HomeMy WebLinkAboutResolution - 3114 STATE OF CALIFORNIA ) RESOLUTION NO. 3114
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN
JACINTO, CALIFORNIA, AUTHORIZING ESTABLISHMENT OF
A CERTIFICATE OF DEPOSIT ACCOUNT WITH PFF BANK AND
TRUST
WHEREAS, the City of San Jacinto desires to establish a Certificate of
Deposit bank account with the PFF Bank and Trust, also known as the
Depository; and
WHEREAS, the City Council of the City of San Jacinto has the authority to
enter into a corporate resolution and designate authorized signers on bank
accounts; and
WHEREAS, the FDIC will insure an interest bearing bank account for up
to $100,000, of which the Treasurer may waive such security under California
Government Code Section 53653; and
WHEREAS, under California Government Code Section 53651; the
... Depository must keep 110% in government securities representing the total
amount on deposit by the City with the Depository, with an agent, as security for
all money on deposit by the City; and
WHEREAS, the City may deposit surplus moneys from time to time with
the Depository in Certificates of Deposit, at the discretion of the City and PFF
Bank and Trust.
NOW THEREFORE, BE IT HEREBY RESOLVED AS FOLLOWS:
Section 1. The City is hereby authorized to open a Certificate Deposit
bank account with PFF Bank and Trust.
Section 2. The City Treasurer and Finance Director are delegated the
authority to execute any and all documents to open such an account with PFF Bank and
Trust.
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