R 4291 RESOLUTION NO. 4291
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:
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 Supervisor
City Manager
2. This Resolution supersedes Resolution 4005 dated April 10, 2007 and any and all
other resolutions inconsistent herewith.
On motion of Council Member Costello, seconded by Council Member Fellows, and on
the following roll call vote, to wit:
AYES: Council Members Costello, Fellows, Ray, Guthrie, and Mayor Ferrara
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 22n day of June 2010.
RESOLUTION NO. `/jql
PAGE 2
T A, MAYOR
ATTEST:
l ,)sl n�-
KELLY W TM E, CITY CLERK
APPROVED AS TO CONTENT:
ST VE ADAMS, CITY MANAGER
APPROVED AS TO FORM:
TIM M ��
THY J. EL, 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. 4291 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 22n day of June 2010.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 24 day of
June 2010.
� I I l.-1-14,c—
KELLY ET I• RE, CITY CLERK