Title
Approving a resolution authorizing certain city officials to negotiate and execute investment documents.
Summary
Valley View Consulting, the City’s Investment Advisor under contract, has recommended that the City participate in bank products such as Certificates of Deposit and Money Market Accounts that will require specific agreements to be executed. To facilitate this and standardize the documents, the City Attorney has reviewed a master Depository Agreement that will be required for all participating banks to sign before funds are deposited. This Agreement lays out the responsibilities of the bank for management of accounts and collateral pledges related to such accounts.
Each bank will require a Resolution from the City Council that identifies those City Officials that will be allowed to sign the Depository Agreement. In the City’s Investment Policy, the Council has approved to allow those designated as Investment Officers to perform investment related activities which would include executing trade documents. The Resolution supplied in the agenda will provide banks with a Resolution to certify those Investment Officers’ ability to sign the Agreement.
Prior City Council Action
N/A
Deadline for City Council Action
N/A
Funding Expected: Revenue __ Expenditure __ N/A _x_
Budgeted Item: Yes __ No __ N/A _x_
Amount: __N/A______
1295 Form Required? Yes __ No _x_
Legal Review Required: N/A __ Required x__ Date Completed: _10/29/2021__________
Supporting documents attached:
Resolution and depository agreement
Recommended Action
Staff and City's Investment Advisor, Susan Anderson with Valley View Consulting recommend approving the resolution as presented.