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CONSENT CALENDAR
City of San Bernardino
Request for Council Action
Date: August 5, 2026
To: Honorable Mayor and City Council Members
From: Tarik Rahmani, Director of Finance
Department: Finance & Management Services Department
Subject: Joint Resolution Updating Authorized Representatives for Existing City and Successor Agency Banking,
Investment, Operating, and Debt-Trustee Accounts (All
Wards)
Recommendation:
It is recommended that the Mayor and City Council of the City of San Bernardino, California, and the Mayor and City Council of the City of San Bernardino, California acting in its capacity as the legislative body of the City and separately as the governing board of the Successor Agency to the former Redevelopment Agency of the City of San Bernardino, adopt Joint Resolution No. 2026-128 to:
1. Confirm the existing financial institutions and account programs, and the legal entity and limited purpose applicable to each, as set forth in Exhibit A to the Resolution;
2. Designate the officials named in the Resolution as authorized representatives for the specific banking, investment, operating, debt-trustee, and Successor Agency functions stated in the Resolution;
3. Direct the Director of Finance and Management Services to complete institution- required documentation and remove former authorized representatives from the affected accounts; and
4. Supersede prior resolutions and signatory designations for the accounts addressed by the Resolution only to the extent inconsistent with the authorized-representative designations approved by the Resolution.
This action does not authorize a new depository, a new financial account, a change to the City’s adopted Investment Policy, or a modification of any applicable bond document, trust agreement, Recognized Obligation Payment Schedule, account- specific control, or internal approval requirement.
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City Manager's Comments
The City Manager recommends approval. This will update authorized representatives.
Executive Summary
Personnel changes require the City and Successor Agency to remove former authorized representatives and update institution records for the existing accounts identified in the attached Resolution. The Resolution consolidates prior institution- specific signatory resolutions while preserving the separate legal capacities, account ownership, investment authority, and account-specific controls of the City and Successor Agency.
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. San Bernardino Municipal Code section 2.10.030 requires City money to be deposited in depositories designated by the Mayor and City Council. Sections 2.08.010 and 2.10.030 place City Treasurer functions, custody of City funds, and investment administration within the Finance and Management Services Department, subject to the Council-adopted Investment Policy. Section 2.72.010 separately requires checks or warrants paying approved City demands to be signed by the City Treasurer, or another Council- designated City official, and countersigned by the City Clerk.
Discussion
Each financial institution or governmental investment program requires evidence of authority in the form it prescribes. Council adoption of the Resolution provides the governing-body authorization. Finance staff must thereafter complete and submit the applicable signature cards, certifications, resolutions, and account-maintenance forms, and each change becomes operative only after acceptance by the affected institution.
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;
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/Dealers for the City and Successor Agency;
10.Computershare Trust Company City; and
11.Bank of America, City.
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The attached joint Resolution consolidates prior institution-specific signatory authorizations. Exhibit A identifies each existing financial institution or program by legal entity and limited purpose. The Resolution supersedes prior resolutions and signatory designations only to the extent inconsistent with the new authorized-representative designations. It does not supersede or modify any bond document, indenture, trust agreement, Recognized Obligation Payment Schedule, Investment Policy provision, treasury-management agreement, or account-specific control.
Following adoption, Finance staff will submit a certified copy of the Resolution and the institution-specific documentation required to add the approved representatives and remove former representatives. Finance will retain confirmation from each institution showing when the changes became effective. Adoption of the Resolution alone does not constitute confirmation that an institution has completed the change.
Under San Bernardino Municipal Code sections 2.08.010 and 2.10.030, the Finance and Management Services Department performs City Treasurer functions, and the Director administers custody and investment of City funds under the Council-adopted Investment Policy. The Resolution therefore distinguishes general banking-document authority from authority to invest, reinvest, purchase, sell, or exchange securities.
Strategic Goals and Priorities
Approval of the resolution aligns 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 financial impact associated with adopting the attached Resolution.
Conclusion
It is recommended that the Mayor and City Council of the City of San Bernardino, California, and the Mayor and City Council of the City of San Bernardino, California acting in its capacity as the legislative body of the City and separately as the governing board of the Successor Agency to the former Redevelopment Agency of the City of San Bernardino, adopt Joint Resolution No. 2026-128 to:
5. Confirm the existing financial institutions and account programs, and the legal entity and limited purpose applicable to each, as set forth in Exhibit A to the Resolution;
6. Designate the officials named in the Resolution as authorized representatives for the specific banking, investment, operating, debt-trustee, and Successor Agency functions stated in the Resolution;
7. Direct the Director of Finance and Management Services to complete institution- required documentation and remove former authorized representatives from the affected accounts; and
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8. Supersede prior resolutions and signatory designations for the accounts addressed by the Resolution only to the extent inconsistent with the authorized-representative designations approved by the Resolution.
This action does not authorize a new depository, a new financial account, a change to the City’s adopted Investment Policy, or a modification of any applicable bond document, trust agreement, Recognized Obligation Payment Schedule, account- specific control, or internal approval requirement.
Attachments
Attachment 1 – Resolution 2026-128 – San Bernardino – All Authorized Banking Institutions and Signature Authorities
Attachment 2 – Exhibit A – Authorized Financial Institutions and Programs by Legal Entity
Ward:
All Wards
Synopsis of Previous Council Actions:
07-15-2026 City Council approved Bank of America as an approved banking institution and signatories of existing personnel at the time. 07-02-2025 City Council approved Bank signatories of existing personnel at the time. 02-19-2025 City Council approved Bank signatories of existing personnel at the time. 01-15-2025 City Council approved Bank signatories for Computershare Debt Trustee Services.
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.
CC
Eric Levitt, City Manager