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HomeMy WebLinkAboutRES 80-23RESOLUTION NO.80-23 A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,ARIZONA PROVIDING FOR THE DEPOSIT OF CITY FUNDS OF LESS THAN $100,000;AUTH- ORIZING THE CITY TREASURER TO INVEST CITY FUNDS; AND •DECLARING AN EMERGENCY. WHEREAS the City Council of the City of Apache Junction i s required by Title 35,Chapter 2,Article 2,Arizona Revised Statutes,to adopt procedures for the deposit of City funds of less than $100,000;and, WHEREAS the City Council i s required to adopt annually a Resolution of continuing effect authorizing the Treasurer to invest funds collected for the City; NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Apache Junction,Arizona that,pursuant to ARS 35-323 (Q)i f the total amount of the City funds available for deposit i s less than $100,000,the City Treasurer i s authorized and directed to award deposits i n accordance with the folloWing procedures: 1.The City Treasurer shall award deposits to one or more financial institutions either within or without the corporate limits which offer. the highest rate of interest commensurate with the safety of such deposit; 2.The City Treasurer shall give notice to each public depository within the corporate limits and,i n his discretion,to any other public depository i n the State of the amount of City funds available for deposit, the period of time such funds will be deposited and the time bids will be opened;such notice shall be i n writing unless the Treasurer determines that the amount of time necessary to prepare and transmit such notice i n writing may result i n a loss of interest earnings i n which case notice shall be by telephone or other appropriate means; 3.At the time specified i n the notice the Treasurer or his authorized representative shall open the written bids and announce the bids; 4.The City Treasurer shall award the bid to the public depository offering the highest rates of interest provided such interest rate i s not less than One Hundred and Three Percent (103%)of the equivalent bond yield of the United States Treasury Bills of like terms; 5.I f the depository offering the highest rate of interest has bid or i s eligible for only a portion of the funds,the Treasurer shall award that portion to such depository and the remaining portion shall be awarded to the depository bidding the next highest rate of interest; 6.In the case of tie bids,the Treasurer shall award the enacted deposit to the financial institution with the lowest ratio of public deposits i n relation to its capital structure;the public depository shall be responsible for submitting documentation of such ratio and the Treasurer shall have the right to rely on the accuracy of such documentation; 7.The Treasurer shall prepare a report of each award of enacted deposits specifying the public depositories notified,the rate of interest bid by each,and the depository or depositories to which the deposit was awarded and shall submit such report to the City Council at its next regular meeting; 8.The Treasurer is authorized to invest in Treasury Bills or other United States Treasury Securities with a maturity date of twelve months or less i f no bids are received at an interest rate not less than the equivalent bond yield of United States Treasury Bills of like term computed from the asking price on the business date previous to the date bids are open; 9.The Treasurer shall keep i n his possession for not less than two years all bids received; 10.The City Council reserves the right through its Treasurer to reject any and all bids. FURTHER RESOLVED that pursuant to ARS 35-327(G),the Treasurer of the City of Apache Junction i s authorized to invest funds collected for the City as provided i n the procedures of Arizona Revised Statutes,Title 35, Chapter 2,Article 2. FURTHER RESOLVED that the immediate operation of this Resolution i s necessary for the preservation of the public peace,health and safety of the City of Apache Junction,and an emergency i s declared to exist,and this Resolution shall be i n full force and effect from and after its passage,adoption or approval by the City Council of Apache Junction. PASSED AND ADOPTED by the Mayor and City Council of the City of Apache Junction this sixteenth day of July,1980. / VIRGOIA SEEMA Mayor ATTEST: RICH OESTERLE City Clerk APPROVED AS TO FORM: `I )SUSAN GOODWIN City Attorney RESOLUTION NO.80-23 PAGE TWO OF TWO RESOLUTION NO.80-23 A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA PROVIDING FOR THE DEPOSIT OF CITY FUNDS OF LESS THAN $100,000; AUTHORIZING THE CITY TREASURER TO INVEST CITY FUNDS:AND DECLARING AN EMERGENCY. WHEREAS the City Council of the City of Apache Junction is required by Title 35, Chapter 2, Article 2, Arizona Revised Statutes, to adopt procedures for the deposit of City funds of less than $100,000; and, WHEREAS the City Council is required to adopt annually a Resolution of continuing effect authorizing the Treasurer to invest funds collected for the City; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Apache Junction, Arizona that, pursuant to ARS §35-323(Q) if the total amount of the City funds available for deposit is less than $100,000, the City Treasurer is authorized and directed to award deposits in accordance with the following procedures: 1.The City Treasurer shall award deposits to one or more financial institutions either within or without the corporate limits which offer the highest rate of interest commensurate with the safety of such deposit; 2.The City Treasurer shall give notice to each public depository within the corporate limits and, in his discretion, to any other public depository in the State of the amount of City funds available for deposit, the period of time such finds will be deposited and the time bids will be opened; such notice shall be in writing unless the Treasurer determines that the amount of time necessary to prepare and transmit such notice in writing may result in a loss of interest earnings in which case notice shall be by telephone or other appropriate means; 3.At the time specified in the notice the Treasurer or his authorized representative shall open the written bids and announce the bids; 4.The City Treasurer shall award the bid to the public depository offering the highest rates of interest provided such interest rate is not less than One Hundred and Three Percent (103%) of the equivalent bond yield of the United States Treasurey Bills of like terms; 5.If the depository offering the highest rate of interest has bid or is eligible for only a portion of the funds, the Treasurer shall award that portion to such depository and the remaining portion shall be awarded to the depository bidding the next highest rate of interest; 6.In the case of tie bids, the Treasurer shall award the enacted deposit to the financial institution with the lowest ratio of public deposits in relation to its capital structure; the public depository shall be responsible for submitting documentation of such ratio and the Treasurer shall have the right to rely on the accuracy of such documentation; 7.The Treasurer shall prepare a report of each award of enacted deposits specifying the public depositories notified, the rate of interest bid by each and the depository or depositories to which the deposit was awarded and shall submit such report to the City Council at it next regular meeting; 8.The Treasurer is authorized to invest in Treasurey Bills or other United States Treasurey Securities with a maturity date of 12 months or less if no bids are received at an interest rate not less than the equivalent bond yield of United States Treasurey Bills of like term computed from the asking price on the business date previous to the date bids are open; 9.The Treasurer shall keep in his possession for not less than 2 years all bids received; 10.The City Council reserve the right to its Treasurer to reject any and all bids. -2- FURTHER RESOLVED that pursuant to ARS §35-327(G), the Treasurer of the City of Apache Junction is authorized to invest funds collected for the City as provided in the procedures of Arizona Revised Statues, Title 35, Chapter 2, Article 2. FURTHER RESOLVED that the immediate operation of this Resolution is necessary for the preservation of the public peace, health and safety of the City of Apache Junction and an emergency is declared to exist, and this Resolution shall be in full force and effect from and after its passage, adoption or approval by the City Council of Apache Junction. PASSED AND ADOPTED by the Mayor and City Council of the City of Apache Junction this 16th day of July1980. ATTEST: ity Clerk 4, APPROVED AS TO F0d-5 -7 ---1, A .&A 0 City Attorney