HomeMy WebLinkAboutR-2004-042 trading of security notes RESOLUTION NO. 2004- 042
• A RESOLUTION OF THE CITY OF DANIA BEACH, FLORIDA,
AUTHORIZING THE DIRECTOR OF FINANCE TO EXECUTE
THE TRADING OF AGENCY NOTES AND TO AUTHORIZE
EXECUTION OF SUCH TRADES BY THE ASSISTANT
FINANCE DIRECTOR IN THE ABSENCE OF THE FINANCE
DIRECTOR; PROVIDING FOR CONFLICTS; FURTHER,
PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA:
Section 1. That the Director of Finance is authorized to execute the trading of
agency notes on behalf of the City, and, in the absence of the Finance Director, the
Assistant Finance Director is authorized to execute any such trade with the prior
approval of the City Manager;
Section 2. That all resolutions or parts of resolutions in conflict with this
resolution shall be repealed to the extent of such conflict.
Section 3. That this resolution shall be in force and take effect immediately
upon its passage and adoption.
PASSED and ADOPTED this 9th day of March, 2004
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C. M EL
MAYOR — C&MMISSIONER
AT ST: ROLL CALL:
COMMISSIONER ANTON - YES
COMMISSIONER CHUNK - YES
MIRIAM NASSER COMMISSIONER FLURY -YES
ACTING CITY CLERK VICE MAYOR MIKES - YES
MAYOR MCELYEA - YES
1 RESOLUTION NO. 2004- 042
APPROVED AS TO FOR AND CORRECTNESS:
BY: ;
THOM S J"A
CITY ATT-RNEY
2 RESOLUTION NO. 2004- 042
Agenda Request Form
City of Dania Beach
Agenda Item;0 7o- 6
Date of Commission meeting: 3/9/2004
Description of Agenda Item: Approve alternate designee for trading of securities
Commission action being requested:
Adopt Resolution or Ordinance ® Expenditure ❑ Award BID / RFP ❑
Presentation ❑ General approval of item ❑ Continued from meeting
Oth(Pleaseezplain) f � E
s
Summary expl anation and'background , s
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The City purchased three securities with different maturity dates and call dates. Currently, the
Director of Finance is the only person who is allowed to perform the trading. Staff is recommending
® that an alternate designee be appointed to perform trading at the absence of the Director of Finance
should emergency circumstances arise that requires the selling of the securities after approval by the City Manager
a
Attached ezhibitsan�d adtlitional"backup rnatenals(Pleas list),
Staff Memo
Resolution
For purchasing requests ONLY
Department: Amount:
Fund: General: ❑ Water: ❑ Sewer: ❑ Stormwater: ❑ Grants: ❑ Capital: ❑
Account Name: Account Number:
Submitted by: pvarney Date: 3/3/2004
Department Director: Patricia Varney Date: 3/3/2004
Admin. Services Director Date:
® Finance Director: Patricia Varney Date: 3/3/2004
City Manager: Ivan Pato Date: 3/3/2004
® = CITY OF DANIA BEACH
- DEPARTMENT OF FINANCE
MEMORANDUM
TO: Ivan Pato, City Manager Memo: DF-04-18
FROM: Patricia Varney
DATE: March 3, 2004
SUBJECT: Alternate designee for execution of trades
Purpose
Alternate designee for execution of trade for agency notes.
Background
Under the City's Charter, the Director of Finance is authorized to invest City's surplus funds
according to law. In February, the City has purchased three agency notes issued by the Federal
® Home Loan Bank for a total investment of$2,100,000. All three securities have different call
dates, maturity dates with different rate of return. However, should emergency occurs and the
City need to sell these securities, an alternate designee should be appointed to perform the trade
in the absence of the Director of Finance.
1, therefore recommend that the Assistant Finance Director be the alternate designee and any
execution of trading must be pre-approved by the City Manager.