HomeMy WebLinkAboutCC RESO 2009-201RESOLUTION NO. 2009 — 201
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE INVESTMENT OF $1 MILLION IN THE
CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICES (CDARS) PROGRAM
WITH NEIGHBORHOOD NATIONAL BANK
WHEREAS, on August 21, 2007, the City Council approved an amendment to the City's Investment policy
which made Certificate of Deposit Account Registry Services (CDARS) an eligible investment category; and
WHEREAS, CDARS became statutorily authorized by the enactment of the California Government Code
Section 53601.8, effective January 1, 2007; and
WHEREAS, Neighborhood National Bank (NNB) has confirmed that they will match the Local Agency
Investment Fund interest rate at the time of the investment of funds; and
WHEREAS, on September 4, 2007, the City Council approved a $2 Million investment in the CDARS
program with Neighborhood National Bank at a competitive rate of return of 5.13% with an 18 month maturity; and
WHEREAS, on June 17, 2008, the City Council approved an additional $1 Million investment dated July
24, 2008 at a competitive rate of return of 3.15% with a 12 month maturity; and
WHEREAS, the original investment of $2 Million matured in March 11, 2009 and was re -invested at a rate
of 2.75%; and
WHEREAS, on July 23, 2009, the $ 1 Million investment matured and was re -deposited in the City of
National City's Local Agency Investment Fund; and
WHEREAS, NNB has made 10 loans from August 2008 through August 2009 totaling $4,966,650; and
WHEREAS, NNB has now offered to re -invest $1 Million at a rate of return of 1.51% with a 12 month
maturity.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of National City hereby
authorizes an investment in the CDARS program with Neighborhood National Bank of $1 Million at a rate of return of
1.51% with a 12 month maturity
PASSED and ADOPTED this 18th day of August, 200
on Morrison, Mayor
ATTEST:
Michel R. Dalla, Cit Clerk
APPROVED AS TO FORM:
George H. Eiser, Ill
City Attorney
Passed and adopted by the Council of the City of National City, California, on August
18, 2009 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Parra, Sotelo-Solis, Van Deventer, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
!1
City
A"
lerk of the City of ational City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2009-201 of the City of National City, California, passed and
adopted by the Council of said City on August 18, 2009.
City Clerk of the City of National City, California
By:
Deputy