CC RES 2016-012 RESOLUTION NO. 2016-12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES APPROVING THE FORM OF A
CUSTODIAN AGREEMENT WITH VINING-SPARKS IBG,
LIMITED PARTNERSHIP, DESIGNATING "AUTHORIZED
OFFICERS" AND TAKING CERTAIN OTHER ACTIONS
RELATING THERETO.
WHEREAS, the City of Rancho Palos Verdes (the "City") desires to ensure
certain of its property, including cash and assets of the City, are maintained safely in
accounts under the safekeeping of a custodian, invested in accordance with the City's
investment policy and subject to the City's Municipal Code, and pursuant to the direction
of the City Manager, Deputy City Manager and Finance Director; and
WHEREAS, Vining-Sparks IBG, Limited Partnership (the "Custodian") is a
nationally recognized investment company that offers such services, and has offered to
provide such services to the City subject to the terms of a Custodian Agreement (the
"Agreement"); and
WHEREAS, the Custodian has additionally agreed to waive all fees set forth in
Exhibit A to the Agreement; and
WHEREAS, the City Council now desires to approve the form of said Agreement,
and to designate the City Manager, Deputy City Manager, and Finance Director of the
City as "Authorized Persons" with the power to provide direction to the Custodian,
subject to the limitations of the Agreement, the City's Municipal Code, and the City's
investment policy.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES DOES HEREBY FIND, DETERMINE, AND RESOLVE AS FOLLOWS:
Section 1. Each of the recitals set forth above is true and correct and is
incorporated as part of this decision.
Section 2. The City Council hereby approves the form of the Agreement,
subject to a waiver by Custodian of all fees set forth in Exhibit A thereto. The City
Manager, the Deputy City Manager, and the Finance Director (collectively the
"Authorized Persons" and each an "Authorized Person"), each acting alone, are hereby
authorized and directed to execute the Agreement in said form, together with such
immaterial additions thereto or changes therein as the Authorized Person shall deem
necessary, desirable, or appropriate, and the execution of the Agreement by an
Authorized Person shall be conclusive evidence of the approval of any such additions
and changes. However, no change to the fee structure set forth in Exhibit A of the
Agreement may be made without approval by the City Council. The City Council further
authorizes the delivery and performance of the Agreement.
Section 3: The City Council hereby designates the City Manager, Deputy City
Manager, and Finance Manager as an "Authorized Person" within the meaning of
Section 8 of the Agreement, with authority to provide "Instructions" as such term is
defined in Section 8 of the Agreement; provided, however, that no Authorized Person
may provide any Instruction in conflict with the City's Municipal Code or the City's
investment policy.
Section 4: The City Council hereby directs City staff, including the Authorized
Persons, to take all actions necessary for consummation of the transactions described
herein, including executing any necessary certificates and taking any other related
actions.
PASSED, APPROVED AND ADOPTED this 15th day of March 2016.
010-
Mayo,
Attest:
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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 2016-12 was duly and regularly passed and adopted by the said
City Council at a regular meeting held on March 15, 2016.
afir I
/ ,
City Clerk
01203.0007/277896.1 Resolution No. 2016-12
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