HomeMy WebLinkAbout2025-037 - Designating JP Morgan Chase Bank as the Depository RESOLUTION NO. 2025-037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA DESIGNATING JP MORGAN CHASE BANK,
N.A., AS THE DEPOSITORY FOR CITY OF SANTA ANA
FUNDS, FOR TWO (2) ADDITIONAL YEARS THROUGH
DECEMBER 31, 2028, AND DESIGNATING SIGNATORIES
AUTHORIZED FOR THE PURPOSE OF WITHDRAWAL OF
SAID FUND
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. The City Council of the City of Santa Ana ("City") has declared a policy
of designating a bank within the City or in its immediate vicinity to act as
depository for the demand deposits of City funds.
B. The City has an existing Banking Services Agreement (No. A-2016-
366), including all amendments (No. A-2021-285), with J.P. Morgan
Chase Bank, N.A., effective December 6, 2016 through December 31,
2026.
C. After reviewing the outstanding performance of J.P. Morgan Chase
Bank, N.A. as the City's depository banking services provider and having
found J.P. Morgan Chase Bank, N.A.'s proposal for continued
depository banking services to be superior in terms of pricing and bank
managed earnings credit, the City hereby re-designates JPMorgan
Chase Bank, N.A., 1300 North Main Street, Santa Ana, California
("Bank"), as the banking institution that shall receive and act as
depository for City funds and trust funds in control of said City, for two
(2) additional years beginning January 1, 2027 through December 31,
2028.
Section 2. The Executive Director of Finance and Management Services of the
City and the Assistant Director of Finance and Management Services of the City (when
acting as designee of the Executive Director of Finance and Management Services) are
hereby authorized for and on behalf of the City, and as its officers and agents, to sign City
of Santa Ana checks for the withdrawal of said funds so deposited, both by facsimile
signature machine-imprinted upon City checks and by manually affixed signature upon
City checks.
Resolution No.2025-037
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Section 3. The Assistant Director of Finance and Management Services and the
Treasury and Customer Services Manager of the City are hereby authorized for and on
behalf of the City, and as agents of the City and deputies of the Executive Director of
Finance and Management Services to sign City of Santa Ana checks for the withdrawal
of said funds so deposited by manually affixed signature thereon.
Section 4. Said Bank is hereby authorized and directed to pay out from said City
funds to the payees respectively designated on any City checks, signed in the manner
and by any of the persons hereinabove authorized, in the amounts shown on the face of
said checks.
Section 5. The City Manager is hereby authorized to designate in writing agents
who shall be authorized to sign City checks for the payment or withdrawal of said funds
when, due to physical absence, incapacity or death of any of said authorized signatories,
it may be necessary on a temporary basis to provide other means for the signing of City
checks, and/or for the payment or withdrawal of said funds. Any such authorization shall
set forth the necessity for such designation, the period of time during which said
authorization shall continue (by giving the exact starting and termination dates) and shall
contain the certification of the City Clerk over the official seal of the City of Santa Ana
certifying that said authorization is in fact, signed by the qualified and acting City Manager,
shall contain a specimen signature of the person designated as such temporary agent,
and shall be delivered to said Bank.
Section 6. The City Manager, or his designee, is hereby authorized to execute
and submit all documents, including but not limited to applications, agreements and
amendments which may be required to effectuate the banking services necessary for the
administration of the City's demand deposit account.
Section 7. A certified copy of this Resolution, together with the signatures of the
two agents herein authorized to act in manual form and copies of the facsimile signature
machine-imprints of the Executive Director of Finance and Management Services and
Assistant Director of Finance and Management Services certified by the City Clerk to be
the signatures of said persons, and the imprints of the official facsimile signature plates,
shall be delivered to said Bank before the 1 st day of January, 2027. Whenever any of
said agents leave the employment of the City, is absent therefrom, or incapacitated for a
period of time that will affect the issuance of City checks, the City Clerk shall notify said
Bank of said fact and shall certify the names, titles, and signatures of the person(s)then
designated as agent(s) of the City for the purpose of signing City checks in the manner
hereinabove provided and shall notify said Bank of every termination of such authorization
immediately upon receipt of such information.
Section 8. This Resolution shall take effect immediately upon its adoption by the
City Council, and the City Clerk shall attest to and certify the vote adopting this Resolution.
Resolution No.2025-037
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ADOPTED this 5th day of August, 2025.
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APPROVED AS TO FORM:
Sonia R. Carvalho, City Attorney
By:
Andrea Garcia-Miller
Assistant City Attorney
AYES: Councilmembers Amezcua, Bacerra, Hernandez, Lopez,
Penaloza, Phan, Vazquez (7)
NOES: Councilmembers None.(0) ..
ABSTAIN: Coun:cilmembers None (0)
ABSENT: Councillmernbers None (0)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
1, JENNIFER L. HALL, City Clerk, do hereby attest to and certify the attached Resolution
No. 2025-037 to be the original resolution adopted by the City Council of the City of Santa
Ana on Aug ust...5, 2025.
Date:
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City Cie.
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Resolution No. 2025-037
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