CC RES 2015-018 RESOLUTION NO. 2015-18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES
AUTHORIZING CERTAIN OFFICIALS TO CONDUCT FINANCIAL TRANSACTIONS
WITH MALAGA BANK.
WHEREAS, the City of Rancho Palos Verdes ("City") has money in its treasury not required for
immediate expenditure; and
WHEREAS, the City's investment policy authorizes investment in demand deposit and money
market savings accounts with any financial institution approved by the City Council, subject to certain
limits identified in the policy; and
WHEREAS, the City has a need to establish a money market savings account with Malaga Bank
to hold interest earned on Certificates of Deposits until such time as the funds are reinvested; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES
HEREBY FINDS, ORDERS AND RESOLVES AS FOLLOWS:
Section 1: The City Council hereby authorizes and approves investment of City funds in
demand deposit and money market savings accounts with Malaga Bank, subject to the limits set forth
in the City's investment policy.
Section 2: The following officials identified by position title, are hereby each designated and
appointed to serve as signatories on any account, demand deposit or money market savings accounts
established with Malaga Bank:
(1) City Manager or Acting City Manager;
(2) Deputy City Manager or Acting Deputy City Manager; and
(3) City Treasurer or Acting City Treasurer.
PASSED, APPROVED and ADOPTED this 17th day of March, 20 5.
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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. 2015-18 was duly and regularly passed and adopted by the said City Council at regular
meeting thereof held on March 17, 2015.
City Clerk