Rabobank, NA / Deposit of Monies 11A
Rabobank
Contract For Deposit of Monies
THIS CONTRACT, relating to the deposit of monies, made as of July 5. 2011 between Thomas P.
Genovese City Manager and lohn M. Falconer City Treasurer, (hereinafter designated "Treasurer") acting
in his or her official capacity as Treasurer (Treasurer, Finance Director, etc.), of the City of La Ouinta. CA
(hereinafter designated "Depositor"), and RABOBANK, N.A., (hereinafter designated Depository), having a
shareholder's equity of Two Billion One Hundred Thirty Five Million Seven Hundred Ninety Thousand Nine
Hundred Forty Six Dollars ($2,135,790,946) as of 12/31/2010.
WMESSETH
WHEREAS, the Treasurer proposes to deposit in the Depository from time to time, commencing on July 5,
2011, monies in his custody in an aggregate amount on deposit at any one time not to exceed $40 million
Dollars (140,000,000.00), or the total of the paid -up capital and surplus of the Depository, whichever is the
lesser amount, and said monies will be deposited subject to Title 5, Division 2, Part 1, Chapter 4, Article 2
(commencing with Section 53630) of the Government Code of the State of California; and
WHEREAS, said.provisions of the Government Code require the Treasurer to enter into a contract with the
Depository setting forth the conditions upon which said monies are deposited; and
WHEREAS, in the judgment of the Treasurer, this contract is to the public advantage;
NOW, THEREFORE, it is agreed between the parties hereto as follows:
1. This contract cancels and supersedes any previous contracts between the Treasurer and the Depository.
relating to the method of handling and collateralization of deposits of monies.
2. This contract, but not deposits then held hereunder, shall be subject to termination by the Treasurer or the
Depository at any time upon 30 days written notice. Deposits may be withdrawn in accordance with the
agreement of the parties and applicable federal and state statutes, rules and regulations. This contract is
subject to modification or termination upon enactment of any statute, rule or regulation, state or federal,
which, in the opinion of the Administrator of the Local Agency Security, is inconsistent herewith,
including any changes relative to the payment of interest upon monies so deposited by the Treasurer.
Upon notification from the administrator, the Treasurer may withdraw deposits in the event the
Depository fails to pay assessments, fines, or penalties assessed by the administrator.
3. Interest shall accrue on any monies
States or by any rule or regulation
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so deposited as permitted by any act of the Congress of the United
of any department or agency of the Federal Government adopted
Financ&Treasury I
pursuant thereto. If interest may legally be paid, all monies deposited in accordance with this contract
shall bear interest at a rate agreed upon by the Treasurer and the Depository.
4. The Depository shall issue to the Treasurer at the time of each inactive deposit, a receipt on a form agreed
to by the Depository and the Treasurer, stating the interest to be paid, if any, the duration of the deposit,
the frequency of interest payments, and the terms of withdrawal. Each such deposit receipt is by
reference made a part of this contract_
5. As security for said deposit, the Depository shall at all tunes maintain with the Agent of Depository
named herein,. commencing forthwith, eligible securities having a market value at least 10% in excess of
the actual total amount of local agency monies on deposit with the Depository. If any eligible security is
determined by the administrator of Local Agency Security of the state of California in accordance with
Government Code Section 53661 to be not qualified to secure public deposits, additional security shall be
substituted immediately by the Depository, as necessary, to comply with the requirements of this
Paragraph.
6. Eligible securities are those listed in Government Code Section 53651.
7. The Agent of Depository, authorized by the Treasurer and the Depository to hold the eligible securities
posted as collateral under this contract, is Union Bank of California, N.A. (see Section 8 below). Said
Agent of Depository has filed with the Administrator of Local Agency Security of the State of California
an agreement to comply in all respects with the provisions of Title 5, Division 2, Part 1, Chapter 4, Article
2 (commencing with Section 53630) of the Government Code.
8. Authority for placement of securities for safekeeping in accordance with Government Code Section
53659 is hereby granted to the Agent of Depository, including placement with any Federal Reserve Banks
Or branch thereof, pursuant to Government Code section 53657, or the Federal Home Loan Bank of San
Francisco.
9. If the Depository fails to pay all or part of any deposits of the Treasurer which are subject to this contract
when ordered to do so in accordance with the terms of withdrawal set forth on the deposit receipt (which
is by reference made a part hereof), the Treasurer will immediately notify, in writing, the Administrator of
Local Agency Security. Action of the Administrator in converting the collateral required by Paragraph 5
above for the benefit of the Treasurer is governed by Government Code Section 53665.
10. The Depository may add, substitute or withdraw eligible securities being used as security for deposits
made hereunder in accordance with Government Code Section, 53654, provided the requirements of
Paragraph 5 above are met.
11. The Depository shall have and hereby reserves the right to collect the interest on the securities, except in
cases where the securities are liable to sale or are sold or converted in accordance with the provisions of
Government code Section 53665.
12. The Depository shall bear and pay the expense of transportation of eligible securities maintained as
collateral to and from the designated Agent of Depository.
13. This contract, the parties hereto, and all deposits governed by this contract shall be subject in all respects
to Title 5, Division 2, Part 1, Chapter 4, Article 2 (commencing with Section 53630) of the Government
Code, and of all other state and federal laws, statutes, rules and regulations applicable to such deposits,
whether now in force or hereafter enacted or promulgates, all of which are by this reference made a part
hereof.
1.4. The Treasurer named herein waives the right to collateral based on insurance provided by the Federal
Deposit Insurance Corporation not to exceed the maximum amount insured pursuant to federal law, in
accordance with Government Code section 53653.
N WITNESS WHEREOF, the Treasurer in his official capacity has signed this contract in duplicate and the
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Depository has caused this contract to be executed in like number by its duly authorized officers.
PUBLIC ENTITY TREASURER Rabobank, N.A. (Treasury Department only)
John M. Falconer - City of La QuintR Treasurer Randall Shell 7,S VP/Txeasures,
PUBILIC ENTITY CITY MANAGER
Tho�novese -City
M.
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P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLe TAMPICO (760) 7 7 7 - 7 0 0 0
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
July 6, 2011
Rabobank N.A.
51290 Avenida Bermudas
La Quinta, CA 92253
To Whom It May Concern:
I, John M. Falconer, Finance Director in my official capacity as Treasurer for the City of La
Quinta (The City), do hereby attest that in addition to myself, the following individuals are
authorized signatories on all The City's accounts with Rabobank:
DL Issue DL Expire
Name DL No. Date Date
Thomas P. Genovese N3796123 01/14/10 11/29/1
re
John M. Falconer N3836281 03/25/10 05/15/15
a*� —�14-
I also attest that Thomas P. Genovese and myself are authorized to exercise instructions to
your bank, either in writing or verbally, as it relates to our investments and/or deposit
account transactions on behalf of The City.
This, notice supersedes any certification of authorized individuals you may currently have
on file.
/Sincerely,
`Thomas P. Genovese
City Manager
I l
John M. Falcone///r
4
Finance Director