HomeMy WebLinkAboutR 2025-013 RESOLUTION NO. 2025-013
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE 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
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 true and correct and 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.
RESOLUTION NO. 2025-013
PAGE 2
Director of Administrative Services/City Treasurer
Accounting Manager
City Manager
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: Megan Schotborgh
City Manager: Matthew Downing
4. This Resolution supersedes Resolution 5343 dated January 23, 2024, and any and
all other prior resolutions inconsistent herewith.
On motion of Council Member Maraviglia, seconded by Council Member Guthrie, and on
the following roll call vote, to wit:
AYES: Council Members Maraviglia, Guthrie, Loe, Secrest, and Mayor Ray Russom
NOES: None
ABSENT: None
The foregoing Resolution was passed and adopted this 25th day of February, 2025.
RESOLUTION NO. 2025-013
PAGE 3
, ,
CAREN RAY ' SSOM, MAYOR
ATTEST:
J SICA MATSON, CITY CLERK
APPROVED AS TO CONTENT:
MATTHEW DOWNING, CITY MANAGER
APPROVED AS TO FORM:
ISAAC ROSEN, CITY 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. 2025-013 was passed and adopted at a regular meeting of the City
Council of the City of Arroyo Grande on the 25th day of February, 2025.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 27th day of
February, 2025.
J SICA MATSON, CITY CLERK