HomeMy WebLinkAbout90-52 - City Treasurer Authorized to Invest and Reinvest Moniesv
RESOLUTION NO. 90-52
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 THE SAID
TREASURER TO DELEGATE TO THE DEPUTY TREASURER
THE CARRYING OUT OF ANY SUCH TASKS.
BE IT RESOLVED by the City Council of the City of Costa Mesa, Cali-
fornia, as follows:
Section 1. 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.
Section 2. 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 18th day of June, 1990.
Mayor of_tteCityff Costa Mesa
ATTEST:
C ty Clerk of the City of Costa r
sa
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. 90-52 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof, held on the 18th day of
June, 1990.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 19th day of June, 1990.
Cit Clerk and ex -officio Clerk of
City Council of the City of CostaM a