HomeMy WebLinkAboutRES-12-6822 (ASSURANCES AND ESTABLISHING ADDITIONAL SAFEGUARDS)1
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RESOLUTION NO. 12-6822
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HERMOSA
BEACH, CALIFORNIA, PROVIDING ASSURANCES AND
ESTABLISHING ADDITIONAL SAFEGUARDS IN THE MANAGEMENT
OF CITY FUNDS
THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH,
DOES RESOLVE AS FOLLOWS:
SECTION 1. Findings. The City Council finds as follows:
1. The City's funds are currently managed in a safe and prudent manner, with
safeguards in place to assure that City funds cannot be misdirected or misappropriated.
2. Existing safeguards include dual controls on all wire transfers and all City checks.
3. Notwithstanding the foregoing, additional measures are deemed advisable to provide
City Council and the public with the assurance that City funds are managed in the safest mat
possible.
SECTION 2. Upon adoption of this Resolution, the City Manager is directed as follows:
1. Contractual relationships with any brokerage entities to be engaged by the City to inve
City funds shall be subject to the prior review and approval of the City Council.
2. All investment transactions must be authorized by the City Manager or Finance Director.
3. The sole authorized signators on City banking and brokerage accounts shall be the Ci
Manager, the Finance Director and Accounting Supervisor.
4. In the event of the incapacity of the City Treasurer, the functions of the City Treasur
shall be performed by the Finance Director under the direct supervision of the City Manager.
5. Return to the City Council within ninety days with a proposed Code of Ethics f
consideration by the Council.
6. Return to the City Council with a resolution amending Resolution No. 90-5378 to clari
that administration of bond issues in the Treasurer duties is limited to investment of bo1
proceeds.
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12-6822
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7. Clarify the line of authority over the Deputy City Treasurer in the City
chart.
SECTION 3. This Resolution shall take effect December 11, 2012.
SECTION 4. The City Clerk shall certify to the passage and adoption of this Resolutior
shall enter the same in the book of original Resolutions of said city, and shall make minutes c
the passage and adoption thereof in the records of the proceedings of the City Council at whic
the same is passed and adopted.
PASSED, APPROVED and ADOPTED this 11`h day of December, 2012.
ATTEST:
City Clerk
I --
Council and MAYOR of the City of Hermosa Beach, California
c
Icy n«UIIICy
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12-6822
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF HERMOSA BEACH
I, Elaine Doerfling, City Clerk of the City of Hermosa Beach, California, do
hereby certify that the foregoing Resolution No.12-6822 was duly and regularly passed,
approved and adopted by the City Council of the City of Hermosa Beach at a Regular
Meeting of said Council at the regular place thereof on December 11, 2012.
The vote was as follows:
AYES: Bobko, DiVirgilio, Fishman, Tucker, Mayor Duclos
NOES: None
ABSTAIN: None
ABSENT: None
Dated: December 11, 2012
Elaine Doerfling, City Cle c