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HomeMy WebLinkAboutRES CC 1994 1069 1994 1005RESOLUTION NO. 94-1069 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, APPROVING THE ADOPTION OF PRUDENTIAL SECURITIES CASH ACCOUNT RESOLUTION AND AUTHORIZING THE EXECUTION OF THE DELIVERY VERSUS PAYMENT AGREEMENT. WHEREAS, the City from time to time makes investments through Prudential Securities; and, WHEREAS, the City Treasurer has been granted authority within limits established by state statute and local policy to make investments on behalf of the City, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, DOES HEREBY RESOLVE, DETERMINE AND DECLARE THAT: SECTION 1. That an account be opened by this corporation with Prudential Securities Incorporated (hereafter referred to as Prudential Securities),members of the New York Stock Exchange, and of the other stock exchanges, to purchase, sell, and /or deal in any and all stocks, bonds, put and call options and other securities, and choses in action (including, but not exclusively, debentures, notes, scrips, participation, certificates, rights, subscriptions, option warrants, when issued securities, repurchase and reverse repurchase agreements, ( including lending and borrowing monies in connection with such transactions) certificates of deposit, choses in action, evidences of indebtness, certificates of indebtness, certificates of interest of any and every kind and nature whatsoever, secured or unsecured, whether represented by trust, participating and /or other certificates of otherwise), and that all orders and instruction, written or oral, upon said account be given by either the Treasurer or other designees of this corporation, and each of them is hereby authorized and directed to purchase and /or sell and /or deal in, through said Prudential Securities, on behalf of this corporation, any and all stocks, bonds, put and call options and other securities, choses in action, that either of them may deem necessary or advisable for this corporation, for cash, and also to make payment and to sign checks or drafts upon the funds of the corporation, and also, to instruct Prudential Securities as to the transfer of funds, or of stock, bonds, options or other securities, to the name of this corporation, or to the name of any other person, including the officer, or designee giving such instructions, and also, for this corporation, to withdraw from the said Prudential Securities from tiro to time, to deliver or accept 00118 delivery of, and /or borrow and /or to endorse, and /or to direct the transfer of record title of, any and all stocks, bonds, other securities, choses in action, and /or assets or funds that may be carried by said Prudential Securities for the account of this corporation. SECTION 2. That each of the aforesaid officers of this corporation, be and hereby is authorized and directed to execute and deliver on behalf of this corporation any customers agreement required by said Prudential Securities, and to enter into, execute, and deliver, any and all other agreements, documents, releases, and writings that may be required by Prudential Securities for the opening and /or continuing of said account in connection with any transactions relating to said account or to any securities, moneys or other property of the corporation, whether or not is said account. SECTION 3. That until Prudential Securities shall receive due written notices of change or rescission of these resolution, said Prudential Securities may rely upon the authority contained in these resolutions as continuing fully effective, and said Prudential Securities may rely upon any certified copy resolutions, specimen signatures or other writings, signed on behalf of this corporation by any officer thereof; the acceptance of any other form of notice shall not constitute a waiver of this provision, nor shall the fact that any person hereby empowered ceases to be an officer or becomes an officer under some other title, in any way affect the powers hereby conferred, until Prudential Securities shall receive due written notice of such change or rescission, as aforesaid. SECTION 4. That in the event of any change in the office or powers of persons hereby empowered, the City Clerk shall certify those changes to Prudential Securities in writing, in the manner hereinabove specified which notification when received shall be adequate both to terminate the powers of the person theretofore authorized, and to empower the persons thereby submitted. SECTION 5. That in the event all of the undersigned and other person(s) empowered in accordance with the terms above, die, become incapacitated or cease and /or refuse to service in their designated capacity, we hereby appoint the City Manager, to instruct Prudential Securities as to the disposition of the corporate assets. 00 'tq SECTION 6. That any and all orders and instructions heretofore given said Prudential Securities on behalf of this corporation by any officer of this corporation, are hereby in all respects ratified, confirmed and approved. SECTION 7. That the foregoing resolutions and the certificates actually furnished to Prudential Securities by any officer of the corporation, be and they hereby are made irrevocable, and shall be fully effective as to any transactions for account of the corporation notwithstanding that the account may have been temporarily closed or inactive, until written notice of the revocation thereof shall have been received by Prudential Securities. I do further certify that the following are the signatures and titles of the person authorized and empowered to act on behalf of this corporation, pursuant to the foregoing; and this resolution is in accordance with and does not conflict with the existing corporate charter (articles of incorporation) and by -laws. PASSED AND ADOPTED on this ,ith day of October , 1994. `Il Paul W. LWdrason Jr Mayor ATTEST: Lillian Hare, City Clerk C: \hPDOCS \RESCLUTI \PRU DENT.1.Wi': MOORPARK 799 Moorpark Avenue Moorpark, California 93021 (805) 529.6864 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Lillian E. Hare, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 94 -1069 was adopted by the City Council of the City of Moorpark at a meeting held on the 5th day of October , 1994, and that the same was adopted by the following vote: AYES: COUNCILMEMBERS HUNTER, MONTGOMERY, PEREZ, WOZNIAK, AND MAYOR LAWRASON NOES: NONE ABSENT: NONE ABSTAIN: NONE WITNESS my hand and the official seal of said City this 6th day of October _ , 1994. illian E. Hare City Clerk PAUL W. LAWRASON JR. PATRICK HUNTER SCOTT MONTGOMERY BERNAROO M. PEREZ JOHN E. WOZNIAK Mayor Mayor Pro Tern Councilmember Councilmember Concilmember Prinfed or, Recy_!ec =_. I 15 Delivery Versus Payment Agreement Prudenbal Swint" 56 5( Prudential Securities Incorporated is a subsidiary of The Prudential Insurance Company of America. Newark, New Jersey A study by the Banking & Securities Industry Committee has led to certain rules charges by