SR-204-001 (9)
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Santa Monlca, CallfornM' 0
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CA:SSS:se
Cauncll Meetlng 09/09/80
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STAFF REPO~{T
TO:
Mayor and C1tv Cauncll
FROM:
Clty Attorney
SUBJECT: ResolutIon regarding City Bank Accounts
INTRonUCTIO~
The attached resolutlon establishes Clty of Santa Monica
accounts wlth banks and savings and loan associatlons lD
Santa Monlca and West Los Angeles, authorizes the Dlrector
of Flnance and the Cltv Treasurer to execute ap?rOprlate
documents, and authorlzes several offlclals of the Finance
DeparL~ent to enter the Clty'S safe deposlt box.
ANALYSIS
Resolutlan Number 5484{CCS) author1zes the Actlng
Flnance Dlrector to withnraw funds and perforM other
necessary functlons w1th respect to the Citv's bank accounts.
As N1Ck Rives has recently been apDolnted the C1tv's Flnance
Dlrector, lt 1S necessary to adopt a new resolutlon namlng
hl~ as an authorized offlcial.
Formerly all the C1tV's accounts were In Cltv of Santa
~onlca instltutlons. At thlS year's budget hearlng, the Cou~c1l
authorlzed the City to establish accounts ln lnstitutlans ln
West Los Anqeles as well as in Santa ~onlca.
The attached
resolutlon authorlzes the establlsnment of Clty accounts ln
all the financial lnstltutlons llsted ln the ~est Los Angeles
yellow pages.
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