HomeMy WebLinkAbout17 ISSUE OF WARRANTS 03-18-96AGENDA
Inter-Com
NO. 17
3-18-96
DATE:
MARCH 7, 1996
TO:
FROM:
SUBJECT:
WILLIAM ~;~STON, CITY MANAGER
RONALD A.~FINANCE DIRECTOR
ORDINANCE NO. 1164 REGARDING THE ISSUANCE OF WARRANTS
AND THE DEPOSIT OF FUNDS
RECOMMENDATION:
Conduct first reading by title only and introduction of Ordinance
No. 1164 amending Chapter 6 of Article 1 of the Tustin City Code
relative to issuance of warrants and authorizing deposit of surplus
funds.
DISCUSSION:
Staff has conducted a review of the pertinent appointing documents
for conformance with the reorganization of the Treasury functions.
The Ordinance before you clarifies that certain positions are
authorized to act on behalf of the City, the Redevelopment Agency
and the newly created Public Financing Authority. It also adds the
Chief Deputy City Clerk as authorized to sign checks along with the
City Manager, the City Clerk and the City Treasurer. The use of
the City Clerk 'and their assignees is well documented in the
Government Code as responsible for various cash related functions
and is consistent with the City's past practice.
In keeping with the desire to fully separate the Treasury and
Accounting functions, the Finance Director has been removed as an
authorized signer of warrants and deposit contracts.
This Ordinance incorporateS changes proposed by the City.Treasurer
and has been reviewed and prepared by the City Attorney.
RES: FundsOrd. Mar
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ORDINANCE NO. 1164
AN ORDINANCE OF THE CITY OF TUSTIN, CALIFORNIA, AMENDING
CHAPTER 6 OF ARTICLE i OF THE TUSTIN CITY CODE RELATIVE TO THE
ISSUANCE OF WARRANTS AND AUTHORIZING DEPOSIT OF SURPLUS FUNDS.
The City Council of the City of Tustin hereby ordains as
follows:
SECTION 1. Section 1611(e) and Section 1612 of Part 1 of
Chapter 6 of Article 1 of the Tustin City Code is hereby
amended to read as follows:
1611(e) Checks and Warrants
(1) No check, order or warrant upon the City
Treasury shall be drawn except upon and in accordance with the
terms and provisions of an ordinance, resolution or minute
order of the City Council, the Tustin Community Redevelopment
Agency (the "Agency"), or the Tustin Public Finance Authority
(the "Authority"), and unless there are sufficient
unencumbered funds in the fund upon which it is drawn.
(2) Ail checks, orders and warrants upon the City
Treasury for payment of any money drawn in the name of the
City, the Agency, or the Authority, on its respective account,
shall bear the manually-affixed or facsimile signature of any
two (2) of: the City Manager, City Clerk, Chief Deputy City
Clerk, City Treasurer, and other person or persons designated
by resolution or minute order of the City Council, the Agency,
or the Authority. Provided, however, that all checks and
warrants for any sum in excess of Three Thousand Dollars
($3,000.00) shall have at least one manually affixed signature
and any emergency hand issued check shall have two (2)
manually affixed signatures. The designated depository shall
be entitled to honor and to charge the City, Agency, or
Authority, as applicable, for all such checks, drafts or other
orders for the payment of money.
1612
Investment of Funds
(a) Surplus. In the discretion of the City
Treasurer, any surplus funds that are not needed for the
immediate operation of the City, Agency, or Authority shall be
invested to bring the maximum legal and .safe return to the
City.
(b) State and Local Compliance' Ail investments
shall be made in accordance with the provisions of the laws of
the State of California and the than currently adopted City
Investment Policy, and no other investments except those so
authorized shall be utilized.
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Ordinance No.
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(c) Report to Council. Periodic reports shall be
made to the Council as to the nature of the investments and
the returns thereon, and at such other times as the Council
may ask for such reports.
SECTION 2. Ordinance No. 832 is hereby repealed in its
entirety.
SECTION 3. If any section, subsection, sentence, clause,
phrase, or portion of this ordinance is for any reason held to
be~invalid or unconstitutional by the decision of any court of
competent jurisdiction, such decision shall not affect the
validity Of the remaining portions of this ordinance. The
City Council of the City of Tustin hereby declares that it
would have adopted this portion thereof irrespective of the
fact that any one or more sections, subsections, sentences,
clauses, phrases, or portions be declared invalid or
unconstitutional.
PASSED AND ADOPTED, at a regular meeting of the City
Council for the City of Tustin on this day of
, 1996.
JIM POTTSt MAYOR
PAMELA STOKER, CITY CLERK