HomeMy WebLinkAboutRES 83-39RESOLUTION NO.83-39
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 $100,000.00 AND AUTHORIZING THE
CITY TREASURER TO INVEST CITY FUNDS.
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 the City funds of less than
$100,000.00;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 Mayor and City Council of
the City of Apache Junction,Arizona,that pursuant to Arizona Revised
Statutes 35-327 (G),the Treasurer of the City of Apache Junction i s
authorized to invest funds_of less than $100,000.00,collected for the
City,as provided i n the procedures of Arizona Revised Statutes,Title 35,
Chapter 2,Article 2,as follows:
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 de-
pository within the corporate limits and,i n his discretion,to any
other public depository in 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 in writing unless
the Treasurer determines that the amount of time necessary to prepare
and transmit such notice i n writing may result in 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 de-
pository 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 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 its next regular meeting.
Resolution No.83-39
Page One of Two
8.The Treasurer i s 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 no less than
the equivalent bond yield of United States Treasury Bills 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 two years all bids received;
10.The City Council reserves the right,through its Treasurer,
to reject any and all bids.
PASSED AND ADOPTED by the Mayor and City Council of the City of
Apache Junction,Arizona,this 7th day of June ,1983.
ATTEST:
Kathleen Connelly
City Clerk
APPROVED AS TO FORM:
Day%F.Alexander
City )ittorney
Resolution No.83-39
Pate Two of Two
Wendell J.Clarkt
Mayor