HomeMy WebLinkAboutResolution - 1235 - Director Offinance To Select Securities For Legal Investment By Cities - 10/14/1982DGV:da
RESOLUTION
RESOLUTION 1235 - 10/14/82
WHEREAS, the City of Lubbock by various ordinances has authorized the
issuance of various bonds in various amounts and said ordinances all provide
interest and sinking funds as required by law, including reserve funds to pay
the obligations therein created, and special funds have been designated for
said bonds, which funds are maintained by designated custodian depositories
which have been designated as paying agents of.the bonds by ordinance; and
WHEREAS, the City of Lubbock has on deposit in said funds and in various
other funds substantial sums of money, and the governing body of the City of
Lubbock has heretofore authorized the investment of portions of said funds in
United States Government Securities as provided by law and in other legal
investments for municipalities, NOW THEREFORE:
IBE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the Director of Finance of the City of Lubbock is hereby
authorized and directed to select securities allowed by law for legal invest-
ment by cities, which securities are to be purchased by and held for the
benefit of such funds as may directed by the Director of Finance; provided
however that when securities are to be paid for out of bond retirement funds,
the only securities which may be purchased are those securities provided for
by the ordinance creating such bond retirement fund.
SECTION 2. THAT various banks may be designated as custodian and deposi-
tory for City of Lubbock funds and such bank or banks are hereby authorized
and directed upon request of the Director of Finance of the City of Lubbock to
invest any and all funds as may be directed by said Director of Finance.
SECTION 3. THAT depository banks are hereby authorized and directed to
convert securities into cash on request by the Director of Finance for benefit
of the accounts from which said securities were purchased; and further provided
that said banks shall otherwise be liable as the custodians and depositories
of said funds, including bonds and/or certificates, and interest accruing from
such investments.
SECTION 4. THAT the Director of Finance of the City of Lubbock is hereby
authorized and directed to transfer such monies, as he, in the exercise of his
discretion, may choose, from checking accounts into time deposit accounts and
vice -versa and that the Director of finance is hereby given the authority to
direct and control the financial investments of the City of Lubbock under the
direction of the governing body and the City Manager and shall have authority
to undertake such actions as may lawfully be done on behalf of a city under
existing statutes, ordinances and resolutions at the time of the action taken.
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THAT in order to expedite receipt of funds, the Director of Finance
is hereby authorized and directed to use wire services and correspondent banks
as agents to make transfers or accept funds to be credited to.the City of
Lubbock at the earliest possible date.
SECTION S. THAT nothing .contained herein shall be construed to authorize
the breach of any existing depository contract at the time this Resolution is
made.
Passed by -the City Council this 14th day of October 1982.
i
L McAL STER,
ATTEST: B - MAYOR
Evelyn .Gdffgf.; Citf etary-Treasurer
APPROVED AS TO CON
Robert Massengale,.Di(rector of Finance
APPROVED AS TO FORM:
G. Vandiver, Firs sst. City Attorney