HomeMy WebLinkAboutCC RESO 96-113RESOLUTION NO, 96-113
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE A
CASH MANAGEMENT SWEEP AGREEMENT AND A
CASH MANAGEMENT SERVICES AGREEMENT
WITH THE BANK OF AMERICA, AND A
MASTER REPURCHASE AGREEMENT
WHEREAS, the City from time to time may have excess collected balances
in its deposit accounts at the Bank of America; and
WHEREAS, pursuant to a Cash Management Sweep Agreement and Cash
Management Services Agreement proposed by the Bank of America, the Bank may
"sweep" the City's available excess collected balances into overnight repurchase
transactions with the Bank; and
WHEREAS, it is further proposed that the transfer of City excess collected
balances pursuant to overnight repurchase transactions be secured by the temporary
transfer of securities or other financial instruments to the City pursuant to a Master
Repurchase Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of National City that the Mayor is authorized to execute a Cash Management Sweep
Agreement and a Cash Management Services Agreement with the Bank of America, and
a Master Repurchase Agreement. Said Agreements are on file in the Office of the City
Clerk.
PASSED and ADOPTED this 16th day of July, 1996.
TLL�a
George H. aters, Mayor
ATTEST:
Lori nne Peoples, City Clrk
APPROVED AS TO FORM:
Ge4, gOd
orge H. Eiser, III
City Attorney