CONSENT CALENDAR
City of San Bernardino
Request for Council Action
Date: January 18, 2025
To: Honorable Mayor and City Council Members
From: Rochelle Clayton, Acting City Manager;
Jeannie Fortune, Interim Director of Finance and Management Services
Department: Finance
Subject: Resolution Updating the Computershare Debt Trustee Services Signature Authority (All Wards)
Recommendation:
It is recommended that the Mayor and City Council of the City of San Bernardino, California, adopt Resolution 2025-011 updating the City’s bank and debt trustee account signature authority for Computershare Trust Company.
Executive Summary
The City of San Bernardino conducts its day-to-day banking operations through several different institutions. For each of these institutions, the City must authorize who is authorized to sign on the City’s behalf. Whenever there is a change to staff that is authorized, whether that be due to staff leaving or additional staff being added to the list of authorized individuals; staff must request council action to adopt an updated resolution. The same is true if there is a change to the institutions that the City conducts its business with. Although there have been no recent organizational changes in the City’s personnel and organizational structure, the City will be adding Computershare Trust Company to its list of institutions.
For consistency and transparency, City staff will be providing updated signing authority resolutions to City Council in July of each fiscal year for all the City’s banking institutions.
Background
The City and Successor Agency must update bank and investment account signature authorizations on file with the various financial institutions that hold City and Successor Agency funds as personnel and organizational changes occur.
Most banking institutions require approval from the organizations’ governing body through the adoption of a resolution and/or minutes from the meeting showing adoption and approval.
The City and Successor Agency have cash, investments, and other funds required to be held by fiscal agents in the following institutions:
1. Wells Fargo Bank, City;
2. Wells Fargo Bank, Successor Agency;
3. U.S. Bank, City;
4. U.S. Bank, Successor Agency;
5. BNY (Bank of New York) Mellon, City;
6. BNY (Bank of New York) Mellon, Successor Agency;
7. Citizens Business Bank, Successor Agency; and
8. Local Agency Investment Fund (LAIF), City - this program offers local agencies to participate in a major portfolio through the State Treasurer’s Office.
9. Authorized Brokers or Dealers for the City and Successor Agency The authorized signatories for the items listed above were approved at the regular council meeting on June 5, 2024.
Discussion
The attached Resolution is being added to authorize signatories for Computershare debt trustee services.
Wells Fargo Bank entered into a definitive agreement with Computershare Trust Company, National Association (“Computershare Trust Company”), Computershare Delaware Trust Company, National Association and Computershare Limited (collectively, “Computershare”) to sell substantially all of its Corporate Trust Services (“CTS”) business. The sale to Computershare, and virtually all CTS employees of Wells Fargo Bank, along with most existing CTS systems, technology, and offices transferred to Computershare as part of the sale. This included the City’s debt service obligation bonds for: Pension Obligation bond 2020 Series, and San Bernardino Development Authority HUD Section 108 Loan.
Following approval by the Mayor and City Council of the City of San Bernardino, California, staff will forward the appropriate resolution to the affected banking institution.
In addition, as stated in the City’s current Investment Policy, the Director of Finance is charged with responsibility of carrying out all investment actions, which may include day-to-day investment activities or the utilization of external investment advisor services to assist with the investment program.
For consistency and transparency, City staff will be providing updated signing authority resolutions to City Council in July of each fiscal year for all the City’s banking institutions, in addition to any changes that may occur during the fiscal year. 2021-2025 Strategic Targets and Goals
Approval of the aforementioned resolution align with Key Target No. 1: Financial Stability by ensuring that the financial and administrative requirements to continue day- to-day operations in the Finance department are completed and kept up to date.
Fiscal Impact
There is no fiscal impact associated with adopting the attached Resolution.
Conclusion
It is recommended that the Mayor and City Council of the City of San Bernardino, California, adopt the attached Resolution updating the City’s Debt trustee accounts signature authority.
Attachments
Attachment 1- Resolution 2025-011 Computershare Trust Company Ward:
All Wards
Synopsis of Previous Council Actions:
06-05-2024 City Council approved Bank signatories of existing personnel at the time.
05-01-2024 City Council approved Bank signatories of existing personnel at the time.
11-01-2023: City Council approved Bank signatories of existing personnel at the time.