HomeMy WebLinkAboutRES 84-24RESOLUTION NO. 84-24
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 is
required by Title 35, Chapter 2, Article 2, Arizona Revised Statutes, to
adopt procedures for the deposit of the Cfity funds of less than $100,000.00;
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 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 is authorized to
invest funds of less than $100,000.00, collected for the City, as provided
in 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 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 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 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 Treasury 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 its next regular
meeting.
Resdlution No. 84-24
Page One of Two
8.The Treasurer i s authorized to invest i n 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 of 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 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.
PASSED AND ADOPTED by the Mayor and City Council of the City of Apache
Junction,Arizona,this 511-1;day of JUNE ,1984.
ATTEST:
Wendell J.Cla
Mayor
Kathleen Connelly
City Clerk
APPROVED AS TO FORM:
David F.Alexander
City Attorney
Resolution No.84-24
Page Two of Two