HomeMy WebLinkAboutR-2022-105 US Bank National Association (USBNA) Fee Schedule for Custodian Services for City Investments RESOLUTION NO. 2022-105
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER TO EXECUTE A
FEE SCHEDULE WITH US BANK NATIONAL ASSOCIATION ("USBNA")
TO SERVE AS CUSTODIAN FOR THE CITY'S INVESTMENT PROGRAM;
PROVIDING FOR CONFLICTS; FURTHER, PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City of Dania Beach has total cash, cash equivalents, and reserves in
excess of$100 million that must be invested in compliance with the City's Investment policy and
Florida Statutes; and
WHEREAS, on April 12, 2022,pursuant to RFQ #2022-008, Public Trust Advisors, LLC
("PTA") was selected by the City Commission for professional investment advisory services; and
WHEREAS, all securities to be purchased through the investment program, with the
exception of certificates of deposits and overnight repurchase agreements(one business day), shall
be held with a third party custodian; and
WHEREAS, the Finance Department recommends that the City Commission utilize
USBNA as custodian for the City's investments;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the above"Whereas"clauses are true and correct, and they are made a
part of and are incorporated into this Resolution by this reference.
Section 2. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 3. That the City Administration is authorized to execute a fee schedule with
USBNA.
Section 4. That the custodian services fee is 0.75 basis points or 0.0075% of the total
assets held in custody.
Section 5. That this Resolution shall be in force and take immediately upon its passage
and adoption.
PASSED AND ADOPTED on July 12, 2022.
ATTEST: p► ®CS• C
THOMAS SCHNE DER, CMC 1 TAMARA JAME
CITY CLERK \ MAYOR
4>4
,48115140)
APPROVED AS TO FROM AND CORRECTNESS:
EV . BO TSIS
CI ATTORNEY
2 RESOLUTION#2022-105