R 5122 RESOLUTION NO. 5122
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 include banks and savings and loans and are
used primarily for active demand deposits (checking accounts and passbook savings),
inactive deposits (non-negotiable time certificates), and investment instruments; and
WHEREAS, eligible financial institutions require a listing of authorized signers who are
legally approved to perform financial transactions on behalf of the City, which may be
modified from time to time due to changes in staffing.
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: Nicole Valentine
Accounting Manager: Lynda Horejsi
City Manager: Whitney McDonald
3. This Resolution supersedes Resolution 5037 dated October 13, 2020, and any and
all other resolutions inconsistent herewith.
RESOLUTION NO. 5122
PAGE 2
On motion of Council Member Storton, seconded by Council Member Barneich, and by
the following roll call vote, to wit:
AYES: Council Members Storton, Barneich, George, Paulding, and Mayor Ray Russom
NOES: None
ABSENT: None
The foregoing Resolution was approved this 26th day of October, 2021.
RESOLUTION NO. 5122
PAGE 3
CAREN RA U-SOM, MAYOR
ATTEST:
SSICA MATSON, CITY CLERK
APPROVED AS TO CONTENT:
<1 /
W I NEY ;C6ONAL 1, CITY MANAGER
APPROVED AS TO FORM:
4,----)
TIMOTHY J. CARMEL, CITY ATTORNEY
1
OFFICIAL CERTIFICATION
I, JESSICA MATSON, 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. 5122 was passed and adopted at a regular meeting of the City Council
of the City of Arroyo Grande on the 26th day of October, 2021.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 28th day of
October, 2021.
0
'ii)SSICA MATSON, CITY CLERK