RESOLUTION NO. _________
A RESOLUTION OF THE COUNCIL OF THE CITY OF RICHMOND, CALIFORNIA ,
APPROVING THE BROKER -DEALERS AUTHORIZED TO CONDUCT INVESTMENT
TRADING BUSINESS WITH THE CITY
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WHEREAS, the City of Richmond (the “City”) is required to maintain and periodically update the list of authorized Broker-Dealers to offer bids to, or make purchases from Authorized Broker-Dealers; and
WHEREAS, following adoption of the February 22, 2020 approved list of Broker-Dealers, the City must update the list of authorized Broker-Dealers by conducting the bidding process every four years as mandated by the City’s Investment Policy; and
WHEREAS, in April 2023 the City of Richmond Finance Department issued a Request for Qualifications through the City’s BidsOnline system; and
WHEREAS, four hundred seventy-five firms were notified, and twenty firms downloaded the Request for Qualifications, of which eight presented proposals; and
WHEREAS, the eight proposals the City received were reviewed by a panel consisting of Nickie Mastay, Deputy City Manager; Mubeen Qader, Deputy Finance Director, Jerry Gurule, Sr.
Accountant; and Wynonna Perez, Accountant II; and
WHEREAS, in evaluating the proposals, the panel consid ered the criteria set forth in the Request for Qualifications for Broker/Dealer Services; and
WHEREAS, the panel selected proposals of three firms, finding that all have the technical expertise to perform the work required, and that each clearly demonstrated their understanding of the regulatory issues involved in working with government agencies; and
WHEREAS, one of the three firms is located in Southern California, and two of the three firms are located outside California; and
WHEREAS, the three firms selected are:
Rice Securities, LLC. (New York, NY)
Raymond James & Associates Inc. (Laguna Nigel, CA)
Loop Capital Markets (Chicago, IL)
WHEREAS, the authorized firms on the list will be asked to submit offers for investment purchases and sales, with the best-valued investment selected; and
WHEREAS, a bi -annual review of the financial condition and registrations of the authorized firms will be conducted by the Director of Finance.
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Richmond, California, hereby approves the list of authorized Broker-Dealers which now consists of Jared Fragin of Rice Financial Products Company, Rosa Schulte of Raymond James & Associates Inc., and Julie Karr of Loop Capital Markets.
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I certify that the foregoing resolution was passed and adopted by the City Council of the City of Richmond at a regular meeting thereof, held on the ___________________, 2023, by the following vote:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
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City Clerk of the City of Richmond
(SEAL)
Approved:
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Mayor
Approved as to form:
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City Attorney