HomeMy WebLinkAboutInvestment Policy to Include Rabobank as Authorized Depository - Joint ConsiderationCITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
STAFF REPORT
REQUEST: AMEND THE PALM DESERT STATEMENT OF INVESTMENT
POLICY TO INCLUDE RABOBANK AS AN AUTHORIZED
DEPOSITORY (JOINT CONSIDERATION WITH THE PALM
DESERT CITY COUNCIL, REDEVELOPMENT AGENCY,
FINANCING AUTHORITY, AND HOUSING AUTHORITY).
SUBMITTED BY: Paul S. Gibson, C.C.M.T., City Treasurer
DATE: May 14, 2011
CONTENTS: Amendment to Palm Desert "Statement of Investment Policy"
Recommendation
By Minute Motion: That the City Council approve the Palm Desert Statement of
Investment Policy, as presented.
Background
On April 14, 2011, the Palm Desert City Council voted unanimously to authorize
the City of Palm Desert ("City") and the Palm Desert Redevelopment Agency
("RDA") to deposit public funds into Rabobank Money Market Accounts.
This amendment is simply a clean-up of the City investment policy so that Rabobank
will be listed as an authorized depository. Rabobank will replace Bank of America on
the list so that the total number of depositories will remain the same.
Additions to the list are highlighted by "shading"; deletions to the list are highlighted by
"strike
Fiscal Analysis
The proposed amendment will have no fiscal impact on either the City or the RDA.
Staff Report
Rabobank Amendment to Investment Policy
May 14, 2011
Page 2of2
Submitted By:
ai Of =
Paul S. Gibson, C.C.M.T., City Treasurer
Approval:
John M. Imuth, City anager
CITY COUNCIL�TION
APPROVED DENIED
RECEIVED OTHER,
MEETING DATE
AYES:
NOES: N n P -
ABSENT:
ABSTAIN:
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Original on File with City Clerk's office
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VERIFIED BY- �7-
Original on file with City Clerk's Office
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Original on file with City Clerk's Office
Palm Desert Treasury Policies and Procedures
No. 2: "Statement of Investment Policy"
Appendix A: List of Authorized Financial Institutions
Revision No. 17
Adopted: 3/10/11
The City Treasurer's Office is authorized to transact investment and depository
business with the following financial institutions. Investment and depository
transactions with firms other than those appearing on this list are prohibited.
UNITED STATES GOVERNMENT
1. Federal Reserve Bank
PRIMARY DEALERS
1. Citigroup
SECONDARY BROKERS
1. First Tennessee Bank
2. Wells Fargo Bank
3. Zions Bank
PUBLIC DEPOSITORIES
1 .
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Bank of A Fnergea Raiboban''.k
2.
California Bank & Trust
3.
Northern Trust Bank
4.
Union Bank of California
5.
JPMorgan Chase & Co.
6.
Wells Fargo Bank
CUSTODIAN
1 . Union Bank of California
TRUSTEE
1. Wells Fargo Bank
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