HomeMy WebLinkAbout4.04 BankPoliceInvestAcct
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CITY CLERK
File # D~kZJ~-[z]ll1J
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AGENDA STATEMENT
CITY COUNCil MEETING DATE: April 1, 1997
SUBJECT:
Designation of California Federal Bank as the Provider of Bank
Services for the City's Police Investigation Account
U- Report Prepared by: Paul S. Rankin, Assistant City Manager
EXlllBITS ATTACHED:
1.
Resolution Designating the Provider of Bank Services for
Police Investigation Account
2. Excerpt from Accounting Procedures Related to the Police
Investigation Account
RECOMMENDATION: V Adopt the Resolution
FINANCIAL STATEMENT: This action will have no impact on costs as all expenditures are
made as part of the annual budget process. The account will not
incur any fees and will accrue a minimal amount of interest revenue.
:'... DESCRIPTION: The City has maintained an account at 1st Nationwide Bank as a revolving fund for
Police Special Investigations. 1st Nationwide Bank has recently acquired Cal Fed Bancorp and has
changed their name to California Federal Bank.
Consistent with current policy, Staff has prepared a Resolution (Exhibit 1) which will properly record the
name of the fmancial institution, where the account is maintained. The terms of the account are not
expected to change. As shown in Exhibit 2 the City has adopted policies and procedures related to these
funds, including a restriction on the maximum amount retained in the account.
Staff recommends that the City Council adopt the Resolution.
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ITEM NO.---M-
HI cc~forms/agd CAF ed.doc
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RESOLUTION NO. - 97
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN
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DESIGNATING THE PROVIDER OF BANKING SERVICES
FOR POLICE INVESTIGATION ACCOUNT
(California Federal Bank)
WHEREAS, on August 12, 1985, the Dublin City Council authorized the establishment of a Police
Investigations Account; and
WHEREAS, an interest bearing account was initially established at Homestead Savings which was
acquired by 1st Nationwide Bank in 1995; and
WHEREAS, 1st Nationwide Bank has recently acquired Cal Fed Bancorp in a transaction which was
finalized on January 3, 1997; and
WHEREAS, 1st Nationwide Bank has elected to change their name to California Federal Bank; and
WHEREAS, it is appropriate to have a resolution which clearly designates providers of banking services
to the City of Dublin; and
WHEREAS, the City has adopted accounting procedures related to this account including a restriction
on the total balance; and
.. WHEREAS, the account is interest bearing and will not incur service charges.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby
designate California Federal Bank as the provider of banking services for the City of Dublin Police
Investigations Account.
BE IT FURTHER RESOLVED that the City Manager and the Police Chief shall be the authorized
signers on the account and these officials are hereby authorized to execute any documents on behalf of
the City of Dublin to establish or amend the banking services provided to the City of Dublin by
California Federal Bank, as they may relate to this account.
PASSED, APPROVED AND ADOPTED this 1st day of April, 1997.
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
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ATTEST:
City Clerk
H:\KA Y\RESOBANK.DOC
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u. l.'01.i.c(~ JIIVC!;.;l:j.yatioll Account
The P01ice III ves tiga,tion account $l1all con tain not lllore than
$5,000 and will be pl.~illlarily used in the investigation of
cJru9/ncl.l-cotic investigations, howevel-, funds may be used [or
01.:.11121.- types of investigations such as: gambling, pros ti tution,
cr il1les of mOl-al' t.urpi tude oand in certain cases, other criminal
investigations.
1 . 'J'lll~ l.'uLi.c~ Chief shull seJ:ve as cus todian of the
lllvestigation Ac~ount.
2. Requests [or cash shall he recorded on a standard request
r (lL-lll .
a .
Ei tiler. Pol ice Chief or Ci ty Nallager can wi thr."l1.-aw [unds
[rom account.
b.
i'..ny expendi ture of funds by police .personnel requires
the approval of the Police Chief.
Police Chief records and issues funds to investigator.
who sign~ a receipt indicating amount received, date Co_
transaction and usage.
c.
d. Investigator who receives funds keeps a log indicating
how funds were spent. Information includes case
number, date and reason for expenditure.
e. Police Chief rev~ews investigator's log.
f. City Manager reviews Police Chiefls and investigator's
records and logs.
g. Request for reimbursements will be submitted to the
Finance Technician who shall replenish the account,
reimbursement not to exceed the Council approved
budget.
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EXCERPT ADOPTED ACCOUNTING PROCEDURES PG.5
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EXHIBIT 2