2003/09/10 City Council Resolution (2)RESOLUTION NO. 2003- 209
A RESOLUTION OF THE COUNCIL OF THE CITY`OF ROHNERT PARK APPROVING
AN AGREEMENT WITH UNION BANK OF CALIFORNIA FOR CUSTODIAL AND
SAFEKEEPING SERVICES
WHEREAS, the City desires to secure the services of MBIA
Municipal Investors Service Corporation for investment services;
and
WHEREAS, MBIA requires that the, City use a third -party
safekeeping bank to hold all securities invested by MBIA and
handle all cash transactions; and
WHEREAS, it is good industry practice to keep all securities
off -site at a safekeeping bank; and
WHEREAS, Union Bank of California (UBOC) submitted a
proposal to the City for custodial and safekeeping services for
an annual fee of $3,500 plus $15 per transaction; and
WHEREAS, Union Bank currently serves as trustee for all of
the bond issuances and has performed at a high level in that
capacity; and
WHEREAS, Union Bank will administer all of the investment
activity and prepare monthly reports detailing the portfolio and
yield, which will eliminate staff time in tracking the activity
and the licensing fee for the investment software.
NOW, THEREFORE, BE IT RESOLVED that the Council does hereby
approve an agreement with Union Bank of California, 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.
am
Lyor
MACKENZIE: AYE NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE FLORES: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)