Shasta Lake Municipal Code Art. II Deposit and Management of City Funds

Whereas it is considered by the city council of Shasta Lake to be in the best interests of the city to deposit city funds with the financial institutions as approved by the city council by ordinance, the city council of Shasta Lake resolve as follows:

A. That the foregoing recitals are true and correct;

B. That city funds on hand on the date of passage of the resolution codified herein, and in the future, shall be deposited with the approved financial institutions.

(Amended during 1998 codification; prior code § 4.04.010)

The city council of Shasta Lake resolve as follows:

A. That security for such portions of the city's deposits with the approved financial institutions as is insured pursuant to federal law be waived; and

B. That the depository be authorized to deduct the value of the secured deposits for which security is waived from the amount of deposits, subject to security collateralization pursuant to Government Code Section 53653.

(Amended during 1998 codification; prior code § 4.04.020)

A. It becomes necessary, from time to time, for various reasons, for the city to stop payment on a check which has been written to be drawn upon a city account in said approved financial institutions.

B. The city manager of the city, or any one of the members of the city council of Shasta Lake, or the city accountant/treasurer, is authorized to execute, on behalf of the city, documents which are required to stop payment on city checks, when the city makes a request for stop payment on a check.

(Amended during 1998 codification; prior code § 4.04.030)