1986-185-Revoking The Town Treasurer's Responsibility And Authority For Investments In Bell Savings & Loan AssociationRESOLUTION NO. 1986 -185
A RESOLUTION REVOKING THE TOWN TREASURER'S
RESPONSIBILITY AND AUTHORITY FOR INVESTMENTS (DEPOSITS)
IN BELL SAVINGS & LOAN ASSOCIATION
WHEREAS, the Town Council over 20 years ago delegated under Government
Code Section 53607 the responsibility for investments to the Town
Treasurer; and
WHEREAS, the Town Council on April 25, 1966 reaffirmed the Town
Treasurer's responsibility for the investment function; and
WHEREAS, in a letter dated November 19, 1986 from the Town's Auditor, a
question was raised regarding the legality of the Town's investments
in Bell Savings & Loan Association (Bell Savings); and
WHEREAS, the Town Council on December 15, 1986 determined that the Town
Treasurer with the assistance of the Town "tanager and the Town
Attorney should immediately contact Bell Savings to withdraw Town
funds so that the Town might once aq,�In be in compliance with the
Government Code; and
WHEREAS, to date the Town Treasurer has not agreed to resolve this discrepancy
and
WHEREAS, in absence of the Town Treasurer's action, the only alternative is to
revoke the Town Treasurer's responsibility for investments (deposits)
in Bell Savings so that the Council may resume this responsibility and
pursue resolution of this problem.
NOW, THEREFORE, BE IT RESOLVED THAT THE Town Council of the Town of Los Gatos
hereby revokes the Town Treasurer's responsibility and authority of investment
(deposits) in Bell Savings, resuming that as a responsibility of the Town
Council.
PASSED AND ADOPTED by the Town Council of the Town of Los Gatos, California, at
special /called meeting held this 22nd day of December, 1986, by the following
vote:
AYES: COUNCIL MEMBERS Joanne Beniamin,
Eric D. Carlson Thomas J Ferrito an
Ma or Brent N. Ventura
NOES: COUNCIL
Robert L. Hamilton
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
SIGNED: , f�
MAYOR OF THE TO N OF LOS GATOS
ATTEST:
CLER 0 THE TOWN OF LOS G S