HomeMy WebLinkAboutResolution No. 4914RESOLUTION NO. 4914
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
AUTHORIZING CITY TREASURER TO WAIVE SECURITY ON TIME AND
SAVINGS DEPOSITS IN BANKS AS THEY ARE INSURED PURSUANT TO
FEDERAL LAW.
WHEREAS, prior to November 1974, deposits of Custodians of
Public Funds in Banks were not insured by the Federal Deposit In-
surance Corporation; and
WHEREAS, pursuant to Section 53652 of the Government Code of
the State of California any Depository of Custodians of Public
Funds are required to maintain eligible securities having a market
value at least 10% in excess of the total amount of local agency
monies on deposit; and
WHEREAS, in November, 1974, the Federal Banking Laws were
amended to provide coverage by the Federal Deposit Insurance Cor-
poration for time and savings deposits of Custodians of Public Funds
up to $100,000.00; and
WHEREAS, Section 53653 of the Government Code provides as follows:
"When in his discretion local conditions so warrant,
the treasurer may waive security for such portion
of any deposits as is insured pursuant to federal
law, notwithstanding this article."
NOW THEREFORE, the City Council of the City of San Rafael
hereby resolves as follows:
The City Treasurer of the City of San Rafael is hereby auth-
orized to waive in his discretion and when local conditions so
warrant, security for such portion or portions of any time or savings
deposits as are insured pursuant to federal law.
I, MARION A. GRADY, Clerk of the City of San Rafael, hereby
certify that the foregoing Resolution was duly and regularly
1.
introduced and adopted at a regular meeting of the Council of said
City held on the '3rd day of February , 1975, by the following
vote, to -wit:
AYES:
COUNCILMEN:
Jensen, Miskimen, Nixon and Mayor Bettini
NOES:
COUNCILMEN:
None
ABSENT:
COUNCILMEN:
Mul ryan
Dated:
February 3
, 1975.
MARION A. GRADY,
City Cle k
2.