HomeMy WebLinkAbout09 LIQUIDATION OF DONATED STOCK 08-07-07Agenda Item 9
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Reviewe
~~
-_- ENDA REPORT City Manager
AG
~:~_
~~~-~ 1% ~ Finance Director
MEETING DATE: August 7, 2007
TO: William A. Huston, City Manager
FROM: Ronald A. Nault, Finance Director
SUBJECT: LIQUIDATION OF DONATED STOCK
SUMMARY:
The City has received four shares of Morgan Stanley stock donated by Mr. Gideon Young for
the benefit of Police Department community related programs. The City Council must authorize
the Treasurer to sell the shares as required by Banc of America Investment Services, Inc.
RECOMMENDATION:
Authorize the City Treasurer, G. W. Jeffries, to sell the donated shares and deposit the
proceeds into a trust account for the benefit of Police Department community related programs.
FISCAL IMPACT:
The total value of the shares as of August 1, 2007 is $254.00.
DISCUSSION:
From time to time the City has been offered appreciated stock as a donation to specific
community programs. The City utilizes Bank of America for all its Treasury and Safekeeping
activities and the Treasurer has set up an account to clear these types of donations. In order to
complete this transaction, the Bank requires direction from the City Council authorizing the
Treasurer to sell the shares. We do not anticipate that this will be a major source of donations
in the future but it will be an available option.
Ronald~A. Nault, Finance director
Attachment
LiquidationOfDonatedStockStaffReport2007. doc
J UL ;11 ~~4J r 1 1 ~Ib I-K 1~Hf',Il. VI~- HI'ICK 1 ~~H
Corporate Resolution
(To Clear Securities Only)
Banc o~ America ~ .
~nv+ein~~t ervic~s, ~~.~
,p-ceptrnt Nnmber Y~ ~ ~ -` ~~ ~ °"~ ~ f 0
I. , in my official capacity, hereby certify. that as ~ o~iocr namely
(Nnmc of Certifying Officer) (irk)
i
of ~ J T ~ ~ ~ ~tJS 7~`JU -- _ -- _ _ _-- _ _ , p corporation duly organized and existiztg
•.,...••.~. -(Naau of Canpany)
under the laws of ~ A L. ! ~ ~i AJI A ~ , fat at ~! imveting of the
(smta of Acg:str~tion)
Q,~T~l ~ Ult.! Q2 ~ the day of , 20=_ , et which a gtwrtun Ivor the
(Ccyvoming Body)
transaction of business way present end acting, the following resoluuotz waa duly ~d xegulatty adopted, end is still in forty ~ effiect, iand appe$ts as
follows in the; minutes of the meeting: '
Rcsoh-txl: tit ~ ~ OI~C~~ ~~1~ l~A ~ >~~ ,who is tt~e ~f~ ~fi~ U /g ~~. afthis corporation is
(iViane of Authgri~sd QfTic,Cr)• (Ti[IC)
hereby autl}atiz~ed to sell, assign end transfer the fallowing:
nnaR~A~ SrA~Vr~,~y_
. , _._ (NenxlDr~iplioa of tht `~h) '
and tQ execute auy and all instrurrrer-ts nee or desirable for the ~ furd~ec', that any pai8t action in accordance hea~ewith iS hereby
essary, proper Pte,
ratified and c~orrfirrned; and further, that any pffi'ieer of this corporation is hereby authorized to certify this resoh>rian to wham it r,~.y Cozicern.
I further certify chat the forgoing resolution is not contrary to any provision in the charter or by-la'u~rg of this corporation, that
now is
(N~ Sf Curtil`ying OlBecr) '••,•••._ (~k{e)
~'
and f~~DIgC~~ +r~~_ l~ R / ~ ~" now is ~~ ~1.~ [J~~.1~.•
(IVamc OfAPthOri~Ad OfflCL7) ~~nl1C)
of this co~rpot~tion. and that I have been duly atuhot•ized to maize this u~rtifcation on behalf of this corporation.
[n witness whereof, I hereunto set my hand and a~`tx d1e seal of ibis corporation on this
of ~ , ...~ , 20
"Note: Name of Authorized OfFcer must be di$'erent from the Name of Certifyintg OfficcT
clay
1
Stgnatux~ of Certifying o~ear
(C~rpo~rate Seal) '
' '
~'~t~c
We Want you co know: I
Inve:,~trnene pmducta provided by Banc of America Investment 5e'rvic~es, Inc i'
P-re Nvt ~)DYC Yneured May Lose Value Arc Not Banlr Guar . 'teed
Banc of America Investment Services, Iac. is a rrgistcrod broker-dueler, member NASD and S IPC and a no subKidiary of 13a~c of America, N.A.
BAnC of Arnerita Invc8filcnt Services, Itlc. is not a tax advisor, We suggest you consult your pexsonal tax advisor ~ malting ta~c-related investment dcxiaions,
00.25.2229NS13 2 ] -2005 (To ~IeSr Securities Only. t:annot be used to open new corporate accounts.) '
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