SR-204-001 (4)
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JAN 2 7 1987
~R-I-tf/O/
FI:CMD:mp/sr123086
council Meeting 1/27/87
Santa Monica, California
TO:
MAYOR AND CITY COUNCIL
FROM:
city staff
SUBJECT:
RESOLUTION TO MAKE CHANGES IN STAFF AUTHORIZATION TO
CONDUCT INVESTMENT AND TREASURY OPERATIONS, AND IN
AUTHORIZED FINANCIAL INSTITUTIONS
Introduction
This report recommends that city council approve the attached
resolution which changes Ralph E. Bursey.s stated title from
Acting city Treasurer/Revenue Manager to City Treasurer/Revenue
Manager with respect to conducting authorized investment and
treasury
operations.
This
resolution
also
incorporates
institutional changes due to corporate mergers and name changes.
Backqround
On April 18, 1986, Ralph E. Bursey, the then Assistant City
Treasurer/Revenue Manager, replaced Kay Watanabe, the retiring
city Treasurer/Revenue Manager, pending recruitment and selection
of a new city Treasurer/Revenue Manager.
The resul t of this
selection process was the appointment of Ralph E. Bursey on
October 22, 1986.
Therefore, the attached resolution changes
Ralph
E.
Bursey's
official
title
from
Acting
City
Treasurer/Revenue Manager to City Treasurer/Revenue Manager with
respect to conducting authorized investment and treasury
operations.
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JAN 2 7 1987
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Several bank mergers and name changes have recently occurred
which require that the City's authorized list of financial
institutions be updated. These updates are: Golden state Sanwa
Bank and Lloyds Bank of California merged to form a new bank,
Sanwa Bank California; Crocker National Bank merged into Wells
Fargo Bank with the combined institution retaining the Wells
Fargo name; and, Pacific Federal savings and Loan has changed its
name to Pacific Federal Savings Bank. The attached resolution
has been modified to incorporate these changes.
BUdqet/Financial Impact
The recommendation of this report has no budget/financial impact.
Recommendation
It is recommended that Council approve the attached resolution
which changes staff authorization in conducting investment and
treasury operations and updates authorized financial institutions
to account for mergers and name changes.
Prepared by: Ralph E. Bursey, city Treasurer/Revenue Manager
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VOTE: Affirmative:
Negatlve:
Abstain:
Absent:
PROOF VOTEc WITH AKOTHER PERSON BEFORE A~NTHING
DISTRIBUTIuN: uKIGINAL ~o be signed, sealed and filed in Vault.
e
, ~
B~FORE DISTRIBUTION CHECK CONTENT OF ALL
DISTRIBUTION OF RESOLUTION if 73t S--
07//7
0--e:-
,/,/0
7--6
Council Meetlng Date
Agenda Item #
Was 1t amended?
--
FOR CITY C1:ERK'S ACTION
ORDINANCE It
Introduced'
Adopted:
AIl'lAYS PUBLISH AJX)P1W ORDINANCES*
*Cross out Attorney I s approval
~
NEWSPAPER PUBLICATION (Date' )
Department origlnatlng staff report ( * )
*Ci ty Attorney does not want copies of his ordi1)aIlces or resolutlons.
Nanagement Serv:~se? Lynne Bar..rett:e tJrdlnances only
Agency mentioned In document or staff report
SubJect file (agenda packet)
Counter file
Others -; (ReVlew for depa.rt:Irents who need to knaN) .
AIrport
Parking Auth.
Audltorurn
Personnel
BUllding Dept.
Planning
CullullIllty and Econanic [leV.
FInance
Police (en-
forcement?)
Purchaslng
Flre
Recr/Parks
General Servo
~
,
(certIfled?)
1
1
--
.
Llbrary
Transportation
Treasurer I
Manager
SE~D FOU~ COPIES OF ALL ORDINANCES TO:
CODfD SYSTEMS, Attn Peter Maclearie
1 ::'~o '!ain- .i"'"tr'O"et ~
Avn., ~ew Jersev_07717
.. I I r
SEND FOUR COPIES OF ALl, 0~nT\JANrEr:;; _TO:
g"{l"ift f;fo{fEI j\1UNICIPAL COURT
~725 MAIN STREE~ Room 118
SAnTA MONICA, CA 90401
*Check Code Sections before send1ng.
TOTAL COPIES
3
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council Meeting January 27, 1987
Santa Monica, California
RESOLUTION NO.
