HomeMy WebLinkAbout01-60
e
e
\
.... <~
,
RESOLUTION NO. 1- (p p
A RESOLUTION of the City Council of the City of Port
Angeles authorizing the investment by the City
Finance Committee of $1,865,169.00 of inactive
funds in United States Government obligations.
WHEREAS, the City of Port Angeles has $1,865, 169.00
in inactive funds which the City Finance Committee under the
authority of R.C.W. 35.39.020 and .030 desires to invest so
that the City of Port Angeles may receive increased interest.
IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ANGELES that the City Finance Committee is authorized
to make the following investments:
1. $300,000.00 from surplus Light Department funds in
to short term U. S. Government short term bills, notes, certi-
ficates of indebtedness, or bonds to be due on or about
January 15, 1961 to be withdrawn from the following deposi-
tories: $100,000.00 from Olympic State Bank 1 $200,000.00 from
First National Bank in Port Angeles.
2. $7501169.00 from Rehabilitation of the Water System
fund into Government short term bills, notes, certificates of
indebtedness, or bonds to be due on or about February 15, 1961.
3. $815,000~00 from Rehabilitation of the Water System
fund into U. S. Government short term bills, notes, cert1fi-
cates of indebtedness, or bonds with the following amounts due
on or about the following dates:
$120,000.00
$75,000.00
$235,000.00
$115,000.10
$75,000.00
$145,000.00
$50,000.00
May 1, 1960
June 1, 1960
July 1, 1960
August 1, 1960
September 1, 1960
October 1, 1960
November 1, 1960
e
e
~-
4.
.
The First National Bank in Port Angeles is hereby
designated as the agent for investing the above mentioned
funds in accordance with this resolution.
PASSED by the Council this 17th day of March, 1960.
Attest:
. {J.e ~
tI City Clerk
Approved as to form:
]e~d~~
. Mayor
-2-