HomeMy WebLinkAbout84-132 - Authority to City Treasurer to Invest Funds & Sell Securities,2?4
RESOLUTION NO. 84-132
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, RELATING TO DELEGATING
AUTHORITY TO THE CITY TREASURER TO INVEST OR RE-
INVEST FUNDS OF THE CITY OR TO SELL OR EXCHANGE
SECURITIES SO PURCHASED.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, Section 53607 of the California Government Code permits the
legislative body of a municipality to delegate to the City Treasurer the
authority to invest or to reinvest funds of the city or to sell or exchange
securities so purchased; and
WHEREAS, such a delegation of authority to the City Treasurer would
facilitate the performance of the inves trnent functions of the Department of
Finance;
NOW, THEREFORE, BE IT RESOLVED that:
The City Treasurer of the City of Costa Mesa is hereby given the
authority of the City Council to invest or to reinvest City funds, and to
sell or exchange securities so purchased.
The City Treasurer shall hereafter assume full responsibility for such
transactions until such time as this delegation of authority is revoked,
and he shall make a monthly report of such transactions to the City
Council.
PASSED AND ADOPTED this 19th day of November, 1984.
ATTEST:
C Clerk of the City of Cos sa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
FI60t;d .. -
- ity�.
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. 84-132 was duly and regularly passed and adopted by
said City Council at a regular meting thereof, held on the 19th day of
November, 1984, by the following roll call vote:
AYES: COUNCIL MEMBERS: Hertzog, Hornbuckle, Schafer, Hall, Wheeler
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 20th day of November, 1984.
Citk Clerk and ex -officio Clerk o
City Council of the City of Cost6Aesa