R 4973 RESOLUTION NO. 4973
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.
Director of Administrative Services/City Treasurer: Michael Stevens
Accounting Manager: Nicole Valentine
City Manager: James Bergman
3. This Resolution supersedes Resolution 4902 dated February 26, 2019 and any and all
other resolutions inconsistent herewith.
On motion of Mayor Ray Russom, seconded by Council Member Barneich, and on the
following roll call vote, to wit:
AYES: Mayor Ray Russom, Council Members Barneich, Paulding, George, Storton
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 24th day of March, 2020.
RESOLUTION NO. YQ73
PAGE 2
CAREN RAY RUSSOM, MAYOR
ATTEST:
/AiV
KELLY TM,R , CITYLERK
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APPROVED AS TO CONTENT:
JAME- . = - 7 AN, CITY MANAGER
APPROVED AS TO FORM:
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TIM AY J. CARMEL, 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. 4973 was passed and adopted at a regular meeting of the City Council
of the City of Arroyo Grande on the 24th day of March, 2020.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 25th day of
March, 2020.
or 1A2,atitte-r-Z-
KELLY ► T ko RE, CITY CLERK