CC SR 20191106 F - City Investment & Financial DesigneesRANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 11/06/2019
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA DESCRIPTION:
Consideration and possible action to adopt various resolutions for City officials to
conduct investments and financial transactions; designating the City Treasurer and
Deputy City Treasurer; and designating signatories with various financial institutions
RECOMMENDED COUNCIL ACTION:
1) Adopt Resolution No. 2019-XX, A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF RANCHO PALOS VERDES AUTHORIZING INVESTMENT OF
RANCHO PALOS VERDES MONIES IN LOCAL AGENCY INVESTMENT FUND.
2) Adopt Resolution No. 2019-XX, 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 CITY TREASURER AND
DEPUTY CITY TREASURER.
3) Adopt Resolution No. 2019-XX, A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF RANCHO PALOS VERDES DESIGNATING SIGNATORIES FOR
ACCOUNTS WITH VARIOUS FINANCIAL INSTITUTIONS.
4) Adopt Resolution No. 2019-XX, 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 OFFICIALS” AND TAKING
CERTAIN OTHER ACTIONS RELATING THERETO.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Accountant
REVIEWED BY: Angelina Garcia, Interim Director of Finance
APPROVED BY: Doug Willmore, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A. Resolution No. 2019-XX AUTHORIZING INVESTMENT OF RANCHO
PALOS VERDES MONIES IN LOCAL AGENCY INVESTMENT FUND (page
A-1)
B. Resolution No. 2019-XX AUTHORIZING CERTAIN OFFICIALS TO
CONDUCT FINANCIAL TRANSACTIONS AND DESIGNATING THE CITY
TREASURER AND DEPUTY CITY TREASURER (page B-1)
1
C. Resolution No. 2019-XX DESIGNATING SIGNATORIES FOR ACCOUNTS
WITH VARIOUS FINANCIAL INSTITUTIONS (page C-1)
D. Resolution No. 2019-XX APPROVING THE FORM OF A CUSTODIAN
AGREEMENT WITH VINING-SPARKS (page D-1)
BACKGROUND AND DISCUSSION:
By resolution, the City Council designated certain City officials as signatories for various
cash and investment accounts with financial institutions and the State of California.
More than one resolution is necessary as certain financial institutions and the State
have specific language requirements for the format of the resolution.
Under the current resolution, both names and titles of City officials are listed. A staff
report is submitted for the City Council’s approval when there is a change of designated
City officials who are authorized to conduct financial transactions among all financial
institutions. For a smooth transition and to mitigate any delay of conducting financial
transactions, Staff recommends that the resolution only list the City officials’ titles. The
proposed titles are listed below:
City Manager or Acting/Interim City Manager
Director or Acting/Interim Director of Finance
Deputy or Acting/Interim Director of Finance
If adopted by City Council, all transactions must and will be conducted in accordance
with the provisions of California laws and the City’s annual adopted investment policy.
2
RESOLUTION NO. 2019-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES AUTHORIZING INVESTMENT OF RANCHO PALOS
VERDES MONIES IN LOCAL AGENCY INVESTMENT FUND
WHEREAS, pursuant to Chapter 730 of the Statues of 1976 Section 16429.1 was
added to the California Government Code to create a Local Agency Investment Fund in the
State Treasury for the deposit of money of a local agency for purposes of investment by
the State Treasurer; and
WHEREAS, the City Council does herby find that the deposit and withdrawal of
money in the Local Agency Investment Fund in accordance with the provisions of Section
16429.1 of the Government Code for the purposes of investment as stated therein as in
the best interests of the City of Rancho Palos Verdes.
NOW , THEREFORE, BE IT RESOLVED, THAT THE CITY COUNCIL OF THE CITY
OF RANCHO PALOS VERDES HEREBY FINDS, RESOLVES AND ORDERS:
(1) The City Council does hereby authorize the deposit and withdrawal of the City of
Rancho Palos Verdes monies in the Local Agency Investment fund in the State
Treasury in accordance with the provisions of Section 16429.1 of the Government
Code for the purpose of Investment as stated therein.
