Title
Approval of a Resolution to Update the Authorized Individuals and the Bank Name for the Georgia Fund One Investment Pool
Finance
Body
Item Summary:
One component of the City's investment policy includes the Georgia Fund One Local Government Investment Pool. State law requires a resolution authorizing certain City Officials to deposit and/or withdraw funds from the local government investment pool and designating the bank to which withdrawals shall be wired.
On August 25, 2014, the Mayor and Council authorized the City to transition banking services to JP Morgan Chase Bank. An updated Georgia Fund One resolution is required by the State to designate the City's account with JP Morgan Chase Bank to receive Georgia Fund One withdrawals.
Committee or Staff Recommendation:
On October 14, 2014 the Administration, Finance, and Recreation and Parks Committee recommended placing this item on the October 27, 2014 Mayor and Council Agenda.
Financial Impact:
N/A
Presented by:
Keith Lee, Finance Director