09-116 RESOLUTION NO. 09-116
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE, CALIFORNIA,
AUTHORIZING ESTABLISHMENT OF A CUSTODIAL BANK ACCOUNT WITH
UNION BANK AND DESIGNATING THE PERSONS AUTHORIZED TO EXECUTE
THE ACCOUNT AGREEMENT
WHEREAS, at the September 15, 2009 City Council meeting, the City Council
authorized the investment of idle cash reserve funds in additional investment portfolios
other than the Local Agency Investment Fund utilizing the services of a professional
investment management financial advisor; and
WHEREAS, in order to transact investments through the retained investment
management financial advisor that has been retained to manage the City of Menifee's
investment portfolio, a separate custodial account is required to deposit funds for
transaction purposes; and
WHEREAS, the City of Menifee's current banking institution, Union Bank,
provides such custodial account services.
NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby
authorize the establishment of a custodial account with Union Bank for purposes of
transacting investments of city reserve funds; and
BE IT FURTHER RESOLVED, that the following City of Menifee officers shall be
authorized to execute the agreement to establish the custodial account:
George W ntz Gary Thompson
City Mana er City Treasu
Sig ature .` ignature
Ll-PASSED AND ADOPTED, by the City Council of the City of Menifee of the State
of California on October 6, 2009.
Wallace Edgerton, ayor
Attest:
itl�
Kathy Bennett, City Clerk