HomeMy WebLinkAboutReso 2013-063 - Public Funds account
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RESOLUTION NO. 2013-063
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING AUTHORIZING THE CITY TREASURER TO
OPEN A PUBLIC FUNDS MONEY MARKET ACCOUNT
WITH CORNERSTONE COMMUNITY BANK
WHEREAS, the City Council, through Council Policy 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, Cornerstone Community Bank serves businesses and individuals located in
Shasta, Tehama, Butte and Glenn counties; and
WHEREAS, Cornerstone Community Bank has made available a competitive, highly-liquid,
fully-collateralized (in accordance with Government Code section 56352), public funds money
market investment opportunity.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDDING DOES
HEREBY RESOL VE 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 Cornerstone Community Bank.
I HEREBY CERTIFY that the foregoing resolution was introduced, read and adopted at
a regular meeting of the City Council on the 16th day of July, 2013, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cadd, Jones, McArthur, Sullivan, & Bosetti
None
None
None
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RICK BOSETTI, Mayor
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Form Approved:
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RICHARD A. DUVERNAY ity Attorney