HomeMy WebLinkAboutRES 85-21RESOLUTION NO.85-21
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 City funds of less thaw$100,000;
and
WHEREAS,the City Council i s required to annually adopt a Resolution
of continuing effect authorizing the City Treasurer to invest funds collected
by the City;and
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,collected for the City,
as provided in the procedures of the 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/her 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 the 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/her
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 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 respon-
sible 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 depositiries 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.85-21
Page One of Two
8.The Treasurer is authorized to invest in Treasury Bills or
other UnitedriStates 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 opened;
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 the Treasurer,
to reject any and all bids received.
PASSED AND ADOPTED by the Mayor and City Council of the City of
Apache Junction,Arizona,this 18th day of June ,1985.
ATTEST:
di,x414
KATHLEEN CONNELLY Gf
City Clerk
APPROVED AS TO FORM:
DAVI : NCEXA
City Attorney
Resolution No.85-21
Page Two of Two
0 MAN S.HILL
Mayor