2003/09/10 City Council ResolutionRESOLUTION NO. 2003-208
A RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK APPROVING
AN AGREEMENT WITH MBIA MUNICIPAL INVESTOR SERVICE CORPORATION FOR
INVESTMENT MANAGEMENT SERVICES
WHEREAS, the City's combined investment portfolio for the
City and the Community Development Commission is approximately
$30 million; and
WHEREAS, the City currently invests all idle cash in various
investment instruments through the assistance of brokers; and
WHEREAS, the City has received a proposal from MBIA
Municipal Investor Service Corporation for investment management
services to perform the investment service on our behalf for a
fixed fee of 12 basis points; and
WHEREAS, MBIA is a leading provider of investment management
services to the public sector with more than $37 billion in
public sector assets under management for over a decade; and
WHEREAS, MBIA has the expertise, dedicated staff and trade
volume that enables them to receive investment yields in the open
market that are typically higher than the opportunities available
to a single small investor.
NOW, THEREFORE, BE IT RESOLVED that the Council does hereby
approve an agreement with MBIA Municipal Investors Service
Corporation, and the City Manager is authorized and directed to
execute same for and on behalf of the City of Rohnert Park.
DULY AND REGULARLY ADOPTED by the Rohnert Park City Council
this 10th day of September, 2003.
AgrmucT . CITY CITY OF ROHNERT PARK
MACKENZIE: AYE NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE FLORES: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)