HomeMy WebLinkAbout89-20 CC ResolutionRESOLUTION NO. 89-20
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA APPROVING OPENING OF AN
INTERIM BANK ACCOUNT AND AUTHORIZING THE
MAYOR TO SIGN CHECKS
THE CITY COUNCIL OF THE CITY OF TEMECULA FINDS AS FOLLOWS:
WHEREAS, the City of Temecula (the"City") was incorporated on December 1,
1989; and
WHEREAS, the City now or soon will be in receipt of funds; and
WItEREAS, the City Council must provide for the deposit of such funds pursuant to
the Government Code; and
WltEREAS, the City has requested proposals from local banks and has received a
proposal from Overland Bank, which proposal provides for and is attached and incorporated
as Exhibit "A".
WHEREAS, the City has reviewed the proposed investments and finds them wise and
expedient.
WHEREAS, the City must designate officers authorized to sign checks drawn on the
account.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMECULA
DOES RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
That the City Treasurer is authorized to open an account in the City's name at
Overland Bank, Temecula Branch on the terms and conditions set out in the attached
proposal; and
That the funds deposited in such account may be invested in those investments set out
in the proposal as authorized by Government Code Section 53601;
That the Mayor or Mayor Pro Tem; Treasure or City Manager are authorized to sign
checks drawn on this account after approval by the Council.
Resos 89-20
APPROVED AND ADOPTED this 12th day of December, 1989.
ATTEST:
Frank Aleshire, City Clerk
Ron J. Parks, Mayor
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) SS
CITY OF TEMECULA )
I, F.D. Aleshire, City Clerk of the City of Temecula, HEREBY DO CERTIFY that
the foregoing Resolution No. 89-20 was duly adopted at a regular meeting of the City of
Temecula on the 12th day of December, 1989, by the following roll call vote:
AYES:
3 COUNCILMEMBERS: Lindemans, Moore, Mufioz,
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN: 2
COUNCILMEMBERS: Birdsall, Parks
Flank Aleshire, City Clerk
Resos 89-20
EXHIBIT "A "
OVERLAND
BANK
December 8, 1989
Mr. Frank Aleshire
City Manager
City of Temecula
c/o Temecula Valley Chamber of Commerce
P.O. Box 264
Temecula, California 92390
Dear Mr. Aleshire:
On behalf of Overland Bank, the only bank headquartered in the City
of Temecula, we would like to extend the following proposal to
provide financial services to our newly incorporated city.
Overland Bank is prepared to offer the following accommodations:
$300,000 open Line of Credit for a period of six (6) months
at Overland Bank's prime rate minus (-) 1.0% per annum subject
to adjustment daily. Accrued interest will be due monthly and
the balance of principal and interest will be due at maturity.
A "Receiving Account" will be established in the form of a
Money Market Account at a daily interest rate of 6.5% per
annum and would allow for six withdrawals from this account
each month.
A "General Account" will be established in the form of a
N.O.W. account which will pay interest at a rate of 4.75%
annually, payable monthly. This account will have unlimited
check writing privileges.
Deposit courier services will be provided daily for pickup of
all non-cash deposits and bank transactions. This service can
also be accessed by telephone request on a non-scheduled
basis.
Payroll accounting services will be provided at no charge to
the City for all employees paid twice monthly by check.
27710 Jefferson Avenue · P.O. Box 1360 · Rancho California/Temecula, CA 92390 · (714) 676-6700
Frank Aleshire
Page 2
December 8, 1989
Overland Bank is honored to bid on these financial services and
pledges the personal attention of senior officers and staff to
assist in the efficient conduct of banking and financial matters
of the City of Temecula. The commitment to lend is obviously
contingent on the passing of proper resolutions by the council to
encumber the city as well as the identificati6n of taxing authority
and specific sources of revenue.
As the only local independent bank we appreciate your and our
council's dedication and commitment to this community. We pledge
our full support in the pursuit of the best interests of the
citizens of the City of Temecula.
Sincerely,
President and
Chief Executive Officer
ARM:sah