CC SR 20150707 D - City Treasurer AuthorizationCITY OFRAf ICHO PALOS VERDES
MEMORANDUM
TO: HONORABLE MAYOR & CITY COUNCIL MEMBERS
FROM: DOUG WILLMORE, CITY MANAGER Otic>
DATE: JULY 7, 2015
SUBJECT: 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 DIRECTOR OF
FINANCE AS THE 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.
4. 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 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 Director of Finance (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
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CITY TREASURER AUTHORIZATION
July 7, 2015
Page 2 of 2
resolution.
On June 8, 2015, Deborah Cullen assumed the duties of Director of Finance for the City.
Previous to this Deputy Director of Finance, Kathryn Downs, was appointed as Acting
City Treasurer.
The attached resolutions would add Deborah Cullen as a signatory and authorized official
to make investment transactions (e.g. LAIF and CDARS). Kathryn Downs has previously
been authorized as a signatory and an authorized official to conduct investment activities.
There are four proposed resolutions. Three 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.
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 DIRECTOR OF FINANCE AS THE CITY TREASURER. (page 3)
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. (page 5)
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. (page 7)
RESOLUTION NO. 2015- , A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO PALOS VERDES AUTHORIZING CERTAIN OFFICIALS TO CONDUCT
FINANCIAL TRANSACTIONS WITH MALAGA BANK. (page 9)
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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 DIRECTOR OF FINANCE 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. Deborah Cullen, the Director of Finance is hereby designated
as the City Treasurer.
Section 2: Authorized Investors. Doug Willmore, City Manager and Deborah Cullen,
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 7t" DAY OF JULY 2015.
ATTEST:
CITY CLERK
State of California )
County of Los Angeles )ss
MAYOR
9
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 July 7, 2015.
CITY CLERK
CITY OF RANCHO PALOS VERDES
11
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 July 7, 2015, the City Manager appointed the Director of Finance
as 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) Doug Willmore, City Manager; and
(2) Deborah Cullen, City Treasurer or Director of Finance.
ATTEST:
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- was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on July 7, 2015.
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CITY CLERK
CITY OF RANCHO PALOS VERDES
Al
•
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 Director of Finance as 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) Doug Willmore, City Manager; and
(2) Deborah Cullen, City Treasurer or Director of Finance.
ATTEST:
CITY CLERK
State of California
County of Los Angeles
City of Rancho Palos Verdes
)ss
MAYOR
7
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 July 7, 2015.
CITY CLERK
CITY OF RANCHO PALOS VERDES
RESOLUTION NO. 2015-
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.
ATTEST:
CITY CLERK
01
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- was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on July 7, 2015.
CITY CLERK
CITY OF RANCHO PALOS VERDES
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