HomeMy WebLinkAboutR29- Economic Development Agency CITY OF SAN BERNARDINO aR160tu
ECONOMIC DEVELOPMENT AGENCY
FROM: Emil A.Marzullo SUBJECT: Designating Agency Check Signers and Co-
Interim Executive Director Signers and authorizing the establishment of
checking and deposit accounts with Citizens
Business Bank and Citizens Trust
DATE: February 1,2010
Synopsis of Previous Commission/Council/Committee Action(s):
On January 7, 2010, Redevelopment Committee Members Johnson and Brinker unanimously voted to recommend that the
Community Development Commission consider this action for approval.
Recommended Motion(sl:
(Community Development Commission)
Resolution of the Community Development Commission of the City of San Bernardino approving and authorizing the
designation of check signers and co-signers for the Redevelopment Agency of the City of San Bernardino and
authorizing the deposit of Agency Funds with Citizens Business Bank and Citizens Trust
Contact Person(s): Don Gee Phone: (909)663-1044
Project Area(s): All Ward(s): All
Supporting Data Attached: El Staff Report Q Resolution(s)❑Agreement(s)/Contract(s)❑Map(s)❑Letter(s)
FUNDING REQUIREMENTS: Amount: S -0- Source: N/A
Budget Authority: N/A
Signature: Fiscal Revie
Emil A.Marzullo,Interim xecutive Director u eJesus, nteru Administrative Services Director
Notes:
PAAgeodaa\Comm Dev Commissioe\CDC 2010\02-1610Cn¢eva Bank-Imes[mem Mmugemem Agem SRdoc COMMISSION MEETING AGENDA
Meeting Date: 02/16/2010
Agenda Item Number:
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
DESIGNATING AGENCY CHECK SIGNERS AND CO-SIGNERS AND AUTHORIZING
THE ESTABLISHMENT OF CHECKING AND DEPOSIT ACCOUNTS WITH CITIZENS
BUSINESS BANK AND CITIZENS TRUST
BACKGROUND:
Agency Check Signers - On February 4, 2008, the Community Development Commission of the City
of San Bernardino ("Commission") adopted a Resolution designating Mayor Patrick J. Morris, who
serves as the Chairperson of the Commission, as the primary signatory on all Agency checks and wire
transfers and Council Member Esther Estrada as an alternate signatory to Chairperson Morns. At the
same time, the Commission also designated Emil A. Marzullo, Interim Executive Director, as the co-
signer on Agency checks and wire transfers, and designated Don Gee, Deputy Director, as the alternate
co-signer to Mr. Marzullo. The Commission also adopted a Resolution appointing Mr. Marzullo as
Secretary of the Commission and Mr. Gee as Assistant Secretary of the Commission.
Agency Deposits — Currently, the Commission deposits funds that are needed on a short-term basis
with Wells Fargo Bank and the State of California Local Agency Investment Fund ("LAIF"). To
diversify investment returns and to maximize investment earnings for the Agency, Staff is seeking to
expand the number of financial institutions with which Agency deposits will be placed and to establish
additional checking accounts with more favorable rates, charges and incentives to the Agency.
Citizens Trust was identified as a financial institution that offered a comparable risk and safety factor
but with a significant increase in return for short-term deposits. Citizens Trust also, through Citizens
Business Bank, offered business development programs and business loan programs that would
complement many of the business development and assistance programs that were being developed
and implemented by the Economic Development Agency to attract and to retain businesses in the City.
CURRENT ISSUE:
To reflect the current structure of the Common Council with the manner in which the designation of
the Mayor Pro Tent is undertaken, the Agency check signers should be identified by positions and not
by names. The Mayor as the Chairperson of the Commission would be designated as the primary
signatory and the Mayor Pro Tern would be designated as the alternate signatory on all Agency checks
and wire transfers. The co-signer on Agency checks and wire transfer would be the Executive Director
and the alternate to the Executive Director would be the Deputy Director.
To maximize investment earnings and to diversify investment returns as well as to work with a
business-oriented local financial institution, Staff recommends that one or more checking and other
deposit accounts be established with Citizens Business Bank and Citizens Trust.
