HomeMy WebLinkAbout1968-030-04/11/1968-DIRECTING THE DIRECTOR OF FINANCE AS TO THE DEPOSIT OF THE CASH BALANCE OF THE CITY, ESTABLISHING TH RESOLUTION
OF THE COUNCIL OF THE CITY OF FORT COLLINS DIRECTING THE
DIRECTOR OF FINANCE AS TO THE DEPOSIT OF THE CASH BALANCE
OF THE CITY, ESTABLISHING THE SURETY TO BE REQUIRED FOR SUCH
DEPOSIT, AND DIRECTING THE INVESTMENT OF THE PERPETUAL CARE
FUND GRAND VIEW CEMETERY
WHEREAS, the Charter of the City of Fort Collins provides that the City
Council shall direct the deposit of the cash balance of the City and establish
the surety to be required for such deposits, and,
WHEREAS, Section 6-8 of the Code of Ordinances provides that the City
Council shall direct the investment of the Perpetual Care Fund Grand View
Cemetery, and,
WHEREAS, the City Council desires to reestablish the directions heretofore
in effect regarding such matters and to make certain changes in said directions
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
Section 1 The Director of Finance is hereby directed to deposit the cash
balance of the City in the commercial banks doing business in the City of Fort
Collins,without discrimination and equally as far as possible
Section 2 For all deposits of City funds the Director of Finance shall
require the bank in which such funds are deposited to pledge United States
Government securities (treasury bills, bonds, obligations guaranteed by the
United States of America and similar securities) equal in par value to 110% of
the amount of such deposit
Section 3 The Director of Finance is hereby directed to invest the surplus
funds of the City in certificates of deposit in commercial banks in the City or
in bonds of the City of Fort Collins or in securities of the United States of
America or in obligations guaranteed by the United States of America For funds
deposited in commercial banks the Director of Finance shall require such bank
to pledge United States Government securities (as defined in Section 2 above
equal in par value to 11Of of the amount of funds so deposited
Section 4 The Director of Finance is hereby directed to cause the
Perpetual Care Fund Grand View Cemetery to be invested in the Savings and Loan
Associations doing business in the City of Fort Collins, without discrimination,
and equally so far as possible
Section 5 The Director of Finance shall appoint custodians for the
Perpetual Care Fund Grand View Cemetery, and such funds shall be deposited in
the namesof such persons as custodians No custodian shall hold more on deposit
than $15,000 at any time All custodians shall be employees of the City and
the appointment of custodians shall be approved by the City Manager Each
custodian shall be bonded for $5,000 with a commercial surety company
Passed and adopted at a regular meeting of the City Council held this
llth day of April, A D , 1968
Mayor
ATTEST
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-City Clerk