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RES2701 r1 t CITY OF RENTON, WASHINGTON RESOLUTION NO. 2701 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON AUTHORIZING SAFEKEEPING WHEREAS it is necessary for third parties to provide safekeeping for security pledged by the seller when the City invests in repurchase agreements, obligations of the United States Government and banker's acceptances, and WHEREAS the City wishes to enter into such a safekeeping agreement with Old National Bank; and WHEREAS such safekeeping agreement is not only in the public interest but recommended by the State Auditor and the Governmental Accounting Standards Board, now therefore, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON DO RESOLVE AS FOLLOWS: SECTION I: The above recitals are found to be true and correct in all respects. SECTION II: That Dan Clements, Finance Director; W. E. Bennett, Deputy Finance Director; S. Joan Pringle, Budget Supervisor; Deanna J. Adair, Fund Accounting Supervisor; and Ione Briggs, Administrative Clerk III of the City of Renton be and they are hereby authorized, either single or acting together, to enter into an agreement in such form and with such terms and conditions as may be agreed upon and any renewal thereof, with Old National Bank for the safekeeping of any property belonging to the City of Renton which may now be in possession of or which may hereafter be deposited with said Bank for safekeeping and from time to time to designate the persons to act under such agreement. This resolution shall remain in full force and effect until the Bank is given written notice to the contrary at the office where any City property is held for safekeeping. -1- r RESOLUTION NO. 2701 CONTINUED PASSED BY THE CITY COUNCIL this 4th day of January ' 1988. Maxine E. Motor, City Clerk APPROVED BY THE MAYOR this 4th day of January 1988. Earl Clymer, Mayo Approved as to form: Lawren arr , i t me -2-