HomeMy WebLinkAboutNew Acct Signers - County Treasurers Pooled Invstmnt FundCITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
STAFF REPORT
REQUEST: ADOPT RESOLUTION NOS. 2016- 41 (CITY) AND SA -RDA 058
(RDA SUCCESSOR AGENCY) AUTHORIZING NEW ACCOUNT
SIGNERS FOR THE RIVERSIDE COUNTY TREASURER'S
POOLED INVESTMENT FUND (JOINT CONSIDERATION WITH
THE PALM DESERT CITY COUNCIL AND THE RDA
SUCCESSOR AGENCY — PALM DESERT).
SUBMITTED BY: Thomas J. Metz, Deputy City Treasurer
DATE: May 26, 2016
CONTENTS: Resolution No. 2016= 41
Resolution No. SA -RDA 058
Recommendation
By Resolution: Waive further reading, and adopt Resolution Nos.
2016- 41 and SA -RDA 058.
Strateaic Plan Obiective
Not Applicable.
Background
The City of Palm Desert and the RDA Successor Agency — Palm Desert have individual
investment accounts with the Riverside County Treasurer's Pooled Investment Fund
("Pooled Investment Fund").
With the appointment of Janet M. Moore as Director of Finance & City Treasurer, each
of the foregoing entities must execute a new resolution so that the Riverside County
Treasurer's Office will acknowledge her signing authority. Account signers are
authorized to make deposits to and withdrawals from accounts in the Riverside County
Treasurer's Pooled Investment Fund. Messrs. Espinoza and Metz have been account
signers for the Pooled Investment Fund for five years.
Staff Report
Adoption of New Riverside County Pool Resolutions
May 26, 2016
Page 2 of 2
Fiscal Analvsis
There is no fiscal impact associated with this action.
Submitted By:
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Thomas J. Metz (/
Deputy City Treasurer
Approved By:
J in McCarthy, Interim Cit age
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Attachments (as noted)
Reviewed By:
W&4-e-
anM. Moore
Director of Finance & City Treasurer
H:\1WORD 2007\CORRESPONDENCE\INTERNAL\CITY COUNCIL\2016 COUNTY RESOLUTION STAFF REPORT.doc
RESOLUTION NO. 2016. 41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, AUTHORIZING THE INVESTMENT OF MONIES
IN THE RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT
FUND
WHEREAS, pursuant to California Government Code Sections 27000.1 and
27000.1 (b), the Riverside County Treasurer is authorized to invest or reinvest the
monies of local agencies in the county treasury, and to hold such monies in trust;
WHEREAS, the City Council does hereby find that the deposit and withdrawal of
monies in the Riverside County Treasurer's Pooled Investment Fund for the purpose of
investment, is in the best interests of the City of Palm Desert.
NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby
authorize the deposit and withdrawal of monies in the Riverside County Treasurer's
Pooled Investment Fund for the purpose of investment, and verification by the Riverside
County Treasurer's Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, that the following City of Palm Desert officers or their
successors in office shall be authorized to order the deposit or withdrawal of monies in
the Riverside County Treasurer's Pooled Investment Fund:
Janet M. Moore Jose Luis Espinoza Thomas J. Metz
Director of Finance & Assistant Finance Director Deputy City Treasurer
City Treasurer
RESOLUTION NO. 2016-41
PASSED, APPROVED, AND ADOPTED, by the City Council of the City of Palm
Desert, County of Riverside, State of California, at its regular meeting held on this 26th
day of May, 2016, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ROBERT A. SPIEGEL, MAYOR
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
APPROVED AS TO FORM:
ROBERT HARGREAVES, CITY ATTORNEY
BEST, BEST & KRIEGER, LLP
RESOLUTION NO. SA -RDA 058
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT
AGENCY AUTHORIZING THE INVESTMENT OF MONIES IN THE
RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT FUND
WHEREAS, pursuant to California Government Code Sections 27000.1 and
27000.1 (b), the Riverside County Treasurer is authorized to invest or reinvest the
monies of local agencies in the county treasury, and to hold such monies in trust;
WHEREAS, the Board of Directors does hereby find that the deposit and
withdrawal of monies in the Riverside County Treasurer's Pooled Investment Fund for
the purpose of investment, is in the best interests of the Successor Agency to the Palm
Desert Redevelopment Agency ("Successor Agency").
NOW THEREFORE, BE IT RESOLVED, that the Board of Directors does hereby
authorize the deposit and withdrawal of monies in the Riverside County Treasurer's
Pooled Investment Fund for the purpose of investment, and verification by the Riverside
County Treasurer's Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED BY THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, that
the following Successor Agency officers or their successors in office shall be
authorized to order the deposit or withdrawal of monies in the Riverside County
Treasurer's Pooled Investment Fund:
Janet M. Moore Jose Luis Espinoza Thomas J. Metz
Director of Finance & Assistant Finance Director Deputy City Treasurer
City Treasurer
RESOLUTION NO. SA -RDA 058
PASSED, APPROVED, AND ADOPTED, by the Board of Directors of the
Successor Agency to the Palm Desert Redevelopment Agency, in the City of Palm
Desert, County of Riverside, State of California, at its regular meeting held on this 26th
day of May, 2016, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ROBERT A. SPIEGEL, MAYOR
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
APPROVED AS TO FORM:
ROBERT HARGREAVES, CITY ATTORNEY
BEST, BEST & KRIEGER, LLP