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LS 11.28.16 <br /> RESOLUTION NO. 2016-091 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> SANTA ANA DESIGNATING JP MORGAN CHASE BANK, <br /> N.A., AS THE DEPOSITORY FOR CITY OF SANTA ANA <br /> FUNDS, EFFECTIVE JANUARY 1, 2017, AND <br /> DESIGNATING SIGNATORIES AUTHORIZED FOR THE <br /> PURPOSE OF WITHDRAWAL OF SAID FUND <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA <br /> AS FOLLOWS: <br /> Section 1. The City Council of the City of Santa Ana hereby finds, determines <br /> and declares as follows: <br /> A. The City Council of the City of Santa Ana ("City") has declared a policy of <br /> designating a bank within the City or in its immediate vicinity to act as <br /> depository for the demand deposits of City funds. <br /> B. After receiving and reviewing a number of proposals for the depository <br /> ("banking") services required, the City hereby designates JPMorgan Chase <br /> Bank, N.A., 1300 North Main Street, Santa Ana, California ("Bank"), as the <br /> banking institution that shall receive and act as depository for City funds and <br /> trust funds in control of said City, beginning January 1, 2017, for an initial term <br /> of three (3) years, with one option to extend for an additional two-year term, <br /> exercisable by the City Manager and City Attorney, so long as the pricing for <br /> the option period does not exceed the initial term pricing. Should the optional <br /> extension exceed the pricing of the initial term, such extension shall be subject <br /> to City Council approval. <br /> Section 2. The Executive Director of Finance and Management Services of the <br /> City is hereby authorized for and on behalf of the City, and as its officer and agent, to sign <br /> City of Santa Ana checks for the withdrawal of said funds so deposited, both by facsimile <br /> signature machine-imprinted upon City checks and by manually affixed signature upon <br /> City checks. <br /> Section 3. The Treasury and Customer Services Manager of the City and the <br /> Assistant Finance Director of the City are hereby authorized for and on behalf of the City, <br /> and as agents of the City and deputies of the Executive Director of Finance and <br /> Management Services to sign City of Santa Ana checks for the withdrawal of said funds <br /> so deposited by manually affixed signature thereon. <br /> Section 4. Said Bank is hereby authorized and directed to pay out from said <br /> City funds to the payees respectively designated on any City checks, signed in the <br /> manner and by any of the persons hereinabove authorized, in the amounts shown on the <br /> face of said checks. <br /> Resolution No. 2016-091 <br /> Page 1 of 3 <br />