HomeMy WebLinkAbout12 ISSUANCE WARRANTS 04-01-96NO. 12
4-1-96
DATE:
APRIL 1, 1996
Inter-Com
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
OFFICE OF THE CITY CLERK
ORDINANCE NO. 1164, ISSUANCE OF WARRANTS AND DEPOSIT OF
FUNDS
RECOMMENDATION:
Have second reading by title only and adoption of Ordinance No. 1164
(roll call vote).
BACKGROUND:
The following Ordinance No. 1164 had first reading and'introduction
at the March 18, 1996 City Council meeting:
ORDINANCE NO. 1164 - AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, AMENDING CHAPTER 6 OF ARTICLE 1 OF THE TUSTIN
CITY CODE RELATIVE TO THE ISSUANCE OF WARRANTS AND AUTHORIZING
DEPOSIT OF SURPLUS FUNDS
Valerie Crabill
Chief Deputy City Clerk
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ORD'rNi~NCE NO. :1.16 4
~ ORDIN~CE OF THE CITY OF TUSTIN, CALIFORNIA, ~,E~IN~
CHAPTER 6 OF i~RTICLE 1 OF THE TUSTIN CITY CODE RELATIVE TO THE
ISSU~CE OF W~R~'~S ~ 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.
Page 2
(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 POTTS, MAYOR
PAMELA STOKER, CITY CLERK