HomeMy WebLinkAboutCC RESO 2011-244RESOLUTION NO. 2011 - 244
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE AN AGREEMENT
WITH CHANDLER ASSET MANAGEMENT, INC., TO PROVIDE
INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY SERVICES
FOR A TWO-YEAR TERM WITH THREE ADDITIONAL ONE-YEAR
OPTIONS, AND FEES BASED ON THE AVERAGE BALANCE OF
ASSETS UNDER CHANDLER'S DIRECT MANAGEMENT AT
THE ANNUAL RATE OF SIX BASIS POINTS (0.06 OF 1 %)
WHEREAS, the City desires to employ an investment management firm to
provide investment management and investment advisory services; and
WHEREAS, it has been determined that Chandler Asset Management, Inc.
("Chandler"), is qualified by experience and ability to perform the services desired by the City,
and is willing to perform such services; and
WHEREAS, the term of the Agreement will be for two-year with three additional
one-year options, and fees based on the average balance of assets under Chandler's direct
management at the annual rate of six basis points (0.06 of 1%).
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby authorizes the Mayor to execute an Agreement between the City of
National City and Chandler Asset Management, Inc., to provide investment management and
investment advisory services for a two-year term with three additional one-year options, and
fees based on the average balance of assets under Chandler's direct management at the
annual rate of six basis points (0.06 of 1 %). Said Agreement is on file in the office of the City
Clerk.
PASSED and ADOPTED this 15th day of November, 2011.
on Morrison, Mayor
ATTEST:
614-
Michael R. Dalla, Cit Clerk
AP' ' •VED AS Ta FORM:
I. �Ihd ,a._.+r.�/.1
Clania Gac'tu: Sil a
City Attorney
Passed and adopted by the Council of the City of National City, California, on
November 15, 2011 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
City C erk of the City of Na onal City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2011-244 of the City of National City, California, passed and
adopted by the Council of said City on November 15, 2011.
City Clerk of the City of National City, California
By:
Deputy