R 4899 RESOLUTION NO. 4899
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 would include banks and savings and loans,
primarily for active demand deposits (checking accounts and passbook savings), inactive
deposits (non-negotiable time certificates), and investment instruments.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Arroyo Grande as
follows:
1. 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
2. That the employees listed below are currently filling the designated positions as of the
date of this Resolution.
Interim Director of Administrative Services/City Treasurer: Nicole Valentine
Accounting Manager: Nicole Valentine
City Manager: James Bergman
3. This Resolution supersedes Resolution 4802 dated June 27, 2017 and any and all other
resolutions inconsistent herewith.
On motion of Council Member Storton, seconded by Mayor Ray Russom, and on the following
roll call vote, to wit:
AYES: Council Members Storton, Paulding, George, and Mayor Ray Russom
NOES: None
ABSENT: Council Member Barneich
the foregoing Resolution was passed and adopted this 22th day of January, 2019.
RESOLUTION NO. '5/899
PAGE 2
f IP
00LAA, 1
CAREN RAY RUS_ •M, MAYOR
ATTEST:
(Jt( (4(-10V`--
KELLY ET ORE, CITY CLERK
APPROVED AS TO CONTENT: ' .i..; -::
Ilkh.
JAMES A f+tt, CITY MANAGER
vir
APPROVED AS TO FORM:
H ATHER K. WHITHAM, CITY ATTORNEY
•
OFFICIAL CERTIFICATION
I, KELLY WETMORE, 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. 4899 was passed and adopted at a regular meeting of the City Council
of the City of Arroyo Grande on the 22nd day of January, 2019.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 24th day of
January, 2019.
KELLY W M el"E, CITY CLERK