HomeMy WebLinkAboutResolutions - No. 2030In the City Council
City of Lodi
Lodi, California
RESOLUTION NO. 2030
RESOLUTION OF THS LODI CITY COUNCIL DECLARING ITS
INTENTION TO AUTHORIZE THE CITYs$. DIRECTOR OF FINANCE
TO INVEST THE PENSION FUND CONTRIBUTIONS IN STRAIGHT
SAVINGS ACCOUNTS AND TINE CONTRACT DEPOSITS
WHEREAS, the City of Lodi has in operation a Pension System
financed on a matching fund basis, and,
WHEREAS, the Pension Fund receives monthly contributions of
stoney to be held in trust for retirement purposes, and,
WHEREAS, the investment of these funds is imperative in
order to enhance the retirement benefits of the system's member-
ship, and,
WURE,AS, the City hae heretofore been investing said funds
in anited States Government Series "K" savings bonds, and,
WHEREAS, said bonds are no longer for sale by the United
States Government;
NOW, THEREFORE, BE IT RESOLVED by the City Council that the
Director of Finance, with the. City Clerk as a co-signer, be
authorised to invest exoass Pension Fund monies in savings accounts
up to the legal protected limit, and to invest said monies in
time contract deposits, and to take such other investments as
may be authorised by law, all subjeet to the recommendatory
authorities and procedureaset out in the ordinances establishing
said Pension Fund.
Certified to be a full, true and correct copy
of Resolution No. 2030 passed and adopted by
the City Council of the City of Lodi in regu-
lar meeting held June 19, 1957.
HENRY A. WAVES, JR.
City Clerk
Dated. June 20, 1957