HomeMy WebLinkAboutResolution No. 3957 RESOLUTION NO. 3957
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
DESIGNATING THE BANK OF AMERICA AS DEPOSITORY FOR CITY FUNDS
WHEREAS, the City Council has received Bids from qualified Banks
--- for providing services as required by the City; and
WHEREAS, Section 705 of the City Charter provides for such
designation by the City Council; and
WHEREAS, the Charter also requires that such depository and its
selection be done in compliance with the provisions of the State
Constitution and laws of the State which are covered in Sections 53637,
53638, 53651, 53655 and 53657 of the State of California State Govern-
ment Code.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
RESOLVE AS FOLLOWS:
SECTION 1. That the Bank of America be designated as depository
for a three year period beginning July 1, 1981, and the Bank of America
provide additional services as provided in the Bid Proposal at no charge
as long as the City maintains an average daily collected balance of $173,847.
SECTION 2. That the City Clerk shall certify to the adoption of
this Resolution and shall provide for appropriate distribution thereof.
APPROVED AND ADOPTED this 13th day of May, 1981.
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ei Milton R. Mackaig,Ildyor
ATTEST:
pity 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 May, 1981, by the following vote, to wit:
AYES: 5 Council Members: Swearingen, Quinn, Cormack, Jackman, Mackaig
NOES: o Council Members: None
ABSENT: 0 Council Members: None
'ity Cf erk