thereof held on the
15th day of June, 1992, by the following roll call vote:
AYES: Hornbuckle, Genis, Buffa, Humphrey, Erickson
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 16th day of June, 1992.
ity Clerk and ex -officio Clerk ofe
City Council of the City of Costa sa