HomeMy WebLinkAboutRESOLUTION 1968-09
CITY nF Y.Et~AI - ttf.CULU~ IGi~ t:U. f;~'->
P.ESOLUTIOH ESTP:CLIStiING TtIE PRACTICES At~D POLICIES FOR TtiE fiAtiO
AF FUtiDS OF THE CITY (1F KEKAI. ESTALLISFiItlG OEPOSI70RIES FOR CI
FUt:05, SETTItiG PULES RELATItiG TO IflVESTt4Et~T OF CITY FUtlCS At~U 5
TING RULES RELATItis TO THE t30RRUWItiG OF t40tiEY [iY TflE CIT'f OF KE
WHEREAS, there are now two bank; in the City of Kenai, Alaska;
WHEREAS, it is the desire of the City Council of the City of Ke
to establish policies for the efficient management of the funds
the City of Y.ena i ; and
WHEREAS, there needs to ba a formal policy on depositing of Cit
money, borrowing of money and investing of city money.
NOW THEREFORE, BE IT RESOLVED BY ThE CITY COUfiCIL OF TfiE CITY 0
KENAI, ALASKA, THAT:
1. The City Manager and Finance Director of the City of Kenai a
hereby instructed to place all budgeted operating funds in equa
amounts in all banks chartered to do business within the Corpor
Limits of the City of Kenai. It is not the intent of this resol
that funds shall be split, but that receipts from total funds s
be deposited, the aggregate of which will be equally divided.
2. This determination shall be made each year prior to the beyi
of the fiscal year (July 1) and shall remain in effect for that
year.
3. All funds which shall be invested, whether on time deposits
otherwise, shall be done after written quotations are solicited
from all banks chartered ±o do business in the Corporate Limits
the City of Kenai, and award for investment shall be made to th
biddor who shall offer to pay the most for the use of the inves
funds. In event there are submitted the same bids from more tha
bank, determination shall be made by the casting of lots.
4. All funds which shall be borrowed whether for shor or long t
period, other than bonds, shall be done after written quotation
are solicited from ali banks chartered to do business in the Ca
Limits of the City of Kenai, and award of such loan shall be ma
that biddor who offers to loan the money on the lowest over-all
to the City of Kenai. In the event there are submitted the same
from more than one vank, determination shall be made by casting
lots.
PASSED THIS +~D DAY OF i~cyur~t 1965
Attest:
CITY Uf KEP;AI
l ~~ ~
Jame Uy May
I
ranzes~orkf~seri, City ~C1er~