RPVCCA_CC_SR_2015_01_06_02_Acting_City_Treasurer_AuthorizationCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO: HONORABLE MAYOR & CITY COUNCIL MEMBERS
FROM: CAROLYNN PETRO, ACTING CITY MANAGER
DATE: JANUARY 6, 2015
SUBJECT: ACTING CITY TREASURER AUTHORIZATION
RECOMMENDATION
1. Adopt Resolution No. 2015- , A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF RANCHO PALOS VERDES AUTHORIZING CERTAIN
OFFICIALS TO CONDUCT FINANCIAL TRANSACTIONS WITH VARIOUS
FINANCIAL INSTITUTIONS AND DESIGNATING THE DEPUTY DIRECTOR OF
FINANCE AS THE ACTING CITY TREASURER.
2. Adopt Resolution No. 2015- , A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF RANCHO PALOS VERDES DESIGNATING SIGNATORIES FOR
ACCOUNTS WITH BANK OF THE WEST.
3. Adopt Resolution No. 2015- , A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF RANCHO PALOS VERDES DESIGNATING SIGNATORIES FOR
THE CDARS PROGRAM WITH MALAGA BANK.
BACKGROUND AND DISCUSSION
By Resolution, the City Council designates certain City Officials as signatories for various
cash and investment accounts with financial institutions. The City Council had previously
adopted resolutions designating the Finance Director (previously titled Director of Finance
and Information Technology) as the City Treasurer. More than one resolution is
necessary, as certain financial institutions have specific requirements for the format of the
resolution.
On December 11, 2014, Acting City Manager Petru announced the resignation of Finance
Director McLean effective January 30, 2015. To ensure a smooth transition of cash
treasury responsibilities, Acting City Manager Petru appointed Deputy Director of
Finance, Kathryn Downs, as Acting City Treasurer.
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ACTING CITY TREASURER AUTHORIZATION
January 6, 2015
Page 2 of 2
The attached resolutions would add Kathryn Downs as a signatory and authorized official
to make investment transactions (e.g. LAIF and CDARS). Carolynn Petru has previously
been authorized as a signatory and an authorized official to conduct investment activities.
There are three proposed resolutions. Two are specific to Bank of the West and the
Certificate of Deposit Account Registry Service (CDARS), both which require that
individual officials be named. The third resolution will be provided to the Local Agency
Investment Fund (LAIF).
If adopted by City Council, the attached resolutions will be provided to the City's banking
and investment institutions, as authorization to conduct transactions on behalf of the City.
All transactions must and will be conducted in accordance with the provisions of California
law and the City's annually adopted investment policy. Once a permanent Finance
Director and/or City Manager is appointed, Staff will present an updated set of resolutions
to the City Council for consideration.
Attachments
Resolution No. 2015- , A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES AUTHORIZING CERTAIN OFFICIALS TO CONDUCT
FINANCIAL TRANSACTIONS WITH VARIOUS FINANCIAL INSTITUTIONS AND
DESIGNATING THE DEPUTY DIRECTOR OF FINANCE AS THE ACTING CITY
TREASURER.
Resolution No. 2015- , A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES DESIGNATING SIGNATORIES FOR ACCOUNTS WITH
BANK OF THE WEST.
Resolution No. 2015- , A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES DESIGNATING SIGNATORIES FOR THE CDARS
PROGRAM WITH MALAGA BANK.
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RESOLUTION NO. 2015-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES AUTHORIZING CERTAIN OFFICIALS TO CONDUCT
FINANCIAL TRANSACTIONS WITH VARIOUS FINANCIAL INSTITUTIONS
AND DESIGNATING THE DEPUTY DIRECTOR OF FINANCE AS THE
ACTING 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: Acting City Treasurer. Kathryn Downs, the Deputy Director of Finance
is hereby designated as the Acting City Treasurer.
Section 2: Authorized Investors. Carolynn Petru, Acting or Interim City Manager and
Kathryn Downs, Acting City Treasurer, 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.
Section 3: Resolution No. 2007-87 is hereby rescinded and replaced by this Resolution.
PASSED, APPROVED, AND ADOPTED THE 6t" DAY OF JANUARY 2015.
ATTEST:
CITY CLERK
State of California )
County of Los Angeles )ss
MAYOR
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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- was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on January 6, 2015.
CITY CLERK
CITY OF RANCHO PALOS VERDES
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RESOLUTION NO. 2015-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES DESIGNATING SIGNATORIES FOR ACCOUNTS WITH
BANK OF THE WEST
WHEREAS, on February 18, 2014, the City Council of the City of Rancho Palos
Verdes adopted Resolution No. 2014-08, designating signatories for any accounts that
may be established in accordance with the Umbrella Agreement with Bank of the West
dated February 18, 2014; and
WHEREAS, on December 11, 2014, due to forthcoming changes in City staff, the
Acting City Manager/Deputy City Manager appointed the Deputy Finance Director as
Acting City Treasurer;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES HEREBY FINDS, ORDERS AND RESOLVES AS FOLLOWS:
The following officials, identified by position title, are hereby each designated and
appointed to serve as signatories on behalf of the City of Rancho Palos Verdes on any
accounts that may be established with Bank of the West to execute the terms of the
Umbrella Agreement:
(1) Carolynn Petru, Acting or Interim City Manager; and
(2) Kathryn Downs, Acting City Treasurer or Deputy Director of
Finance.
ATTEST -
CITY CLERK
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
MAYOR
UP
I, CARLA MORREALE, City Clerk of The City of Rancho Palos Verdes, hereby certify that
the above Resolution No. 2015- was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on January 6, 2015.
CITY CLERK
CITY OF RANCHO PALOS VERDES
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RESOLUTION NO. 2015-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES DESIGNATING SIGNATORIES FOR THE CDARS
PROGRAM WITH MALAGA BANK
WHEREAS, on December 3, 2013, the City Council of the City of Rancho Palos
Verdes ("City") adopted Resolution No. 2013-77 approving the form Certificate of Deposit
Account Registry Service (CDARS) agreement through Promontory Interfinancial
Network ("Promontory"), and designating signatories for implementation of the CDARS
program with Malaga Bank; and
WHEREAS, on December 11, 2014, due to forthcoming changes in City staff, the
Acting City Manager/Deputy City Manager appointed the Deputy Director of Finance as
Acting City Treasurer;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES HEREBY FINDS, ORDERS AND RESOLVES AS FOLLOWS:
The following officials identified by position title, are hereby each designated and
appointed to serve as signatories on any accounts established with Malaga Bank in
accordance with the CDARS Deposit Placement Agreement and Custodial Agreement:
(1) Carolynn Petru, Acting or Interim City Manager; and
(2) Kathryn Downs, Acting City Treasurer or Deputy Director of Finance.
ATTEST:
CITY CLERK
State of California }
County of Los Angeles )ss
City of Rancho Palos Verdes )
MAYOR
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I, CARLA MORREALE, City Clerk of The City of Rancho Palos Verdes, hereby certify that
the above Resolution No. 2015- was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on January 6, 2015.
CITY CLERK
CITY OF RANCHO PALOS VERDES
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