2. Multi-Bank Securities, Inc. InvestmentsAmy Robertson, Finance Director
Jane Howington, City Manager
SUBJECT: Multi -Bank Securities, Inc. investments held on behalf of the City will
now be processed by Pershing, LLC replacing Refco, LLC-- motion
will allow staff to sign new paper work under the name of Pershing
Securities as the clearing house for Multi Bank Securities, Inc. and
add Jane Howington as a signature, removing the previous city
manager.
MEETING DATE: August 16, 2010
BACKGROUND: The City currently has investments with Multi -Bank Securities, Inc.
with Refco Securities, LLC as the 3rd party repository and clearing
house. This is a housekeeping request to authorize our signatures on
the paper work required by Pershing and MBS. The signatures need
updating for the city manager. These same authorizations currently
appear on Multi Bank Securities, Glacier Bank and STIP
authorizations — City Manager, Finance Director and City Treasurer.
RECOMMENDATION: Authorize the signatures on account with Pershing Securities, LLC.
FISCAL EFFECTS: No new fiscal effects - we currently have $10 million in investments
in Federal Home Loan Bank step up securities through MBS with
interests ranging from 1.5 to 3 %.
Amy H. Robertson
Finance Director
Report compiled: August 10, 2010
Attachment: MBS Corporate Form
Jane Howington
City Manager
'a ;:a-�j m�"' MULTI -BANK SECURITIES, ES, INC.
t ---VVLLD671 viH -na. siPc.--M�as------- NON -CORPORATE RESOLUTION FORM
LEGAL NAME OF ORGANIZATION: + 9 -
TYPE OF ORGANIZATION: AlMe,/ rV
ACCOUNT NUMBER: RM B 017211
Be it resolved that each of the following has been duly elected or appointed and is now legally holding the title set opposite
his/her name.
(Name of A thorized Person)
( lame of Ai ithorized Person)
(Ti e)
�,nJi9iz�C� t/ �2C=1 io2
(Title)
Tt
I Z &6W_.'5 4�e cve
(Name of Authorized Person) (Tifie)
= =-
��Z'ES/4 %4�IhN'f' [ iPl Cif-R'X of
(Name and Title of Officer or Partner signing thin Aon-Corporate Resolution)
G hereby certify that said organization is duly and legally
(Name of rganization)
organized and existing and that a quorum of the 1--
• (Name of Governing Body of Organization)
of said Organization attended a meeting duly held on the day of 0�
at which the following resolutions were duly adopted., and that such resolutions are in full force and effect on this date acid
do not conflict with the /,Sof said organization.
(Name of Goveming Rules)
l further certify that i have the authority to execute this Iron -Corporate Resolution on behalf of said Organization, and that
the 7� & wre14, of the Organization which took the action called for by the
me of Goveming Batty of Organization)
resolutions annexed hereto has the power to take such action.
*SIGNATURE: DATE:
TITLE:
*The signer should be someone other than one of the authorized person(s) named above. However, if signed by an authorized
person. named above, the Fed Wire letter of Authorization andiorACH ►authorization Agreement must be signed by an authorized
person other than the signer of this document.
Pershing LLC, a subsidiary of The Bank of New York Melbn Corporation. PAGE 1 of 3
Member FINRA, NYSE, SIPC. Trademark(s) belong to their respective owners. FPM-v0NC0RP_REs44)_G
Certified Copy Of Certain Resolutions by the Governing Body of Said Organization Whereby the Establishment and
Maintenance of Accounts Have Been Authorized.
