RESOLUTION NO. _____________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY
APPOINTING FINANCE DIRECTOR NATHAN (NATE) CRUZ TO THE OFFICE OF CITY TREASURER; AND AUTHORIZING NATE CRUZ AND ASSISTANT FINANCE
DIRECTOR, WAQAS HASSAN, AS AUTHORIZED SIGNATORIES FOR PURPOSES
OF OPENING, ADMINISTERING AND CLOSING ANY AND ALL CASH AND
INVESTMENT ACCOUNTS
CITY OF FOSTER CITY
WHEREAS, Edmund Suen separated as the Finance Director and Treasurer and Nate Cruz was hired as Finance Director on January 8, 2025; and WHEREAS, the Finance Director and Treasurer is charged with the responsibility of managing the organization’s cash flow, including but not limited to the following functions: opening and closing accounts, signing checks, ordering withdrawal or transfer of funds, endorsing and depositing checks and other items payable to the organization, executing buy and sell investment transactions, and transacting other administrative business relating to said accounts; and
WHEREAS, the City Council does hereby find that the said functions shall be performed in accordance with the City’s Investment Policy and in accordance with all applicable City ordinances; and
WHEREAS, the City Council also desires that any check that is issued requires two authorized signatures.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Foster City that the appointment of Edmund Suen as City Treasurer is hereby rescinded and the appointment of Nate Cruz to the office of City Treasurer is hereby made, confirmed, and approved effective January 21, 2025.
BE IT FURTHER RESOLVED that the City Council of the City of Foster City does hereby authorize the following individuals to be duly authorized signatories/designated account signers to open, administer, and close any and all cash and investment accounts necessary to conduct the financial operations of the City effective January 21, 2025, including but not limited to the Local Agency Investment Fund (LAIF).
Nate Cruz Waqas Hassan
Finance Director/Treasurer Assistant Finance Director
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PASSED AND ADOPTED as a resolution of the City Council of the City of Foster City at the Regular Meeting held on the 21th day of January, 2025 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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STACY JIMENEZ, MAYOR
ATTEST:
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PRISCILLA SCHAUS, CITY CLERK