HomeMy WebLinkAbout4.7(a)--Authorize opening Public Funds Money Market Account with Northern California National Bank
CITY OF REDDING
REPORT TO THE CITY COUNCIL
Recommendation
Adopt Resolution authorizing the City Treasurer to open a public funds money market account
with Northern California National Bank; and designate the authorized account signers as
indicated in the resolution.
Fiscal Impact
There is no fiscal impact to the General Fund. The funds would accrue interest, which would add
to the General Fund, similar to other existing public funds money market accounts.
Alternative Action
The City Council could decline to adopt the resolution authorizing the City Treasurer to open the
public funds money market account at Northern California National Bank (NCNB).
Background/Analysis
In accordance with City Council Investment Policy 408, “Priority will be given to investments
that promote community economic development (i.e., dealing with local financial institutions,
etc.) provided that the investment selection criteria is met and yield is not significantly impacted.
The City Treasurer shall strive whenever possible to make investments that benefit the local
area.”
NCNB has available a money market account that meets the criteria for collateralization in
accordance with California Government Code 53652 and provides a competitive return. NCNB
was established in 2006. The bank has offices in Chico, where it is headquartered, and also San
Francisco and Sacramento. NCNB has opened a satellite office for commercial lending in
Redding. NCNB holds a 4 Star Rating by Bauer Financial for Safety and Soundness. NCNB is a
community-oriented, regionally owned and managed bank that serves businesses and individuals
from Northern California.
MEETING DATE: January 17, 2023
ITEM NO. 4.7(a)
FROM:
***APPROVED BY***
aclark@cityofredding.org
btippin@cityofredding.org
SUBJECT: 4.7(a)--Authorize opening Public Funds Money Market Account with Northern
California National Bank
Allyn Feci Clark, Director of
Finance/City Treasurer
Report to Redding City Council January 10, 2023
Re: 4.7(a)--Authorize opening Public Funds Money Market Account with Northern California
National Bank Page 2
Environmental Review
This is not a project defined under the California Environmental Quality Act, and no further
action is required.
Council Priority/City Manager Goals
• Economic Development – “Facilitate and become a catalyst for economic development
in Redding to create jobs, retain current businesses and attract new ones, and encourage
investment in the community.”
Attachments
^Resolution
RESOLUTION NO. 2023-____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING THE CITY TREASURER TO OPEN A PUBLIC FUNDS
MONEY MARKET ACCOUNT WITH NORTHERN CALIFORNIA
NATIONAL BANK
WHEREAS, the City Council, through Council Policy No. 408, “desires to prioritize investments
that promote community economic development (i.e., dealing with local financial institutions, etc.)
provided that the investment selection criteria is met and yield is not significantly impacted. The
City Treasurer shall strive, whenever possible, to make investments that benefit the local area;”
and
WHEREAS, Northern California National Bank serves businesses and individuals located in
Shasta, Tehama, Butte and Glenn Counties; and
WHEREAS, Northern California National Bank has made available a competitive, highly-liquid,
fully-collateralized (in accordance with Government Code section 53652), public funds money
market investment opportunity; and
WHEREAS, to open the necessary accounts with the new institution, Northern California
National Bank, it is necessary to designate individuals who are to be the authorized signers on
behalf of the City of Redding and its various entities;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDDING DOES
HEREBY RESOLVE THAT:
1. The foregoing recitals are true and correct.
2. The City Treasurer is authorized to open a public funds, money market account for City of
Redding with Northern California National Bank.
3. The following individuals are designated as authorized signers on all accounts held with
Northern California National Bank:
➢ Allyn Feci Clark, Finance Director and City Treasurer
➢ Jaedon Carlisle, Management Analyst
➢ Greg Robinett, Finance Officer
➢ Abby Schanuth, Senior Accountant
➢ Tammy Mann, Senior Accountant
4. Should one of the authorized signers leave the City’s employment or their job
responsibilities change to no longer necessitate being an authorized signer, the City
Manager, or his designee, is hereby designated and authorized to appoint a new signer to
replace said individual.
I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a regular
meeting of the City Council of the City of Redding on the 17th day of January, 2023, by the
following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
___________________________________
MICHAEL DACQUISTO, Mayor
ATTEST: FORM APPROVED:
_________________________________ ___________________________________
PAMELA MIZE, City Clerk BARRY E. DeWALT, City Attorney