HomeMy WebLinkAboutResolutionRESOLUTION NO. 2014 —
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE REINVESTMENT OF $2 MILLION IN A CERTIFICATE
OF DEPOSIT ACCOUNT REGISTRY SERVICE ACCOUNT WITH
NEIGHBORHOOD NATIONAL BANK FOR A ONE-YEAR TERM
WHEREAS, in September, 2007, the City of National City deposited $2 Million in
a Certificate of Deposit Account Registry Service ('CDARS") account with Neighborhood
National Bank; and
WHEREAS, this investment has matured and must be reinvested prior to the
maturity date.
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby authorizes
the reinvestment of $2 Million in a Certificate of Deposit Account Registry Service ("CDARS' )
account with Neighborhood National Bank.
PASSED and ADOPTED this 18th day of February, 2014.
Ron Morrison, Mayor
ATTEST:
Michael R. Dalla, City Clerk
APPROVED AS TO FORM:
Claudia Gacitua Silva
City Attorney