HomeMy WebLinkAboutAGENDA REPORT 1987 0916 CC REG ITEM 08H MOORPARK
ITEM -
CLINT HARPER, Ph.D. STEVEN KUENY
Mayor City Manager
ELOISE BROWN ,o►P" C'`o CHERYL J. KANE
Mayor Pro Tem Cit
y Attorney
THOMAS C. FERGUSON �' PATRICK RICHARDS.A.I.C.P.
Councilmember Or Director Director of
JOHN GALLOWAY ?"``'w1fa. Community Development
Councilmember °o-y • R.DENNIS DELZEIT
BERNARDO PEREZ °Qg T46 City Engineer
JJy+n
Councilmember JOHN V.GILLESPIE
MAUREEN W.WALL Chief of Police
City Clerk THOMAS P.GENOVESE
City Treasurer
MEMOR ANDUM
T O : THE HONORABLE CITY COUNCIL �
FROM = THOMAS P. GENOVESE, DEPUTY CITY MANAGER �.p/
DATE = SEPTEMBER 11, 1987
SUBJECT : INVESTMENT OF CITY FUNDS IN THE COUNTY TREASURY
INFORMATION:
Attached is a resolution authorizing the investment of City funds into
the County Treasury for the purpose of investment by the County Treasurer.
Any deposit made with the County Treasurer will be invested through a
pooled money investment account. This investment account will operate
in a manner similar to the City deposit in the Local Agency Investment
Fund (LAIF) with which the City currently has deposited the maximum
amount allowable of five million dollars.
The details for deposit and withdrawal procedures and administrative costs
charged by the County are currently under discussion and expected to be
confirmed during the week of September 14, 1987. The agreement regarding
such details will be forwarded to the Council at that time.
It is anticipated that this addition to the Cityrs investment program
will assist in the maximization of return consistent with safe and
prudent treasury management. Such investment will be made by the City
Treasurer or City Manager.
RECOMMENDATION:
Approve the proposed resolution.
799 Moorpark Avenue Moorpark, California 93021 (805) 529-6864
RESOLUTION NO. 87- 17‘1{10112
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT
OF CITY MONIES BY THE COUNTY TREASURER WITH WHICH
MONIES ARE DEPOSITED.
WHEREAS, Pursuant to Section 53684 of the California Government
Code, the City Council does hereby authorize the investment of funds
pursuant to this section and with consent of the County Treasurer, deposit
excess funds in the County Treasury for the purpose of investment by the
County Treasurer pursuant to Section 53601 or 53635 of the California
Government Code; and
WHEREAS, the City Council does hereby find that the deposit
and withdrawal of money in the County Treasury in accordance with the
provisions of Section 53684 of the Government Code for the purposes of
investment as stated therein is in the best interests of the City of
Moorpark.
NOW, THEREFORE, BE IT RESOLVED that the City Council does
hereby authorize the deposit and withdrawal of City monies in the County
Treasury in accordance with the provisions of Section 53684 of the
Government Code for the purpose of investment as stated therein; and
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 County Treasury.
THOMAS P. GENOVESE, CITY TREASURER
STEVEN A. KUENY, CITY MANAGER
PASSED AND ADOPTED this day of 1987
Mayor of the City of Moorpark,
California
ATTEST:
City Clerk
(SEAL)