HomeMy WebLinkAbout2001-05-15; City Council; Resolution 2001-143EXHIBIT 2
RESOLUTION. 2001-143
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE CUSTODY SERVICES CONTRACT FOR CITY
INVESTMENTS WITH THE UNION BANK OF CALIFORNIA
WHEREAS, the City of Carlsbad wishes to commence a contract for custody
services for City investments on February 1, 2001; and
WHEREAS, the City Treasurer solicited proposals from seven financial
institutions to provide custody services; and
WHEREAS, proposals were analyzed and reviewed by an ad hoc committee;
and
WHEREAS, the ad hoc committee unanimously concurred that the Custody
Services Proposal submitted by Union Bank of California was the best overall for
custody services; and
WHEREAS, Union Bank of California has provided by City with excellent
service since November 1997.
WHEREAS, Union Bank of California has been providing necessary banking
services for the City since January 31, 2001 without the benefit of an agreement; and
WHEREAS, the City desires to ratify any banking services performed by
Union Bank of California without the benefit of an agreement:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Carlsbad, California as follows:
1. That the above recitations are true and correct.
2. That Union Bank of California offers a five-year contract with an option to
extend for two additional years to provide custody services for City
3.
4.
investments. The City council accepts the offer and the contract will
commence on February 1,200l.
The effective date of the contract will be February 1, 2001 and any
banking services performed by Union Bank of California after that date is
hereby ratified.
That the City Treasurer is hereby authorized to sign the attached
Agreement for Custody Services (Attachment ‘B”) and any other
documents necessary to carry out the intent of the resolution upon advise
of the City Attorney.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council on the 15th
day of May , 2001, by the following vote, to wit:
AYES: Counicl Members Lewis, Finnila, Nygaard and Hall.
NOES: None.
ABSENT: Council Member Kulchin.
ATTEST: