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HomeMy WebLinkAboutAgenda Report - February 17, 1982 (58)AGREEMENTS FOR Council was apprised that the City allows developers CASH SECURITIES to deposit with the City, cash in the form of APPROVED passbook savings accounts or time certificates as improvement securities for development. In the past, these securities have normally been deposited as part of a subdivision and the agreement has been submitted to the Council as part of the Subdivision documents. These forms of guarantees now being used for work being done under an encroachment permit which requires rno other City Council action. In order to reduce the time of processing and the amount of paperwork, it is recommended that the City Council give the City Manager and the City Clerk the authority to approve and execute these agreements. Council, on motion of Councilman Pinkerton, F j Murphy second, authorized the City Manager and City Clerk to approve and enter into agreement concerning the deposit of cash or time certifi- cates as improvement securities for developments. T tf.. n r Q t% H .Y .Z H i LV` i s o Z'f � -^t Sr .� � f � b Y. ✓ ti < > > s r S February 12, 1982 Agreement Covering Cash Irr .rovement Securities RECOMMENDED ACTION: That the City Council authorize the City Manager and City Clerk to approve and enter into agreements concerning the deposit of cash or time certificates as Improvement securities for developments. BACKGROUND INFORMATION: The City allows developers to deposit with the City caW In the form of passbook savin93 accounts or tlme certificates as Improve - meat securities for development. In the past, these securities have normally been deposited as part of a subdivision and the agreement has been submitted to the Council as part of the subdivision documents. These forms of guaran- tees now bung used for work being done under an encroachment permit which requires no other City Council action. In order to reduce the time of processing and the amount of paperwork, it is recommended that the City Council give the City Manager and City Clerk the authority to approve and execute these agreements. Attached Is a copy of such an agreement now needing approval. Jack L. Ronsko Public Works Director JLR: cad Attachment CITY OF LODI COUNCIL COMMUNICATION PUBLIC WORKS DEPARTMENT TO: City Council FROM: City Manager DATE: February 12, 1982 SUBJECT: Agreement Covering Cash Improvement Securities RECOMMENDED ACTION: That the City Council authorize the City Manager and City Clerk to approve and enter into agreements concerning the deposit of cash or time certificates as improvement securities for developments. BACKGROUND INFORMATION: The City allows developers to deposit with the City cash in the form of passbook savings accounts or time certificates as improve- ment securities for development. In the past, these securities have normally been deposited as part of a subdivision and the agreement has been submitted to the Council as part of the subdivision documents. These forms of guaran- tees now being used for work being done under an encroachment permit which requires no other City Council action. In order to reduce the time of processing and the amount of paperwork, it is recommended that the City Council give the City Manager and City Clerk the authority to approve and execute these a reements. ,Attache is a copy of su an agreement now needing approval. ,Jack' L. Ronsko �,Publ1 Works Director ,f dR Attachment APPROVED: HENRY A. GLAVES, City Manaqer FILE NO. 0 MEMORANDUM n TO: Alice M. Reimche, City Clerk DATE: Feb. 16, 1982 FROM: Fred C. Wilson, Finance Director SUBJECT: Report of City Investments with Bank of America Bank of America Inactive Public Funds Deposits Amount Maturing $500,000. 3-30-82 400,000. 3-31-82 450,000. 4-17-82 206,000. 4-21-82 300,000. 4-24-82 $1,856,000.* *$900,000. matures in March - $956,000. in April 1982 70% or $1,300,000. is City General Fund or Utility Funds 307. or $556,000. is State Funds or Federal Grants. Our time honored policy is to invest with whoever pays the highest interest rate on Public funds at the time of investment. The 70% may lend itself to some discretion, but the 307. would be more appropriately invested if placed with the highest rate. This is because the City Manager and City Treasurer must sign assurances each audit that our procurement system (includes investment of funds) is as good as or better than that of the State or Federal Government. FCW Note: Bank of America has 167 of City of Lodi's investments.