HomeMy WebLinkAbout1993-07-27; City Council; 12332; AUTHORIZATION FOR THE CITY TREASURER OR DEPUTY TO TRANSFER SECURITIES OR ESTABLISH BANK AND BROKERAGE ACCOUNTS7,
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OR DEPUTY TO TRANSFER SECURITIES OR
ESTABLISH BANK AND BROKERAGE ACCOUNTS
RECOMMENDED ACTION:
Adopt Resolution No. 93 - 2'' for the City Treasurer to effect transfer of securities and
to establish and maintain bank accounts and accounts with stock and bond brokerage firms.
I ITEM EXPLANATION:
Occasionally, the City Treasurer finds it necessary to sell securities that are registered in the
City's name and to open accounts in the City's name with bank and brokerage firms. The
City Treasurer currently must get authority from Council for each occurrence. This
resolution would grant authority to the City Treasurer, or his/her deputy, to execute such
transactions as needed without acquiring Council authority each time. Delegation of such
authority is common in municipalities.
FISCAL IMPACT:
None.
EXHIBITS: $18 1. Resolution No. ' 3 e delegating authority to the City Treasurer, or his/her deputy.
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RESOLUTION NO. 93-218
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA AUTHORIZING THE CITY
TREASURER OR DEPUTIES TO TRANSFER SECURITIES
WHEREAS, the City from time to time may receive stocks,
bonds or other -securities in satisfaction of claims asserted in
bankruptcy proceedings, liquidation proceedings, or otherwise: and
WHEREAS, it is necessary to execute transfer of security
documents, affidavits or agreements: and
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WHEREAS, the City Treasurer is charged - with the
responsibility and authority for the management of cash and
investments as directed by the City Council according to the City's
Investment-Policy; and
WHEREAS, the City Treasurer is in possession of such
securities which should be transferred and converted to cash,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad, California, as follows that:
1. The above recitations are true and correct.
2. The City Treasurer or deputy city treasurer, in the
absence of the City Treasurer, may execute all necessary transfer
of securities documents and such other documents as may be
necessary to perfect the transfer and the City Clerk is authorized
to attest to them.
3. The City Treasurer or deputy city treasurer, in the
absence, of the City Treasurer, may execute all necessary documents
to establish and maintain bank accounts and stock and bond
brokerage firm accounts.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the
City Council of the City of Carlsbad on the 27th day of JULY
1993, by the following vote, to wit:
AYES: Council Members Lewis, Stanton, Kulchin, Nygaard, Finnila
NOES: None
ABSENT : None
~ I ATTEST:
(SEAL)
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MUNICIPAL CORPORATION RESOLUTION
FOR TRANSFER OF SECURITIES
City of Carlsbad
I, Aletha Rautenkranz, do hereby certify that on the day of July, 1993, at a regular meeting of the City Council of the
City of Carlsbad (a municipal corporation organized under the laws of California) duly called and held at 1200 Carlsbad Village Drive in the City of Carlsbad, State of California, at which a quorum was present and voting throughout, the following resolutions were duly
adopted as the action of the City Council and have not been modified or rescinded or in any way restricted, and are now in full
force and effect:
RESOLVED, by resolution of the City Council of the City of Carlsbad, Resolution No. , adopted July , 1993, that the following officers, James M. Stanton, City Treasurer, or a deputy city treasurer in his absence, hereby are authorized and empowered to sell, assign and cause to be transferred, stocks, bonds, rights, options and securities of any description standing
' in the name of or belonging to the City of Carlsbad in any capacity and said officers and each of them is authorized and empowered to execute any and all papers that may be necessary in order to effect the sale of such securities and transfer thereof to the purchasers.
I do further certify that the present officers of this
municipal corporation authorized to act as above are:
NAME OFFICER
James M, Stanton City Treasurer
, Frank Mannen Deputy City Treasurer
Witness my hand and attested to as the City Clerk of the City of Carlsbad this day of , 199-.
(Corporate Seal) ALETHA RAUTENKRANZ, City Clerk
.by : Deputy City Clerk
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MUNICIPAL CORPORATION RESOLUTION
FOR THE ESTABLISHMENT AND MAINTENANCE OF BANK OR STOCK AND BOND BROKERAGE FIRM ACCOUNTS
Cityof Carlsbad
I, Aletha Rautenkranz, do hereby certify that on the day of July, 1993, at a regular meeting of the City Council of the
City of Carlsbad (a municipal corporation organized under the Laws of California) duly called and held at 1200 Carlsbad Village Drive in the City of Carlsbad, State of California, at which a quorum was present and voting throughout, the following resolutions were duly adopted as the action of the City Council and have not been modified or rescinded or in any way restricted, and are now in full force and effect:
RESOLVED, by resolution of the City Council of the City of Carlsbad, Resolution No. , adopted July , 1993, that
the following officers, James M. Stanton, City Treasurer, or a deputy city treasurer in his absence, hereby are authorized and empowered to execute all necessary documents to establish and maintain.bank accounts and stock and bond brokerage firm accounts held in the name of the City of Carlsbad.
I do further certify that the present officers of this municipal corporation authorized to act as above are:
NAME OFFICER
James M. Stanton City Treasurer
Frank Mannen Deputy City Treasurer
Witness my hand and attested to as the City Clerk of the City of Carlsbad this day of , 199"
(Corporate Seal) ALETHA RAUTENKRANZ, City Clerk
by: Deputy City Clerk