the New York and American Stock Exchanges ( "NYSE" and "AMEX" respectively). These rules are designed to reduce the number of security deliveries rejected by agent banks by eliminating one of the major reasons for rejection —lack of accurate instructions at the agent bank by settlement date. Prudential Securities Incorporated ( "the firm ") adheres to the rules and regulations set forth by the NYSE and AMEX. Accordingly, the firm is asking you, referred to below as "the client ", to sign this Delivery Versus Payment ( "DVP ") Agreement, retaining one copy for your files and returning the original to the Financial Advisor servicing your account. Your Financial Advisor will be pleased to answer any questions relating to this agreement. The agreement is as follows: 1. The Client will issue standing instructions to its agent receiving bank(s) to receive from or deliver to the firm against payment any security pursuant to the procedures of this agreement. Specific instructions for each transaction must be in the possession of the agent bank(s) no later than one business day before settlement date on purchases and two business days before settlement date on sales. 2. The Client's instructions to its settling agent will comply with NYSE Rule No. 430, which states in part: ...." (Tjhe (client) placing the order or its agent will­ receive against payment securities in an amount equal to any execution confirmed to the (client), even though such an execution may represent the purchase of only a part of a larger order." 3. The Client will issue standing instructions to the firm to receive from or deliver to its agent receiving bank(s) against payment any security pursuant to the provisions of this agreement. 4. The firm will transmit to the Client a confirmation of each transaction promptly after transaction is made. If necessary, alternate means of notification will be used in addition to the confirmation in order to insure that the Client is notified of all pertinent trade information no later than the day following execution of each DVP transaction. At the Client's request, a duplicate information copy of each confirmation will simultaneously be transmitted to the designated individual at the Client's agent bank. It is understood that the use of copies of confirmations. to the settling agent is an information service and does not relieve the Client from his obligations under paragraph 1 of this agreement. 5. • Arbitration is final end binding on the parties. • The parties are waiving their right to seek remedies in court, InckhdNg the right to jury trial. • Pre - arbitration discovery Is generally more limited than and different from court proceedings. • The arbitrators' award Is not required to Include factual findings or "I reasoning and any party's right to appeal or to seek modification of rulings by the arbitrators Is strictly limited. ,e panel of arbitrators win typically Include a minority of arbitrators who were or are affillated with the secuAtles Industry. Ti hderslgrtad agrees, and by carving an account for the undws4ned you agree, all conhoveraNs which may arks between us cotdt iming any transactlon or this construction, performance or breacl h of thb or any other agreement between us, whether entered Into prior, on or subsequent to the date hereof, shoN be determined by arbitration. This contract shah be governed by the laws of the Stele of New York, and shall Inure to the bensflt of your successors and assigns, and shah be binding on the undersigned, my heirs, executors, representatives, stfomeys-In -fact, administrators and aesigrrs. Any controversy arising out of or relating to my account, to transactions wNlh or for me or to this Agreement or the beach thereof, and whether executed or to be executed within or outside of the United Stales, and any controversy arising out of or relating to transactions In canmoditles or contracts related thereto executed on or subject to tit rules of a contract market designated as such under the Commodity Exchange Act, as amended, shah be settled by arbNntlon before eNhar the New York Stock Exchange, Inc. or the National Association of Securities Dealers, Inc. or any other self- regulatory orgenisallorr of which Prudential Securities Incorporated Is a member, as I may elect and under the then existing arbitration procedures of the forum I haw elected. N I do not make such election by registered mail addressed to you at your main office within five (5) days after demand by you that I make such oftedw , then you may make such election. Notice preliminary to, In conjunction with, or Inclderht b such arbitration proceedkg, may be sent to me by mall and personal service is hereby waived. Judgment upon any award rendered by the arbNrators may be entered In any court having jurisdiction thereof, without notice to me. No person shall bring a putative or certlAed class action to arbitration, nor seek to enforce any pro- dispute arbitration agreement against any person who has Initiated In court a putative class action; or who Is a .ember of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action untN: (i) the class certification Is denied; or (II) the class Is decertified; or (III) the customer Is excluded from the class by the court. Such forbearance to enforce an agreement to arbltrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein. 6. The Client agrees to instruct its agent bank to receive or deliver against the amount shown on the original trade confirmation unless any discrepancy in money amount exceeds 2 percent of the total money involved in that delivery. The firm and the Client agree to resolve later any discrepancy in such money amount directly. This contract shall be governed by the laws of the State of New York and shall inure to the benefit of the Client's successors and assigns and shall be binding on the undersigned, its heirs, executors, representatives, attorneys -in -fact, administrators and assigns. The Client is aware that in the event any good delivery to the designated bank is refused, the DVP provisions of Regulation T of the Board of Governors of the Federal Reserve System are no longer applicable and the firm may be compelled to cancel or liquidate the transaction. The Client is liable for any loss and costs resulting from such cancellation or liquidation. The Broker shall have a general lien on all properties the Client may have on deposit with the Broker either singly or jointly with another or otherwise and may, without notice to the Client, at the Broker's discretion, liquidate or transfer any such property in order to satisfy any indebtedness the Client may have to the Broker. The Client shall be liable for any remaining deficiency in any of the Client's accounts. By wing this agreement, the client acknowledges that he /she has received a copy of this agreement. Thi reement contains a pre -disputs, arbitration clause st,poge 1 at paphl� ru ph 5._ Pdefftial Securities Incorporated l -/, ,r Account TOW Cli Autr Print Name and Tale Date