HomeMy WebLinkAbout18-038 Authorizing the Establishment of a Third-Party Safekeeping Account to Hold Investment Securities of the CityResolution 18-038
RESOLUTION 18-038
A RESOLUTION OF THE CITY COUNCIL OF PORT TOWNSEND, WASHINGTON,
AUTHORIZING THE ESTABLISHMENT OF A THIRD -PARTY SAFEKEEPING
ACCOUNT TO HOLD INVESTMENT SECURITIES OF THE CITY
WHEREAS, at times, the City of Port Townsend may wish to participate in qualified
investment vehicles; and
WHEREAS, the investment policy outlined in the City's Comprehensive Financial
Policies sets forth the allowable investment vehicles; and
WHEREAS the Government Finance Officers Association recommends the
establishment of a third -party safekeeping account, in a qualified financial institution that is
separate from the City's depository bank, to facilitate the transfer of investment dollars and the
subsequent receipt of investment securities; and
WHEREAS US Bank, who is not the City's depository bank, provides such safekeeping
account services for governmental entities;
NOW THEREFORE, BE IT RESOLVED that the City Council authorizes the
establishment of a third -party safekeeping account with US Bank to facilitate the transfer of
investment dollars and receipt of investment securities.
BE IT FURTHER RESOLVED that the City Council designates Finance &
Administrative Services Director Nora Mitchell, the "authorized individual" to establish the
account and to be the primary signer on the account and to designate additional signers as needed
to facilitate timely and prudent investment of the City's fund.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 6th day of August 2018.
Attest:
Joanna Sanders, MMC
City Clerk
Wei)oraNtin"so"n
Mayor
Approved as to form:
Alidi aGrcen ooc
City Attorney