RESOLVED -
FIRST: That the named Authorized Persons of this organization or
or
be and they hereby are, and each of there is, authorized and empowered, for
and on behalf of this organization (herein called the "Organization"), to establish and maintain one or more accounts with
Multi -Bank Securities, Inc. (herein called the "Brokers") and Pershing LLC, its successors or assigns, and for the purpose
of purchasing, investing in, or otherwise acquiring, selling, possessing, transferring, exchanging, pledging, or otherwise
disposing of or realizing upon, and generally dealing in and with;
(a) THIS PARAGRAPH PERMITS CASH TRANSACTIONS IN SECURITIES
any and all forms of securities including, but not by way of limitation, shares, stocks, options, stock options, stock index
options, foreign currency options and debt instrument options, bonds, debentures, notes, scrip, participation certificates,
rights to subscribe, warrants, certificates of deposit, mortgages, chooses in action, evidence of indebtedness, commercial
paper, certif sates of indebtedness and certificates of interest of any and every kind and nature whatsoever, secured or
unsecured, whether represented by trust, participating and/or other certificates or otherwise;
(b) THIS PARAGRAPH PERMITS CASH AND MARGIN TRANSACTIONS IN SECURITIES
any and all forms of securities including, but not by way of limitation, shares, stocks, options, stock options, stock index
options, foreign currency options and debt instrument options, bonds, debentures, notes, scrip, participation certificates,
rights to subscribe, warrants, certificates of deposit, mortgages, chooses in action, evidence of indebtedness, commercial
paper, certificates of indebtedness and certificates of interest of any and every kind and nature whatsoever, secured or
unsecured, whether represented by trust, participating and/or other certificates or otherwise; and margin transactions,
including short sales;
The fullest authority at all tunes with respect to any such commitment or with respect to any transaction deemed by any
of the said Authorized Persons and/or agents to be proper in connection therewith is hereby conferred, including
authority (without limiting the generality of the foregoing) to give written or oral instructions to the Brokers with respect
to said transactions; to bind and obligate the Organization to and for the carrying out of any contract, arrangement, or
transaction, which shall be entered into by any such Authorized Persons and/or drafts drawn upon the funds of the
Organization such sums as may be necessary in connection. with any of the said accounts to deposit funds with the
Brokers; to deliver securities and/or contracts to the Brokers; to order the transfer or delivery thereof to any other person
whatsoever, and/or to order the transfer record of any securities, or contracts, or titles, to any name selected by any of
the said Authorized Persons or agents; to affix the Organization's seal to any documents or agreements, or otherwise; to
endorse anv securities and/or contracts in order to pass title thereto; to direct the sale or exercise of any rights with
respect to any securities; to sign for the Organization all releases, powers of attorney and/or other documents in
connection with any such account,.. and to agree to any terms or conditions. to control any such account; to direct the
Brokers to surrender any securities to the proper agent or party for the purpose of effecting any exchange or conversion,
or for the purpose of deposit with any protective or similar committee, or otherwise; to accept delivery of any securities,
to borrow money and securities, if applicable, and to secure repayment thereof with the property of the Organization; to
appoint any other person or persons to do any and all things which any and all things which any of the said Authorized
Persons and/or agents is hereby empowered to do, and generally to do and take all action necessary in connection with
the account, or considered desirable by such Authorized Persons and/or agents with respect thereto.
Pershing LLC, a subsidiary of The Bank of New York Mellon Corporgon. PAGE z of 3
Member FiNRA, NYSE, SIPC. Trademark(s) belong to their respective owners. rRKNoNcaRP-REs-r,_s
SECOND: That the Brokers may deal with any and all of the persons directly or indirectly by the foregoing resolution
empowered, as though they were dealing with the Organization directly.
THIRD: That the person signing this Non -corporate Resolution on behalf of the Organization be and hereby is
authorized, empowered and directed to certify to the Brokers:
(a) a true copy of these resolutions;
(b) specimen signatures of each and every person by these resolutions empowered;
(c) a certificate (which, if required by brokers, shall be supported by an opinion of the general counsel of the
Organization, or other counsel satisfactory to the Brokers) that the Organization is duly organized and existing, that
its governing rules empower it to transact the business by these resolutions defined, and that no limitation has been
imposed upon such powers by the governing rules of the Organization or otherwise.
FOURTH: That the Brokers may rely upon the certified copy of the resolutions, specimen signatures, and certificate, as
continuing fully effective unless and until the Brokers shall receive due written notice of change or rescission, and the
dispatch or receipt of any other form of notice shall not constitute a waiver of this provision. nor shall the fact that any
person hereby empowered ceases to be an Authorized Person of the Organization or becomes an Authorized Person
under some title, in any way affect the powers hereby conferred, but the failure to supply any specimen signature shall
not invalidate any transaction where the party authorizing the same has been actually empowered thereto by or in
conformity with these resolutions.
FIFTH: That in the event of any change in the office of powers of persons hereby empowered, an Authorized Person
shall certify such changes to the Brokers in writing in the manner herein above provided, which notification, when
received, shall be adequate both to terminate the powers of the persons therefore authorized, and to empower the persons
thereby substituted.
SIXTH: That the Authorized Persons of the Organization be, and hereby is, authorized and empowered to countersign
items as aforesaid.
SEVENTH: That the foregoing resolutions and the certificates actually furnished to the Brokers by the Authorized
Person of pursuant thereto, be and they hereby are made irrevocable until written notice of the revocation thereof shall
have been received by the Brokers.
Pershing LLC, a subsidiary of The Sank of New York Mellon Corporation, PACE 3 of 3
Member EINRA, NYSE, S1PC. Trademarks) belong to their respective owners. FRMNONCORPAE,"a