2022-33 RESOLUTION NO. 2022-33
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, USER AGREEMENT GOVERNING USE OF
E-CONNECT-DIRECT BY THE CITY OF GRAND TERRACE
WHEREAS, that a meeting of the City Council of the City of Grand Terrace
organized under the laws of the State of California (Investor), which at said meeting a
quorum was present and acting throughout, the following preamble and resolutions
were adopted and have been and now are in full force and effect; and
WHEREAS, the City of Grand Terrace is duly authorized and permitted by its
Charter, Bylaws and/or investment policies to:
SECTION 1. Engage in cash settlement transactions for the purchase"& physical
certificates of deposit(s) (CDs) purchased through eConnectDirect or through any
introducing agent.
SECTION 2. Engage in cash settlement transactions in the form of CDs held in
safekeeping at federally insured financial institutions.
SECTION 3. Engage in cash or DVP (delivery versus payment) settlement
transactions in securities including, but not limited to debt instruments, bond
debentures, notes and CDs; and other fixed-income securities, including but not limited
to U.S. government agency bonds, corporate bonds, municipal bonds, mortgage-
backed securities, collateralized mortgage obligations and Treasury bonds, notes and
bills.
SECTION 4. Receive on behalf of the Investor or deliver to the Investor or a
designated third party, monies, bonds or other securities.
SECTION 5. Sell, assign or endorse for transfer bonds or other securities
registered in the name of the Investor.
SECTION 6. Establish and maintain safekeeping accounts with Fedwire and
ACH privileges from which account funds are directly spent, and the responsibility for
which is entirely that of the Investor. Said privileges will be limited to the persons
designated by the Investor. Each designated person can independently perform the
prescribed privileges.
NAME TITLE SIGNATURE
Konrad Bolowich City Manager
Terry Shea Interim Finance Director
CC Reso No. 2022-33 Page 1 of 2 June 14, 2022
NOW THEREFORE BE IT RESOLVED that the City of Grand Terrace can open
an account or accounts in its name with a safekeeping agent, introducing broker, or
federally insured financial institution offering CD rates through eConnectDirect or
through any introducing agent and that the persons named above, or their successors in
office, may, on behalf of the Investor or any one of them acting individually, be and they
are hereby authorized to (1) give or submit orders in said account(s) for the purchase,
sale or other disposition of CDs, bonds and other securities listed on eConnectDirect or
offered by any introducing broker; (2) make, execute, deliver or submit directly or
through the services of eConnectDirect any and all written endorsements and
documents necessary to effectuate closure or the disbursements of funds of or from the
Investor account; (3) may at any time while the account is open modify, amend, submit
or enter into any other arrangement with the safekeeping agent of its CD or securities.
This authorization to each of said officers is to remain in full force and effect until other
written notice of revocation is submitted to the safekeeping agent(s) and MBS
PASSED, APPROVED AND ADOPTED by the City Council of the City of Grand
Terrace at a regular meeting held on the 14th day of June 2022.
Da cy Mc
Ma
:TrEST:
a Thom s
City Clerk
APPROVED AS T M:
Adrian R. Guerra
City Attorney
CC Reso No. 2022-33 Page 2 of 2 June 14, 2022
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF GRAND TERRACE )
Debra L. Thomas, City Clerk of the CITY OF GRAND TERRACE, CALIFORNIA,
DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2022-33
was duly passed, approved and adopted by the City Council, approved and signed by
the Mayor, and attested by the City Clerk, at the regular meeting of said City Council
held on the 14th day of June 2022, and that the same was passed and adopted by the
following vote:
AYES: Council Members Allen, Wilson, Robles; Mayor Pro Tem Hussey;
Mayor McNaboe
NOES: None.
ABSENT: None.
ABSTAIN: None.
Executed this 16th day of June 2022, at Grand Terrace, California.
Au
Debra L Tl omas_ -
City Clerk