7365(CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA AUTHORIZING THE ESTABLISHMENT, USE
AND INVESTMENT OF ONE OR MORE DEPOSIT ACCOUNTS
WITH CERTAIN BANKS, SAVINGS AND LOAN ASSOCIATIONS
AND BROKER/DEALERS
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES
RESOLVE AS FOLLOWS:
SECTION 1. That the City of Santa Monica, a municipal
corporation, establishes in its name one or more deposit accounts
with the Alliance Bank of Culver City, American City Bank,
American Pacific state Bank, Bank of America National Trust and
Savings Association, Bank of Beverly Hills, Bank of Marina Del
Rey, Bankers Trust company, Brentwood Bank, california First
Bank, California Korea Bank, Century Bank, City National Bank,
Chase Manhattan Bank, Columbia National Bank, First Interstate
Bank of California, First National Bank of Chicago, First Pacific
Bank,
First Women r s Bank of California,
Imperial Bank,
Manufacturers Hanover Trust, Olympic National Bank, Republic Bank
of Dallas, Santa Monica Bank, Sanwa Bank of california, Security
Pacific National Bank, Sumitomo Bank of California, union Bank,
Wells Fargo Bank, and Western Bank of Commerce, upon such terms
and conditions as are provided by the statutes of the state of
California governing public deposits; and that Charles M. Dennis,
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Director of F inance/Ci ty Controller, and Ralph E. Bursey, ci ty
Treasurer/Revenue Manager, be and they hereby are authorized to
establish such accounts.
SECTION 2. That the City of Santa Monica, a municipal
corporation, establishes in its name one or more deposit accounts
with American Savings and Loan Association, Bel-Air Savings and
Loan Association, Beverly Hills savings and Loan Association,
Brentwood savings and Loan Association, California Federal
Savings and Loan, Centurion Savings and Loan Association, Century
Federal Savings and Loan Association, Coast Federal Savings and
Loan Association, Fidelity Federal Savings and Loan Association,
First Federal savings Bank, First Nationwide savings and Loan
Association, Gibraltar Savings and Loan Association, Glendale
Federal Savings and Loan, Great Western Savings and Loan
Association, Hawthorne Savings and Loan Association, Home Federal
Savings and Loan Association, Home Savings of America, Imperial
Savings and Loan Association, Lincoln Savings and Loan
Association, Los Angeles Federal Savings, Marina Federal Savings,
Mercury Savings and Loan Association, Pacific Federal Savings
Bank, Perpetual savings and Loan Association, Provident Federal
Savings and Loan Association, Sears Savings Bank, Southern
California Savings and Loan Association, Southwest Savings and
Loan Association, Westdale Savings and Loan, Western savings and
Loan, and World Savings and Loan Association, upon such terms and
conditions as are provided by the statutes of the State of
California governing public deposits; and that Charles M. Dennis,
Director of Finance/city Controller, and Ralph E. Bursey, City
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Treasurer/Revenue Manager be and they hereby are authorized to
establish such accounts.
section 3. That the city of Santa Monica, establishes
in its name one or more investment/deposit accounts with First
Boston Corporation, Goldman Sachs & Company, Kidder Peabody &
Company, Inc. , Merrill Lynch Government Secur i ties Inc. ,
Prudential-Bache securities, and Dean Witter Reynolds; and that
Charles M. Dennis, Director of Finance/City controller, and Ralph
E. Bursey, City Treasurer/Revenue Manager be and they hereby are
authorized to establish such accounts.
section 4. That the Santa Monica office of the Santa
Monica Bank, First Interstate Bank and the Bank of America
National Trust and Savings Association, as designated
depositories of the City, be and they, including their
correspondent banks, hereby are requested, authorized, and
directed to honor all checks, drafts, or other orders for the
payment of money drawn to the individual order of any person or
persons whose names appear thereon as signer or signers thereof,
when bearing or purporting to bear the facsimile signatures of
Charles M. Dennis and Ralph E. Bursey in lieu of said person's
manual signature; provided that all previous authorizations for
the signing and honoring of checks, drafts, or other orders for
the payment of money drawn on said banks by the City hereby are
continued in full force and effect as amplified hereby.
Section 5. That the city of Santa Monica, a municipal
corporation, has rented safe deposit box "B" at the First
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Interstate Bank, and that Charles M. Dennis, Director of
Finance/City
Controller,
or
Ralph
E.
Bursey,
City
Treasurer/Revenue Manager, jointly with William R. Ramsey,
Assistant Director of Finance, or Esmeralda Kelley be and they
are hereby authorized to enter said safe deposit box.
Section 6. The provisions of this Resolution shall be
efective
Jan. 27, 1987
Resolution Number
7186
and all other Resolutions in conflict herewith are repealed
effective Jan. 27,1987
Section 7. The City Clerk shall certify to the adoption
of this Resolution, and thenceforth and thereafter the same shall
be in full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS ~
city Attorney
/resl1386
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I hereby certify tha
27th day of January, 1987.
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Mayor
foregoing Resolution No. 7365(CCS)
was
ncil of the city of Santa Monica
at a meeting thereof held on January 27, 1987 by the following
Council vote:
Ayes: Councilmembers:
Finkel, Jennings, A. Katz, H.
Katz, Reed, Zane and Mayor Conn
Noes: Councilmembers:
None
Abstain: Councilmembers:
None
Absent: Councilmembers:
None
ATTEST:
~ '1J,~
City Clerk