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Home My WebLink AboutItem 6 - cc 6 17 14_consent_6_Cert for Muni Entities docx MAYOR & COUNCIL COMMUNICATION -- page 1 -- DATE: 06/17/2014 CONSENT ITEM# 6 AGENDA ITEM: Approval of Certificates for Municipal Entities and Municipal Bond Obligators SUBMITTED BY: Cathy Bendel, Finance Director THROUGH: Cathy Bendel, Finance Director REVIEWED BY: Dean Zuleger, City Administrator Finance Committee SUGGESTED ORDER OF BUSINESS: - Introduction of Item .............................................................. City Administrator - Report/Presentation……………………………………....…City Administrator - Questions from Council to Staff ............................................. Mayor Facilitates - Call for Motion ............................................................... Mayor & City Council - Discussion ....................................................................... Mayor & City Council - Action on Motion .................................................................... Mayor Facilitates POLICY RECOMMENDER: Finance FISCAL IMPACT: NA SUMMARY AND ACTION REQUESTED: Effective July 1, 2014, the SEC is requiring that all investment brokers disclose to its municipal clients if they are not a registered municipal bond advisor. Two of our advisors are not (Wells Fargo Advisors and Morgan Stanley) and as a result we need to complete and return the attached forms. BACKGROUND INFORMATION/STAFF REPORT: In January each year, the City Council designates the official depositories of funds. This form is a disclosure requirement which does not impact the City since we do our bonding activity through Northland Securities. This item is being brought to the City Council to keep them informed of all banking regulatory updates. RECOMMENDATION: It is recommended that the City Council approve completion of the attached forms by the City Finance Director. City Council Meeting [Consent Agenda Item 6] June 17, 2014 -- page 2 -- ATTACHMENT: 1. Wells Fargo Advisors overview and Certificate of Bond Proceeds form 2. Morgan Stanley Certificate of Bond Proceeds form