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HomeMy WebLinkAbout16-008 - Resolutions RESOLUTION NO. FD 16-008 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE RANCHO CUCAMONGA FIRE PROTECTION DISTRICT DELEGATING AUTHORITY TO THE CITY MANAGER TO ADMINISTER THE DEMUTUALIZATION PROCEEDS DISTRIBUTED BY THE PRINCIPAL FINANCIAL GROUP, INC. WHEREAS, in 2001 Principal Life Insurance Company, now known as the Principal Financial Group, Inc. ("Principal') converted from a mutual life insurance company to a stock life insurance company through a demutualization plan; and WHEREAS, as part of the demutualization, Principal distributed 552 shares of common stock in exchange for the membership interests held by the Rancho Cucamonga Fire Protection District in connection with a group life policy; and WHEREAS, the Rancho Cucamonga Fire Protection District wishes to sell its shares of common stock and allocate the demutualization proceeds; and WHEREAS, the Board of Directors of the Rancho Cucamonga Fire Protection District has determined that it is necessary to delegate authority to the City Manager to administer the demutualization proceeds. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Rancho Cucamonga Fire Protection District that the City Manager shall have the authority to administer the demutualization proceeds including but not limited to the authority to direct the sale of the shares of common stock and take receipt of the proceeds on behalf of the Rancho Cucamonga Fire Protection District. Resolution No. FD 16-008 — Page 1 of 2 PASSED, APPROVED, AND ADOPTED this 61" day of April 2016. AYES: Alexander, Kennedy, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None De is Micha , Presid n ATTEST: &ce C. Reynolds, 46cretary I, JANICE C. REYNOLDS, SECRETARY of the Rancho Cucamonga Fire Protection District, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the Board of Directors of the Rancho Cucamonga Fire Protection District, at a Regular Meeting of said Board held on the 61" day of April 2016. Executed this 7`" day of April 2016 at Rancho Cucamonga, California. ice C. Reynolds, Secretary Resolution No. FD 16-008 — Page 2 of 2