R 4005RESOLUTION N0.4005
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);
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 or 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:
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 Califomia, including United States branches of foreign banks
licensed to do business in Califomia, upon determination of financial soundness of
such financial institutions, by the City of Arroyo Grande.
Director of Financial Services
Accounting Supervisor
City Manager
2. This Resolution supersedes Resolution 2261 dated October 25, 1988.
On motion of Council Member Costello, seconded by Council Member Arnold, and on
the following roll call vote, to wit:
AYES: Council Members Costello, Arnold, Guthrie, Fellows, and Mayor Ferrara
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 10"' day of April 2007.
RESOLUTION NO. ''IooS
PAGE 2
TONY FER ,MAYOR
ATTEST:
o ~~f/LfaR2_
KELLY W TMO E, CITY CLERK,
APPROVED AS TO CONTENT:
S~ EN ADAMS, CITY MANAGER
APPROVED AS TO FORM:
TIM HY J. A IGI 1, CITY ATTORNEY
r•
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. 4005 is a true, full, and correct copy of said Resolution passed and
adopted at a regular meeting of the .City Council/Redevelopment Agency of the City of
Arroyo Grande on the 10"' day of April 2007.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 16"' day of
April 2007.
/t.Q.__
KELLY ET RE, CITY CLERK