HomeMy WebLinkAbout81-7 - ResolutionsRESOLUTION NO. 81-7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO CUCAMONGA AUTHORIZING THE CITY TREASURER
OF THE CITY OF RANCHO CUCAMONGA TO DEPOSIT CITY
FUNDS IN THE MONTEREY PARK NATIONAL BANK.
WHEREAS, the City Council of the City of Rancho Cucamonga
deems it necessary to deposit city funds in banks and savings and loans
and;
WHEREAS, it is necessary to authorize the City Treasurer to
deposit city funds from time to time;
THEREFORE, BE IT RESOLVED that any of the officers of this
corporation named below are hereby authorized to deposit the funds of
this corporation with Monterey Park National Bank and to accept from
said Bank, as evidence thereof, its Time Certificates of Deposit therefor;
and to determine and fix the amount of each such deposit; and to agree
with said Bank for and on behalf of this corporation, as to the rate of
interest, if any, on said Certificates of Deposit and the maturity
thereof and to endorse said certificates on behalf of this corporation,
which authority shall extend to any and all renewals of Certificates of
Deposit.
RESOLVED, further that any of the officers of this corporation
named below are hereby authorized to deposit the funds of this corporation
with said Bank in the form of a Time Deposit-open Account and to agree
with said Bank as to the rate of interest, if any, and the notice of
withdrawal thereof.
RESOLVED further that any one of the officers of this corporation
named below are authorized to withdraw funds of this corporation from
said account.
HARRY EMPEY-FINANCIAL DIRECTOR TREASURER
RESOLVED, further, that notwithstanding the foregoing, any
check, draft, or other instrument issued by said Bank in payment of any
Certificate of Deposit or any Time Deposit-Open Account may be endorsed
in favor of any bank by any of the persons named above or by any other
employee or agent of this corporation, either in writing or by stamp and
either with or without the designation of the person so endorsing.
RESOLVED, further, that the authority conferred hereby shall
extend and apply to any and all existing Certificates of Deposit issued
by said Bank and now held by this corporation as well as all Certificates
of Deposit hereafter i~ued by said Bank, and that said authority shall
remain in force until itten notice of the revocation thereof by the
City Council of this corporation shall have been received by said Bank
at the office thereof which shall have issued the Certificates of Deposit
then held by this corporation.
RESOLVED, further that the authority conferred hereby shall
extend and apply to any and all existing Time Deposit-Open Accounts as
well as all Time-Deposit-Open Accounts hereafter accepted by Monterey
Park National Bank, and that said Bank shall have the right to change
the rate of interest or repay the deposit upon 30 days written notice to
the undersigned.
Resolution No. 81-7
Page 2
PASSED, APPROVED and ADOPTED this 21st day of January, 1981.
Frost, Mikels, Palombo, Schlosser
AYES:
NOES: None
ABSENT: Bridge
Phillip D. Schlosser, Mayor
ATTEST: