CC Resolution 8064RESOLUTION N0. RnFa
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CAMPBELL AUTHORIZING A CHANGE IN THE COMMUNITY
DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM BANK ACCOUNT
WHEREAS, the City needs a financial institution to maintain CDBG funds
used for rehabilitation loans and grants; and
WHEREAS, the City has been satisfied with the services provided by
Mercury Savings, which recently converted to Security Pacific
Bank, but which has not created any substantial changes; and
WHEREAS, the City wishes to remain with Security Pacific Bank, but
also desires to earn a higher interest on its savings account; and
WHEREAS, the City can earn more interest by transferring to a Money
Market Savings Account;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Campbell that the City close its CDBG general savings account located at
Security Pacific Bank and open a money market savings account at the same
bank;
AND, BE IT FURTHER RESOLVED that the City Council of the City of
Campbell hereby approves the Redevelopment Director, the Finance Director,
and the Assistant City Manager as the signatories of those persons who
will have responsibility to execute CDBG transactions.
PASSED AND ADOPTED this 5th day of February, 1991, by the following
roll call vote:
AYES: COUNCILMEMBERS: Ashworth, Burr, Watson, Conant, Kotowski
NOES; COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
APPROVED:
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ICHAEL F. KOTOWSKI, MAYOR
ATTES
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rbara Olsasky, City GIE