R 4902 RESOLUTION NO. 4902
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 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 Manager
City Manager
2. That the employees listed below are currently filling the designated positions as of the
date of this Resolution.
Director of Administrative Services/City Treasurer: Shannon Esenwein
Accounting Manager: Nicole Valentine
City Manager: James Bergman
3. This Resolution supersedes Resolution 4899 dated January 26, 2019 and any and all
other resolutions inconsistent herewith.
On motion of Council Member Barneich, seconded by Council Member George, and on the
following roll call vote, to wit:
AYES: Council Members Barneich, George, Paulding, Storton and Mayor Ray Russom
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 26th day of February, 2019.
RESOLUTION NO. 1,907-
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CARE - Y 'U'0•M, MAYOR
ATTEST:
Oit(116091-E,KELLY W.TMO,•E, CITY CLERK
APPROVED AS TO CONTENT:
JAMES A t AN, CITY MANAGER
APPROVED AS TO FORM:
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. 4902 was passed and adopted at a regular meeting of the City Council
of the City of Arroyo Grande on the 26th day of February, 2019.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 28th day of
February, 2019.
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KELLY T ORE, CITY CLERK