CC Resolution 1999-003d_W RESOLUTION NO.99-03
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF LA QUINTA, CALIFORNIA, TO
OPEN A U.S. TREASURY MONEY MARKET
ACCOUNT WITH WELLS FARGO BANK
WHEREAS, the City Council by its authority under the La Quinta Municipal
Charter; and
WHEREAS, the City Council approved by Ordinance No. 328 a Developer
Agreement with Stamko Development Company which provides that an interest
bearing checking account shall be set up with Wells Fargo Bank that would require
signature from designated individuals by the City and by Stamko Development
Company; and
WHEREAS, the City has determined that the most appropriate type of account
is a 100% Treasury Money Market Stagecoach Fund; and
WHEREAS, the individuals designated for signature for the City are the officials
acting as Mayor, Mayor Pro Tern, City Manager and Finance Director and for Stamko
Development Company is Christine F. Clarke, President of Kestam.
BE IT RESOLVED the City Council here resolves and determines as follows:
1. A 1 00% Treasury Money Market Stagecoach Fund shall be opened in the
City's name.
2. The signatures required for checks shall include two signatures from the
City and the signature of Christine F. Clarke for Stamko Development
Company.
3. Any modification or change in this account would require express written
notice to Wells Fargo by a resolution of the City Council certified by the
City Clerk.
4. The City Manager or his delegate shall be authorized to perform any
functions necessary to carry out the opening and management of the
above money market account.
PASSED, APPROVED and ADOPTED this 5th day of January, 1 999 by the
following vote:
BIB]
03-12-1999-U01
03:47:06PM-U01
ADMIN-U01
CCRES-U02
99-U02
03-U02
d_WResalution No.99-03
Adopted: 115199
Page 2
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: None
ENA,yor
City of La Quinta, California
ATTEST:
RAL?;A,CiWClerk
City of La Quinta, California
APPROVED AS TO FORM:
DAWNC H
City of La Quinta, California
BIB]
03-12-1999-U01
03:47:06PM-U01
ADMIN-U01
CCRES-U02
99-U02
03-U02