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CDC/2010-68
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RESOLUTION NO. CDC/2010-68
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
TO TRANSFER BOND RESERVES ASSET MANAGEMENT SERVICES TO
CITIZENS TRUST
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6 WHEREAS, it is the desire of the Community Development Commission of the City of San
7 Bernardino ("Commission") to have the ability to expand the number of local banking institutions
8 providing bond reserves asset management services to the Redevelopment Agency of the City of
9 San Bernardino ("Agency") and to maximize the investment earnings and to diversify investment
10 opportunities and minimize risks to the Agency; and
11 WHEREAS, it is necessary for this Commission to approve above referenced action on
12 behalf of the Agency.
13 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE
14 CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS
15 FOLLOWS:
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Section 1.
The Interim Executive Director of the Agency is hereby authorized to transfer
17 bond reserves asset management services to Citizens Trust. The Interim Executive Director is
18 further authorized and directed to execute such documents and standard form agreements with
19 Citizens Trust as may be necessary to implement the intent of this Resolution to accommodate the
20 transfer of bond reserves management services to Citizens Trust.
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Section 2.
This Resolution shall take effect from and after its date of adoption by this
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P:\Agendas\Resolutions\Resolutions\201O\12~20-10 Transfer of Bond Reserves Asset Management Services to Trust COC Reso.docx
CDC/2010-68
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
TO TRANSFER BOND RESERVES ASSET MANAGEMENT SERVICES TO
CITIZENS TRUST
5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
6 Development Commission of the City of San Bernardino at a j oint regular
meeting
7 thereof, held on the 20th day of December ,2010, by the following vote to wit:
Ayes
X
Nays
Abstain
Absent
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--X-
X
X
X
---X
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secretary. . _:~... //
-"'-"'"
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The foregoing Resolution is hereby approved this a" day of December
,2010.
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Approved as to Form:
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26 By: ~~ rt)~
Agency Counsel
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P:\Agendas\Resolutions\Resolutions\2010\12-20-10 Transfer of Bond Reserves Asset Management Services to Trust COC Reso.docx