HomeMy WebLinkAboutCity Council Resolution 2661 RESOLUTION NO. 2661
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
AUTHORIZING CERTAIN OFFICERS OF THE CITY
TO INVEST CITY FUNDS
WHEREAS, The City's investment policy sets forth the overall
investment program for the City; and
WHEREAS, Section 2-25.040 SMC sets forth the authority of the
City's Finance Director to keep all City funds in banks or depos-
itories or i~' such investments as the City Council may direct or
approve; and
WHEREAS, Section 2-20.035 SMC authorizes the City Manager to act
as City Treasurer and to supervise all of the activities of the
Finance Director, and to implement the City's investment policy;
and
WHEREAS, the City, in the furtherance of its investment policy,
invests funds in numerous financial institutions which are sub-
ject to frequent change.
NOW, THEREFORE, BE IT RESOLVED that, the City Treasurer and the
City Finance Director are hereby authorized to deposit and
withdraw funds for investment purposes in any bank depository or
other financial institution in accordance with the City's
investment policy; such authority to be exercised jointly at all
times. In the absence of one of the duly authorized officers, an
individual designated as Acting City Treasurer or Acting Finance
Director shall exercise such authority.
The above and foregoing resolution was passed and adopted at a
regular meeting of the City Council of the City of Saratoga held
on the 20th day of June, 1990, by the following vote:
AYES: Councilmembers Moyles, Peterson, Stutzman and Mayor Clevenger
NOES: None
ABSENT :Counci 1 member Anderson
MAYOR
ATTEST:
CITY CLERK