HomeMy Public PortalAbout2023.081 (07-18-2023)RESOLUTION NO.2023.081
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
TO APPROVE THE RENEWAL OF THE INVESTMENT ADVISORY
AGREEMENT BETWEEN THE CITY OF LYNWOOD AND FHN
FINANCIAL MAIN STREET ADVISORS, LLC FOR THREE YEARS WITH
AN OPTION TO EXTEND THE AGREEMENT FOR AN ADDITIONAL ONE
YEAR
WHEREAS, on April 1, 2019, the City renewed a three-year Agreement
(hereinafter "Agreement" and attached as Exhibit A), for investment advisory services,
with FTN Financial Main Street Advisors, LLC; and
WHEREAS, on January 31, 2012 City Council approved the Consent letter to
transfer the City Investment Agreement between the City Lynwood and Main Street
Capital Advisory, LLC to First Tennessee Bank National Association, d.b.a. FTN Financial
Main Street Advisors; and
WHEREAS, the term of the current Agreement expired April 23, 2023; and
WHEREAS, First Horizon Bank folded all of its companies under unified names
and FTN Financial Main Street Advisors, LLC became FHN Financial Main Street
Advisors, LLC; and
WHEREAS, the City has determined that the Advisor is fully qualified to perform
such professional services by virtue of its experience and the training, education and
expertise of its principals and employees, and wishes to continue with services provided
by the Advisor; and
WHEREAS, Section 7 of the Agreement allows the option to extend the term of
the agreement for one year, or as agreed upon by both parties in writing; and
WHEREAS, the authority granted to the City Treasurer for the investment of idle
cash; and
WHEREAS, the City Treasurer's Investment Policy that contains the investment
criteria and guidelines for a prudent investment policy and shall be adhered to by FHN
Financial Main Street Advisors; and
WHEREAS, the sole basis of the investments is to increase the City's cash flow
while ensuring adequate liquidity for short-term needs and to maximize the interest
earnings potential and rate of return; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, DETERMINE, ORDER AND RESOLVE THE FOLLOWING:
Section 1. The City Council of the City of Lynwood hereby finds and declares
that the foregoing recitals are true and correct, and incorporates them herein as findings
and as a substantive part of this Resolution.
Section 2. That the attached investment Advisory Agreement is hereby
approved, with revision in a form subject to the approval of the City Attorney.
Section 3. The Mayor is authorized to execute the Advisory Agreement for and
on behalf of the City of Lynwood. The Mayor is also authorized to execute the
Resolution for and on behalf of the City of Lynwood.
Section 4. The City Clerk shall certify to the adoption of this Resolution, which
shall be effective upon its adoption.
PASSED, APPROVED and ADOPTED this 18th day of July 2023.
r
Oscar Flores, Mayor
ATTEST: APPROVED AS TO CONTENT
Maria Quinonez, City Clerk
/U
Noel Tapia, City Attorney
STATE OF CALIFORNIA
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, do hereby
certify that the foregoing Resolution was passed and adopted by the City Council of the
City of Lynwood at a meeting held on the 18th day of July 2023.
AYES: COUNCIL MEMBERS CAMACHO, MUNOZ-GUEVARA, SOLACHE,
MAYOR PRO TEM SOTO AND MAYOR FLORES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
oe-
aria Quinonez,
City Clerk
STATE OF CALIFORNIA
)§
COUNTY OF LOS ANGELES )
Date: /265
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, and the
Clerk of the City Council of said City, do hereby certify that the above foregoing is a full,
true and correct copy of Resolution No. 2023.081 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this 18th day
of July 2023.
Maia Quinonez,
City Clerk
Date: g/Zp / 2„„5