HomeMy WebLinkAbout16-035 - Resolutions - PRINCIPAL FINANCIAL GROUP, INC. •
RESOLUTION NO. 16-035
'
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, 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 40,228 shares of common
stock in exchange for the membership interests held by the City of Rancho Cucamonga in
connection with group health and group life policies; and
WHEREAS, the City of Rancho Cucamonga wishes to sell its shares of common stock
and allocate the demutualization proceeds; and
WHEREAS, the City Council of the City of Rancho Cucamonga 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 City Council of the City of Rancho
Cucamonga 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 City of Rancho Cucamonga.
Resolution No. 16-035 — Page 1 of 2
PASSED, APPROVED, AND ADOPTED this 6'" day of April 2016.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
L. ennlichael, Mayor
ATTEST:
fik J ice C. Reynolds, City /erk
I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 6th day of April 2016.
Executed this 7th day of April 2016, at Rancho Cucamonga, California.
bite / /
J ice C. Reynolds, Cit lerk
•
Resolution No. 16-035 — Page 2 of 2