HomeMy WebLinkAboutReso 119-2008RESOLUTION NO. 119-2008
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SOUTH SAN FRANCISCO AiJTHORIZING THE
CITY MANAGER TO SIGN A CONTRACT WITH
CHANDLER ASSET MANAGEMENT
WHEREAS, the City Council, with the concurrence of the City Treasurer, desire the
services of a professional portfolio manager to oversee the City's investment portfolio of
operating funds; and.
WHEREAS, the City Treasurer and Finance Director issued a Request for Proposals in
order to search for a qualified portfolio manager; and
WHEREAS, three qualified portfolio management firms were interviewed by a panel that
included the City Treasurer, two City Councilmembers, the City Manager, and the Finance
Director; and
WHEREAS, the interview panel recommends that Chandler Asset Management be
selected to manage the City's portfolio of operating funds on the basis of demonstrated
competence and on the professional qualifications necessary for the satisfactory performance of
the services required.
NOW, THEREFORE, the City Council of the City of South San Francisco does hereby
resolve that:
1. The City Manager is authorized to execute a contract with Chandler Asset
Management for investment management services.
2. The City Treasurer's budget is hereby amended by $42,500 to fund an estimated
half year's portfolio management expense. That expense is offset by $42,500 in
additional interest earnings, and will therefore have no impact on City Reserves.
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I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a regular meeting held on the 17`" day of
December, 2008 by the following vote:
AYES: Councilmembers Pedro Gonzalez, Richard A. Garbarino, and Kevin Mullin,
Vice Mayor Mark Addie~o and Ma o~yl Matsumoto
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:' ~`'
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