HomeMy WebLinkAbout4963 - Deposit Withdrawal & Investment of FundsS
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RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NENJPORT BEACH ESTABLISHING A POLICY FOR THE
DEPOSI ^1, bTITHDRAGTAL AND INVESTMENT OF CITY FUNDS
AND DESIGNATING PERSONS AUTHORIZED TO DEPOSIT AND
WITHDRAGT CITY FUNDS AND MAKE INVESTMENTS THEREOF
WHEREAS, it is the desire of the City Council to establ
a policy for the deposit and withdrawal of city funds and to affi
the Charter designation of the persons authorized to deposit, wit
draw and make investments of city funds;
NW, THEREFORE, BE IT RESOLVED:
Section 1. It is the policy of the city to achieve
maximum return from the placement of idle funds in interest bearing
bank accounts or investments permitted by law. Funds deposited in
bank accounts shall be placed in approximately equal amounts in so
far as is practical and consistent with good fiscal management and
the financial needs of the city.
Section 2. Except as provided in Section 3, the
of Finance and other persons in his office authorized by him shall
have authority for the deposit and withdrawal of funds of the city
in banks in active or inactive accounts. The Director of Finance
and such other authorized persons may make contracts, sign signatur
cards and do any other act necessary to make deposits and with-
drawals in accordance with applicable laws and regulations on the
deposit of public funds.
Section 3. The Director of Finance shall establish and
maintain a bank account in such amount as is necessary for payroll
purposes from which withdrawals may be made by payroll check signed
by the Director of Finance.
Section 4. Pursuant to Section 605 of the Charter, the
Director of Finance is hereby authorized and directed to plan the
deposit, withdrawal and investment of sity funds, including bond
proceeds, as authorized by law.
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Section 5. The Director of Finance shall certify to
each bank with which an account is established the signatures of
the persons authorized to make withdrawals and endorsements and
shall give prompt notice to such banks of any change in authoriza-
tion.
Section 6. All directions and authorizations of the Ci
Council contrary to the provisions of this resolution are hereby
revoked and withdrawn.
This resolution was adopted by the City Council of the
City of Newport Beach at an adjourned regular meeting on the 6th
day of April, 1959, by the following vote, to wit:
AYES, COUNCILMEN:
ATTEST:
S
NOES, COUNCILMEN:
ABSENT COUNCILMEN:
2.
00,
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF NEWPORT BEACH )
I, MARGERY SCHROUDER, City Clerk of the City of Newport
Beach, California, do hereby certify that according to the records
of the City of Newport Beach filed and ,maintained in my office,
the foregoing Resolution No. 4963 was duly and
regularly adopted, passed, and approved by the City Council of
adjourned
the City of Newport Beach, California, at a regular /meeting of
said City Council held at the regular meeting place thereof, on
the 6th day of April , 1959, by the following
vote, to wit:
AYES, COUNCILMEN: Hart, Lorenz, Somers, Kingsley,
Atkinson, Higbie, Stoddard
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: None
Dated this 8th day of April a 19 59
5'jx-�L�
City Clerk and Ex- fficio Clerk of the
City Council, City of Newport Beach,
State of California.
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