HomeMy WebLinkAboutRES 86-17RESOLUTION NO.86-17
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,PROVIDING FOR THE DEPOSIT OF
ACTIVE AND INACTIVE CITY FUNDS OF LESS THAN $100,000.
WHEREAS,the Apache Junction City Council i s required by Title
35,Chapter 2,Article 2,Arizona Revised Statutes,to adopt procedures
for the award of deposit of city funds of less than $100,000;
NOW,THEREFORE BE IT RESOLVED by the Mayor and City Council of
the City of Apache Junction,Arizona,as follows:
SECTION 1.INVESTMENT OF CITY FUNDS OF LESS THAN $100,000
A.I f a total of less than one hundred thousand dollars i s
available for investment,the City Treasurer shall award
the deposit 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.
B.The treasurer shall prepare each month a report on the
depositories to which deposits were awarded and submit
such report to the city council.
C.The City Council reserves the right through its treasurer
to reject any and all bids.
SECTION 2.EMERGENCY CLAUSE
WHEREAS,i t i s necessary for the preservation of the peace,health
and safety of the CIty of Apache Junction,Arizona,an emergency is declared
to exist,and this resolution shall be effective immediately upon its pas-
sage and adoption.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,THIS 3RD DAY OF JUNE ,1986.
ATTEST:
KATHLEEN CONNELLY
City Clerk
APPROVED AS TO FORM:
DAV
C\
torneyCity Attorney
NORMAN S.HILL
Mayor