RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GARDEN GROVE , CALIFORNIA ADOPTING THE CITY OF
GARDEN GROVE UNCLAIMED PROPERTY POLICY
WHEREAS, the City is committed to promote transparency and comply with California Government Codes regulating unclaimed property;
WHEREAS, Government Code section s 50050 -50057 p rovide that unclaimed monies that remain in the official custody of the officers of a local agency for a period of over three years, become the property of the agen cy after the agency making every effort to return such funds;
WHEREAS, Government Code section s 50050-50051 require a list of unclaimed checks and deposits be published as a public notice once a week for two consecutive weeks in a newspaper of general circulation published in the local agency. The unclaimed funds shall then become the property of the City on a designated date not less than forty -five days nor more than sixty days after the first publication of the notice;
WHEREAS, Government Code Section 50052 provides guidelines for the claiming process;
WHEREAS, Government Code Section 50053 states that if such money becomes the property of a local agency and is in a special fund, the legislative body may transfer it to the General Fund of the City;
WHEREAS, per Government Code Section 50055, any unclaimed funds that are less than fifteen dollars ($15.00) and more than one-year-old, can be transferred to the General Fund without the publication of a notice; and
WHEREAS, best practices for unclaimed property compliance recommends the establishment of effective policies and procedures describing the City’s process on escheatment of unclaimed property.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Garden Grove does hereby approve and establish the City of Garden Grove Unclaimed Property Policy attached hereto and incorporated herein by this reference.