(2) The following City Officers or their successors in office shall be authorized to order
the deposit or withdrawal of monies in the Local Agency Investment Fund:
i. City Manager or Acting/Interim City Manager
ii. Director or Acting/Interim Director of Finance
iii. Deputy or Acting/Interim Deputy Director of Finance
(3) Resolution No. 83-64 is hereby rescinded and replaced by this Resolution.
PASSED, APPROVED, AND ADOPTED THIS 6TH DAY OF NOVEMBER 2019.
A-1
_________________
Jerry V. Duhovic, Mayor
Attest:
___________________
City Clerk
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Emily Colborn, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2019-XX was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on November 6th, 2019.
____________________________
Emily Colborn, City Clerk
A-2
RESOLUTION NO. 2019-XX
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 CITY TREASURER AND
DEPUTY CITY TREASURER
W HEREAS, 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. The Director of Finance or Acting/Interim Director of Finance
is hereby designated as the City Treasurer.
Section 2: Deputy City Treasurer. The Deputy Director of Finance or Acting/Interim
Director of Finance is hereby designated as the Deputy City Treasurer.
Section 3: Authorized Investors. The City Manager or Acting/Interim City Manager, the
Director or Acting/Interim Director of Finance, and the Deputy or Acting/Interim Deputy
Director of Finance 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 Inves tment Policy.
Section 3: Resolutions No. 2015-54 and 2015-57 are hereby rescinded and replaced by
this Resolution.
PASSED, APPROVED, AND ADOPTED THE 6th DAY OF NOVEMBER 2019.
B-1
_________________
Jerry V. Duhovic, Mayor
Attest:
___________________
City Clerk
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Emily Colborn, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2019-XX was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on November 6th, 2019.
____________________________
Emily Colborn, City Clerk
B-2
RESOLUTION NO. 2019-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES DESIGNATING SIGNATORIES FOR ACCOUNTS WITH
VARIOUS FINANCIAL INSTITUTIONS
WHEREAS, on July 7, 2015, the City Council of the City of Rancho Palos Verdes
adopted Resolution No. 2015-55, designating signatories for any accounts that may be
established in accordance with the Umbrella Agreement with Bank of the West dated
February 18, 2014;
WHEREAS, on July 7, 2015, the City Council of the City of Rancho Palos Verdes
(“City”) adopted Resolution No. 2015-56 designating signatories with Malaga Bank; and
WHEREAS, on November 6, 2019, the City Manager appointed the Director of
Finance as City Treasurer and the Deputy Director of Finance as the Deputy 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 any financial institutions:
(1) City Manager or Acting/Interim City Manager;
(2) City Treasurer or Director or Acting/Interim Director of Finance;
(3) Deputy City Treasurer or Deputy or Acting/Interim Deputy Director
of Finance; and
(4) Resolutions No. 2015-55 and 2015-56 is hereby rescinded and
replaced by this resolution.
PASSED, APPROVED AND ADOPTED THE 6TH DAY OF NOVEMBER
2019.
C-1
Resolution No. 2019-XX
Page 2 of 2
_________________
Jerry V. Duhovic, Mayor
Attest:
___________________
City Clerk
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Emily Colborn, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2019-XX was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on November 6th, 2019.
____________________________
Emily Colborn, City Clerk
C-2
RESOLUTION NO. 2019-XX
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 or Acting/Interim City Manager and the Director or Acting/Interim
Director of Finance; 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 or Acting/Interim City Manager and the Director or
Acting/Interim Director of Finance 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 or Acting/Interim City Manager and the Director or Acting/Interim Director of
Finance (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
D-1
Resolution No. 2019-XX
Page 2 of 2
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 or
Acting/Interim City Manager and the Director or Acting/Interim Director of Finance 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.
Section 5: Resolution No. 2016-12 is hereby rescinded and replaced by this
resolution.
PASSED, APPROVED AND ADOPTED this 6th DAY OF NOVEMBER 2019.
_________________
Jerry V. Duhovic, Mayor
Attest:
___________________
City Clerk
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Emily Colborn, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2019-XX was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on November 6th, 2019.
____________________________
Emily Colborn, City Clerk
D-2