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RESOLUTION NO. 8539 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS DESIGNATING AUTHORIZED SIGNERS FOR INVESTMENT ACCOUNTS AND AUTHORIZING THE MAYOR TO EXECUTE SUBSTANTIALLY SIMILAR RESOLUTIONS FOR THE OPENING OF ADDITIONAL INVESTMENT ACCOUNTS WITH BROKER/DEALERS AND FINANCIAL INSTITUTIONS AS RECOMMENDED BY THE CITY TREASURER AND RESCINDING RESOLUTION NO. 7676 WHEREAS, from time to time City Officials and staff determine that it is in the best interest of the City to establish accounts with financial institutions for the purpose of investing City funds; and WHEREAS, to ensure that the City's funds are invested on a timely basis in a manner that provides prudent safety and a reasonable rate of return, it is often necessary for City Officials and staff to open such accounts on an expedited basis; and WHEREAS, it is the custom and practice of financial institutions to require that the authorized signers on investment accounts be approved by the City using forms of "resolutions" prepared by such institutions: and WHEREAS, through the adoption of this resolution, it is the desire of the City Council of the City of Redlands to designate certain City Officials as authorized signers for such investment accounts and to authorize the Mayor, on behalf of the City Council, to execute forms of "resolutions" prepared and required by financial institutions relating to such designated authorized signers. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS FOLLOWS: Section 1. The following City Officers shall be the authorized signers for investment accounts established by the City: Phillip Doolittle, City Treasurer Danielle Garcia, Management Services/Finance Director James Garland, Assistant Finance Director Aimee Hoover, Revenue Supervisor Section 2. At the direction of the City Treasurer, the Revenue Supervisor will implement the daily administration of the record keeping of the investment transactions. Section 3. That the Mayor of the City is hereby authorized to execute, on behalf of the City Council, forms of "resolutions" prepared and required by financial institutions for the establishment of investment accounts, provided the form and content of such "resolutions" have been reviewed and approved of by the City Treasurer. 1 I:\Resolutions\Res 8500-8599\8539 Designating Authorized Signers for Investment Accounts.docx-ms