HomeMy WebLinkAboutCC Resolution 10428 (Purchasing, Selling, Dealing & Trading Agr.)RESOLUTION NO. 10428
A RESOLUTION AUTHORIZING THE CITY OF SAN RAFAEL TO OPEN AND
MAINTAIN AN ACCOUNT WITH MISCHLER FINANCIAL GROUP, INC.,
("MFGI")FOR THE PURPOSE OF PURCHASING, SELLING, DEALING AND
TRADING IN VARIOUS SECURITIES, AND AUTHORIZING THE EXECUTION AND
DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION WITH SAME.
WHEREAS, the City of San Rafael has determined that it needs to establish an
account for the purchase and sale of, and trading and dealing in various securities for
the City's investment portfolio.
NOW, THEREFORE, BE IT RESOLVED by the City Council of San Rafael, and
it is hereby resolved by and with the authority of the same as follows:
1. that the following persons, whose names appear below, are hereby
authorized, empowered and directed to execute and deliver to Mischler Financial
Group, Inc. ("MFGI") any and all documents, and do such acts and things as may be
required by MFGI for the purpose of causing MFGI to open and maintain, one or more
accounts on behalf of the Municipality for the purchase and sale of, and dealing and
trading in, stocks and any and all forms of fixed income securities, including, without
limitation, bonds, debentures, notes, certificates of deposit, commercial paper, money
market securities certificates of interest, contracts for the forward delivery of U.S.
Government and agency securities; to give any oral or written instructions to buy, sell
and trade in any of the above listed securities and any other securities and/or contracts
later agreed upon in accordance with the terms and conditions of any such agreements
executed in the municipality's name:
Ken Nordhoff
Title: Assistant City Manager
Dennis Shives
Title: Asstant Director of Manaaement Services - Financial Services
2. that, in connection with the above trading authorization, the City agrees to
indemnify, hold harmless from and pay to MFGI promptly on demand any and all losses
arising from this account and any debt balance due. MFGI is authorized to follow the
instructions of the above authorized individuals in every respect concerning any
accounts maintained on the City's behalf and make deliveries of securities and payment
of monies to or on behalf of the Municipality as those individuals may order and direct.
accounts maintained on the City's behalf and make deliveries of securities and
payment of monies to or on behalf of the Municipality as those individuals may order
and direct.
3. that MFGI may deal with any and all of the above authorized individuals
as though they were dealing with the City directly; and that this Resolution is in
accordance with, and does not conflict with, existing City charter and applicable code.
4. that any and all transactions by and any of the officers or representatives
of the Municipality, for and on behalf and in the name of the Municipality, with MFGI
prior to the adoption of the foregoing Resolution be, and they are hereby ratified,
confirmed and approved in all respects and for all purpose.
5. that MFGI may conclusively rely upon any certification given in
accordance with this Resolution, until MFGI receives written notice of a change in any
of the information recited therein.
6. that in the event of any change in the powers or persons hereby
authorized, the City Clerk shall promptly certify such changes(s) to MFGI in writing,
which notification, when received by MFGI, shall be adequate both to terminate the
authorization of the person(s) theretofore authorized, and to authorize the person(s)
thereby substituted with the same force and effect as if named in the foregoing
Resolution.
7. that this Authorizing Resolution shall be governed by, and construed in
accordance with the laws of the State of California and that any legal proceedings
regarding any activity with or by MFGI shall be commenced in Orange County,
California.
8. that the City Clerk of the City be, and hereby is, directed to certify and
deliver under seal of the City to MFGI.
a. a true copy of this resolution,
b. specimen signatures of each and every person by this Resolution
empowered, and
C. A certificate that the municipality is duly organized and validly
existing, that its Charter and Code authorize it to transact the
business by this Resolution defined, and no limitation has been
otherwise imposed upon such authority.
9. that any Resolution, or part of Resolution in conflict herewith is hereby
repealed to the extent of such conflict.
I, Jeanne M. Leoncini, Clerk of he City of San Rafael, hereby certify that the foregoing
resolution was duly and regularly introduced and adopted at a regular meeting on the
City Council of said City held on Monday. the 21" day of June. 1999 , by the
following vote to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
1 1 e' -"6,r
Uv Jeanne W Leonc4ni, City Clerk