HomeMy WebLinkAboutRDA RES 584RESOLUTION NO. 584
A RESOLUTION OF THE AGENCY BOARD OF THE PALM DESERT
REDEVELOPMENT AGENCY, 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
Palm Desert Redevelopment Agency 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 Agency Board does hereby authorize
the following 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/RDA Treasurer
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Jose Luis . oza Thomas W. Jeffrey
Assistan �'ir- - - erector Deputy City Treasurer
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PASSED, APPROVED„ /AN ADOPTED, by the Agency Board of the Palm Desert
Redevelopment Agency, Riversiide County, California, at its regular meeting held on this 14th
day of April, 2011, by the following vote, to wit:
AYES: FINERTY, HARNIK, KROONEN, SPIEGEL, and BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
JE
R • H LLE D. KLASSE , SECRETARY
PALM DESERT REDEVELOPMENT AGENCY
NSONVZ'i1AIRMAN