HomeMy WebLinkAboutR 5343 RESOLUTION NO. 5343
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE AUTHORIZING THE DEPOSIT OF CITY
FUNDS IN VARIOUS FINANCIAL INSTITUTIONS
WHEREAS the City of Arroyo Grande normally has excess funds not currently needed to
fund operating expenditures, and such excess funds are currently deposited by prior
agreement with various financial institutions, including, but not limited to the State Local
Agency Investment Fund (LAIF); and
WHEREAS, Government Code Section 53635 distinguishes between "deposits" and
"investments", and specifically provides that City monies shall be "deposited" in State or
National banks, or State of Federal savings and loan associations, or may be "invested"
in specified instruments; and
WHEREAS, eligible financial institutions include banks and savings and loans and are
used primarily for active demand deposits (checking accounts and passbook savings),
inactive deposits (non-negotiable time certificates), and investment instruments; and
WHEREAS, eligible financial institutions require a listing of authorized signers who are
legally approved to perform financial transactions on behalf of the City, which may be
modified from time to time due to changes in staffing; and
WHEREAS, authorizing the deposit of City funds in various financial institutions and
updating the names of designated employees in certain positions who are authorized to
make deposits of City funds and enter into banking or investment arrangements is not
subject to the California Environmental Quality Act ("CEQA") because it has no potential
to result in either a direct, or reasonably foreseeable indirect, physical change in the
environment. (State CEQA Guidelines, Cal. Code Regs., tit. 14, §§ 15060, subd. (c)(2)-
(3), 15378.)
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Arroyo Grande
as follows:
1. That the Recitals above are hereby incorporated by reference.
2. That the City of Arroyo Grande employees in the positions listed below are hereby
authorized to enter into agreements to deposit or withdraw money from financial
institutions located in California, including United States branches of foreign banks
licensed to do business in California, upon a determination of financial soundness of
such financial institutions, by the City of Arroyo Grande.
Director of Administrative Services/City Treasurer
Accounting Manager
City Manager
RESOLUTION NO. 5343
PAGE 2
3. That the employees listed below are currently filling the designated positions as of the
date of this Resolution.
Director of Administrative Services/City Treasurer: Nicole Valentine
Accounting Manager: Lynda Horejsi
City Manager: Matthew Downing
4. That this Resolution supersedes Resolution 5122 dated October 26, 2021, and any
prior Arroyo Grande resolutions inconsistent with the authorized persons that may
enter into banking and investment relationships as set forth herein.
On motion of Council Member Barneich, seconded by Council Member Secrest, and on
the following roll call vote, to wit:
AYES: Council Members Barneich, Secrest and Guthrie
NOES: None
ABSENT: Council Member George, and Mayor Ray Russom
The foregoing Resolution was passed and adopted this 23rd day of January, 2024.
RESOLUTION NO.
PAGE 3
4/- A: JdNstiy
EN RAY RUSSOM, MAYOR
ATTEST:
(
JESSICA !WATSON, CITY CLERK
APPROVED AS TO CONTENT:
MA THEWi i
I5-1 .--DOWNING, CITy AGER
APPROVED AS TO FORM:
ISAAC 1 /
4-EIV, C ATTORNEY
OFFICIAL CERTIFICATION
I, JESSICA MATSON, City Clerk of the City of Arroyo Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of perjury, that the attached
Resolution No. 5343 was passed and adopted at a regular meeting of the City Council
of the City of Arroyo Grande on the 23rd day of January, 2024.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 23rd day of
January, 2024.
J SSICA MATSON, CITY CLERK