HomeMy WebLinkAbout6820_CCv0001.pdf RESOLUTION NO. 6820
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
DESIGNATING NEW AUTHORIZED SIGNERS FOR INVESTMENT
ACCOUNTS AND AUTHORIZING THE MAYOR TO EXECUTE
SUBSTANTIALLY SIMILAR RESOLUTIONS FOR THE OPENING OF
ADDITIONAL INVESTMENT ACCOUNTS WITH BROKER/DEALERS AND
FINANCIAL INSTITUTIONS AS RECOMMENDED BY THE CITY MANAGER
AND FINANCE DIRECTOR/CITY TREASURER AND RESCINDING
RESOLUTION NO. 6680
Whereas,from time to time the City staff determines that it is in the best interests of the City
to establish accounts with financial institutions for the purpose of investing City funds; and
Whereas, to ensure that the City's funds are invested on a timely basis in a manner that
provides prudent safety and a reasonable rate of return, it is often necessary for City stag to open
such accounts on an expedited basis; and
Whereas, it is the custom and practice of financial institutions to require that the authorized
signers on investment accounts be approved by the City using forms of"resolutions" prepared by
such institutions; and
Whereas, through the adoption of this resolution, it is the desire of the City Council of the
City of Redlands to designate certain City staff as authorized signers for such investment accounts
and to authorize the Mayor,on behalf of the City Council,to execute forms of"resolutions"prepared
and required by financial institutions relating to such designated authorized signers;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as
follows:
Section 1. The City Council hereby designates Tina Kundig, Thomas Steele, and Karin
Grance as authorized signers for investment accounts established by the City.
Section 2. Without further action by the City Council, the Mayor of the City is hereby
authorized to execute,on behalf of the City Council, forms of"resolutions"prepared and required by
financial institutions for the establishment of investment accounts,provided the form and content of
such"resolutions"have been reviewed and approved of by the City Manager, Finance Director/City
Treasurer and City Attorney.
DJM,Reso 6820
ADOPTED, SIGNED AND APPROVED this 7'h day of April, 2009.
M or of the City of Redlands
ATTEST;,
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City C erk f
1, Lorrie Poyzer,City Clerk of the City of Redlands,hereby certify that the foregoing Resolution was
duly adopted by the City Council at a regular meeting thereof held on the 7'h day of April, 2009,by
the following vote:
AYES: Councilmembers Gilbreath, Gallagher, Aguilar, Bean; Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
City erk of the ' ;Redlands
DIM Reso 6820