HomeMy WebLinkAboutA200 AgendaCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: March 5, 2013
AGENDA ITEM NO.
ITEM TITLE:
Resolution of the City Council of the City of National City authorizing the reinvestment of $2 million in
a CDARS account with Neighborhood National Bank for a one-year term.
PREPARED BY: Mark Roberts, Director of Finance DEPARTMENT: Finance
PHONE: 619-336-4265 APPROVED BY: -;lie
EXPLANATION:
The City of National City deposited $2 million in a Certified Deposit Account Registry Service ("CDARS")
account with Neighborhood National Bank in September 2007. This investment will mature March 7,
2013.
A decision regarding reinvestment of these funds must be made prior to the maturity date.
As of February 26, 2013, the 12-month rate at which the City of National City can renew the CDARS
account, as provided by the Neighborhood National Bank, is .65%.
By comparison, the current or most recent rates of return of the City's other investments are:
San Diego County Pooled Money Fund — .435%;
Local Agency Investment Fund ("LAIF") — .3%; and
Chandler Asset Management — .173%*.
* gross average portfolio market yield -to -maturity "annualized"
FINANCIAL STATEMENT:
See attached.
APPROVED: y ,(l v-f.=e y Finance
APPROVED: MIS
ENVIRONMENTAL REVIEW:
This is not a project and, therefore, not subject to environmental review.
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Adopt the resolution.
BOARD / COMMISSION RECOMMENDATION:
NA
ATTACHMENTS:
1.Resolution