HomeMy WebLinkAboutCity Council Resolution 830 'RESOLUTION NO. 830
A RESOLUTION OF THE CITY OF SARATOGA
AUTHORIZING INVESTMENT OF CITY OF SARATOGA
MONIES IN LOCAL AGENCY INVESTMENT FUND
WHEREAS, pursuant to Chapter 730 of the Statues of 1976 Section
16429.1 was added to the California Government Code to create a Local
Agency Investment Fund in the State Treasury for the deposit of money
of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City Council does hereby find that the deposit and
withdrawal of money in the Local Agency Investment Fund in accordance
with the provisions of Section 16429.1 of the Government Code for the
purposes of investment as stated therein as in the best interests
of the City of Saratoga.
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby
authorize the deposit and withdrawal of City monies in the Local Agency
Investment Fund in the State Treasury in accordance with the provisions
of Section 16429.1 of the Government Code for the purpose of investment
as stated therein.
BE IT FURTHER RESOLVED that the following City officers or their
successors in office shall be authorized to order the deposit or
withdrawal of monies in the Local Agency Investment Fund: Robert F.
Beyer, City Manager; James B. Hendrickson, Assistant to the City Manager;
Maxine Wynn, Personnel/Account Clerk; and Lela Bayley, Personnel Clerk.
THE !ABOVE AND FOREGOING RESOLUTION WAS PASSED AND ADOPTED by
the City Council of the City of Saratoga at a regular meeting held
on the 7th day of September, 1977, by the following vote:
AYES: Councilmen Kraus, Matteoni, Bridges, & Brigham
NOES: None
ABSENT: Councilwomen Corr
PROCEDURE FOR DEPOSITS IN AND
WITHDRAWALS FROM LOCAL AGENCY INVESTMENT FUND
I. PROCEDURES FOR DEPOSITS
A. Prior to 9:30 AM (in order that deposits begin earning interest
that day), Maxine or Lela instructs Bank of America, Saratoga
Branch, to transfer $ from savings account to:
Jesse M. Unruh
California State Treasurer
Demand Bank Account
Sacramento Main office
Bank of America
B. At the same time, Maxine or Lela notifies, by telephone, the
Investment Division of the State Treasurer's Office
(916) 445-5911
of the transaction:
1) Date of Deposit
2) Amount of Deposit
3) Name of correspondent bank - Bank of America
C. State Controller verifies receipt of deposit by providing a
copy of Controller's Remittance Advice.
II. PROCEDURES FOR WITHDRAWALS
A. Prior to 9:30 AM (if withdrawal of deposits is to be received
the same day), Maxine or Lela telephones investment Division
of State Treasurer's Office
(916) 445-5911
of its intent to withdraw money:
1) Date of Withdrawal
2) Amount of Withdrawal
3) Name and address of local branch of Bank of America that
will receive withdrawal
4) Warrant account number