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RESOLUTION NO. 2906
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ARCADIA, CALIFORNIA, AUTHORIZING
AND DIRECTING INVESTMENT OF AVAILABLE
~UNDS AND RESCINDING RESOLUTION NO. 2847.
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THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES
DETERMINE AND RESOLVE AS FOLLOWS:'
SECTION 1. ,That there'are from tim~ to time on hand in
the city treasury, not required for: the immeaiate necessities of
the City of Arcadia,funds in excess of $7~O,OOO.00. That the short
term investment of such funds would increase the interest revenue of
the City of Arcadia.'
SECTION 2. That purusant to Title 5, Division 2, Part 1,
Chapter 4, Article 1, of the California Government Code, the Con-
troller, Treasur'er and City Manager be and they are hereby author-
ized to invest ~p to $750,000.00 of such surplus in any of the fol-
lowing, to wit: United States Treasury bills, United States
Treasury notes and United States Treasury anticipation notes.
SECTION 3. That Resolution No. 2847 entitled "A RESOLU-
TIONOF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, AUTHOR-
IZING AND DIRECTING INVESTMENT OF AVAILABLE FUNDS AND RESCINDING
RESOLUTION NO. 2763" adopted January 2, 1957, be and the same is
hereby rescinded.
SECTION 4. The City Clerk shall certify to the adoption
of this Resolution.
I HEREBY CERTIFY that the foregoing Resolution was adopted
at a regular meeting of the City Council of the City of Arcadia held
on the 2nd day of July
, 1957, by the affirmative vote of at
least three Couneilmen, to wit:
AYES:
NOES:
ABSENT:
Councilmen Jacobi, Phillips, Reibold and,Dennis
(SEAL)
None
Councilman <;;m0ouse 7) ~/. ' _." /
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of July ,1957.
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SIGNED AND APPROVED
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City Clerk , '
2906
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