ENVIRONMENTAL IMPACT:
No impact under CEQA pursuant to Section 15301. �{�
PNpndac\CommD Co=ismon\CDC 2010\02-1510 Citizens Bank-Investment Ma anent Agmt SRdm COMMISSION MEETING AGEKDA
Meeting Date: 02/16/2010
Agenda Item Number: , .2q
Economic Development Agency Staff Report
Citizens Trust—Investment Management Agent
Page 2
FISCAL IMPACT:
There is no fiscal impact at this time.
RECOMMENDATION:
That the Community Development Commission adopt the attached Resolution.
Emil A. Marzullo,Interim Executive Director
I
it
P1AgendasTomm Dev Commi>uonTDC XIM-IS10 Citizens Buds-lnvestmvrc Management Agent S&dm COMMISSION MEETING AGENDA
Meeting Date: 02/16//2010
Agenda Item Number: _ }C/1L9
i
1 RESOLUTION NO. COPY
2
3 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
4 THE DESIGNATION OF CHECK SIGNERS AND CO-SIGNERS FOR THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND
5 AUTHORIZING THE DEPOSIT OF AGENCY FUNDS WITH CITIZENS
6 BUSINESS BANK AND CITIZENS TRUST
7 WHEREAS, it is the desire of the Community Development Commission of the City of San
g Bernardino ("Commission") to have the ability to expand the number of local banking institutions
9 providing checking and other banking and deposit services to the Redevelopment Agency of the
10 City of San Bernardino ("Agency") and to maximize the investment earnings and to diversify
11 investment opportunities and minimize risks to the Agency; and
12 WHEREAS, it is desirable to modify the designation of check signers and co-signers on
13 behalf of the Agency to conform with certain reorganization efforts previously undertaken by the
` 14 Mayor and Common Council of the City of San Bernardino ("Council'); and
15 WHEREAS, it is necessary for this Commission to approve all such above referenced
16 actions on behalf of the Agency.
17 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE
18 CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS
19 FOLLOWS:
20 Section 1. The Interim Executive Director of the Agency is hereby authorized to
21 establish one or more checking accounts and deposit accounts with Citizens Business Bank and
22 Citizens Trust. The Interim Executive Director is further authorized and directed to execute such
23 documents and standard form agreements with Citizens Business Bank and Citizens Trust as may be
24 necessary to implement the intent of this Resolution to accommodate the deposit of Agency funds
25 from time-to-time with Citizens Business Bank and Citizens Trust for the establishment of the
26 checking accounts and other deposit accounts pursuant to this Resolution in conformity with the
err, 27 adopted Agency investment policies as the same may be amended from time-to-time by this
28 Commission and as such may be applicable to any of said accounts.
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1 Section 2. The Commission hereby authorizes and approves (i) the Mayor as the
2 Chairperson of the Agency as the primary signatory and (ii) the Mayor Pro Temp as the alternate)
3 signatory for all checks and fund transfers of the Agency, and the Commission further authorizes
4 and approves the Executive Director, or the Interim Executive Director, as applicable, of the Agency
5 and the Deputy Director of the Agency as co-signers for all such checks and fund transfers of the
6 Agency.
7 Section 3. This Resolution shall take effect from and after its date of adoption by this
8 Commission.
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P UgcnduV a [ ions\Pewlwions 2010\02-1610 Citi m Tma-lnve ffl Acwwt CDC Rn dm
i
I RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
2 THE DESIGNATION OF CHECK SIGNERS AND CO-SIGNERS FOR THE
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND
AUTHORIZING THE DEPOSIT OF AGENCY FUNDS WITH CITIZENS
4 BUSINESS BANK AND CITIZENS TRUST
5
6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
7 Development Commission of the City of San Bernardino at a meeting
8 thereof, held on the day of , 2010, by the following vote to wit:
9 Commission Members: Ayes Nays Abstain Absent
ESTRADA
10
BAXTER
11
BRINKER
12
SHORETT _
13 KELLEY _
14 JOHNSON
15 MC CAMMACK _
16
17
18 Secretary
19
The foregoing Resolution is hereby approved this day of 2010.
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22
Patrick J. Morris, Chairperson
23 Community Development Commission
24 of the City of San Bernardino
25 Approved as to Form:
26
27 By.
Agency Cvunsel
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