CC RES 2007-087 RESOLUTION NO. 2007-87
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES AUTHORIZING THE CITY MANAGER AND CITY TREASURER TO
CONDUCT FINANCIAL TRANSACTIONS WITH VARIOUS FINANCIAL
INSTITUTIONS AND DESIGNATING THE DIRECTOR OF FINANCE AND
INFORMATION TECHNOLOGY AS THE CITY TREASURER.
WHEREAS, the City of Rancho Palos Verdes ("City") has money in its treasury not
required for immediate needs; and
WHEREAS, it is in the best interest of the City to place said money in approved
investments; and
WHEREAS, the City retains several accounts at various financial institutions for
investment purposes; and
WHEREAS, financial institutions often require that the City designate by resolution
representatives to conduct financial transactions on its behalf.
NOW, THEREFORE, BE IT RESOLVED, THAT THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES HEREBY FINDS, RESOLVES AND ORDERS:
Section 1. City Treasurer. The Director of Finance and Information Technology
is hereby designated as the City Treasurer.
Section 2. Authorized Investors. City Manager Carolyn Lehr and City
Treasurer Dennis McLean each are authorized to deposit and invest the City's funds in
accordance with principles of sound treasury management, the provisions of
Government Code Section 53600 et seq., and the City's Investment Policy.
PASSED, APPROVED, AND ADOPTED THE 7th DAY OF Al OP 2007.
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I. ,
vr Mayor
ATTEST:
('-e'i,Lat-CaqitZa4,
City Clerk
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Carla Morreale, City Clerk of The City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2007-87 was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on August 7, 2007.
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City Clerk