HomeMy WebLinkAboutCC RES 2011-28RESOLUTION NO. 2011 - 28
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT,
CALIFORNIA, AUTHORIZING THE INVESTMENT OF MONIES IN A
RABOBANK MONEY MARKET ACCOUNT
WHEREAS, pursuant to California Government Code Sections 53631 and 53637, the
City of Palm Desert Treasurer is authorized to open depository accounts at financial institutions
with the objective of realizing a maximum return, consistent with prudent financial management;
WHEREAS, investment yields are depressed at historic lows;
WHEREAS, Rabobank, a "AAA" -rated global bank with a branch office in the City of
Palm Desert, offers a money market account with a yield that is guaranteed to exceed that of
the State of California Local Agency Investment Fund (LAIF) by 15 basis points;
NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby authorize the
following City officers or their successors in office to open a Rabobank money market
account, and to order the deposit and withdrawal of surplus monies thereto:
Paul S. Gibson
City Treasurer
Jose Luis Espinoz
Assistan
Thomas W. Jeffrey
Director Deputy City Treasurer
g.
PASSED, APPROVED, AND ADOPTED, by the City Council of the City of Palm Desert,
Riverside County, California, at its regular meeting held on this 14th day of April, 2011, by the
following vote, to wit:
AYES: FINERTY, BARNIR, KROONEN, SPIEGEL, and BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
RA HELLS D. SE , CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
G:\Finance\Niamh Ortega\Resolutions\RES - RABOBANK Investment of Surplus Monies 041411.docx