HomeMy WebLinkAboutResolution No. 3074 RESOLUTION NO. 3074
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
AUTHORIZING THE CITY TREASURER TO DEPOSIT PUBLIC FUNDS
INTO LOCAL BANKS INSURED UNDER FEDERAL LAW, PURSUANT TO
CALIFORNIA GOVERNMENT CODE SECTION 53653
WHEREAS, President Ford recently signed a bill that increased
the Federal Deposit Insurance on Public Deposits enabling banks to in-
crease public deposits by the amount that is covered by Federal
Deposit Insurance Corporation (FDIC) with no increase in securities
pledged; and
WHEREAS, Government Code Section 53653 of the Local Agency
Deposit Security Law permits the City Treasurer to waive security for
such portions of any deposits as is insured pursuant to Federal Law;
and
WHEREAS, each of the local bank depositories have requested the
City Treasurer to waive security for any such portions of any deposits
held for the City as are insured under Federal Law.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
RESOLVE AS FOLLOWS:
SECTION 1. That the City Treasurer is authorized to sign a
Waiver of Security with local banks pursuant to Government Code
Section 53653.
SECTION 2. The City Clerk shall certify to the adoption of
this Resolution.
APPROVED AND ADOPTED this 13th day of January, 1975.
`
Richard M. Jenni s, Mayor 9
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted
by the City Council of the City of Downey at a regular meeting thereof
held on the 13th day of January , 1975, by the following vote, to wit:
AYES: 5 Councilmen: Temple, DiLoreto, Winton, Scotto, Jennings
NOES: 0 Councilmen: None
ABSENT: 0 Councilmen: None
/- „,/,/
City Clerk