HomeMy WebLinkAboutR-81-0454RESOLUTION NOr - 4 5 4
A RESOLUTION AUTHORMNG THE INVESTMENT OF
$25Oi000 IN FUNDS AVAILABLE FOR INVESTMENT
ON A OUARTtAtY t3A5Is FOR A PERIOD OF ONE YEAR
COMMENCING DULY 14 1981 WITH EACH MINORITY
BANK LOCATED WIVAiN THE CITY' S BOUNt ARIES; SAID
AUTHORIZATION TO BE IMPLEMENTED IN ACCORDANCE
WITH THE CITY CHARTER AND APPLICABLE STATE LAW,
WEHEREAS, pursuant to City Charter Section 47, the:
Finance Director is to deposit City money with responsible
banking institutions that "shall agree to pay the highest
rate of interest"; and
WHEREAS, it is the City's intention to assistminority
banks located within the City's boundaries; and
WHEREAS, there are City funds currently available for
investment; and
WHEREAS, all of ,the said minority banks, as defined by
federal regulation, furnish acceptable security; and
WHEREAS', it is the City's intention to invest-$250,000
on a quarterly basis for a one year period with each minority
bank located within the City in accordance with the City
Charter and applicable state law;
NOW, THEREFORE, 'BE'IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The investmentof$250,,000 of funds available
for investment on a quarterly` basis for a;period of one; year
commencing July 1, 1981 with each minority bank located
within the City's boundaries is hereby authorized.',
PASSEP AND _ADOPTED this '28 day of MAY 1981
MAURICE A FERRE
M A Y O R
AI.PH ONGIE, CITY CLEW
PREPARED` AND APPROVED DY
ROB RT F. C1 ARX,;' ASS CITY ATTORNEY
APPTt �i),AIS Tp FORM A ORRECTNESSi CITY COMMISSION
MEETING OF
CI;OR KNOX, J'R, , CI Y ATTO.RNFY MAY2 81981
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