CC RES 2015-057 RESOLUTION NO. 2015-57
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 THE 7TH OF JULY 2015.
May
A Sr
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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. 2015-57 was duly and regularly passed a ado', e• by the said City Council at
regular meeting thereof held on July 7, 2015.
City Clerk