| Item Title: | Approval of Resolution Number 2012/2013-26 of Association or Non-Corporate Organization Authorizing the Assistant Superintendent and/or the Director of Fiscal Services to Sell, Assign and Endorse for Transfer Certificates Representing Stocks, Bonds or Other Securities Registered in the Name of the Santa Barbara Unified School District |
| Agenda Title: | Approval of Resolution Number 2012/2013-26 of Association or Non-Corporate Organization Authorizing the Assistant Superintendent and/or the Director of Fiscal Services to Sell, Assign and Endorse for Transfer Certificates Representing Stocks, Bonds or Other Securities Registered in the Name of the Santa Barbara Unified School District. |
| Background: | The Santa Barbara Secondary District retained the brokerage firm of Crowell, Weedon & Co. in April of 2011 to set up a stock account. Since then, the districts have unified and it is now necessary to set up an account in the Santa Barbara Unified School District’s (SBUSD) name, so that all donated stock can be liquidated upon receipt. In order to complete this transaction the board must approve a resolution of association or non-corporate organization designating a district representative as the custodian of the account. This is necessary to change now that we are a unified school district. |
| Recommendation: | Staff recommends the board approve Resolution 2012/2013-26 of Association or Non-corporate Organization Authorizing Meg Jette, asst. supt. of business services and/or Conrad Tedeschi, director of fiscal services to sell, assign and endorse for transfer certificates representing stocks, bonds or other securities registered in the name of the Santa Barbara Unified School District. |
| Resource Person: |
Meg Jette, assistant superintendent of Business Services
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| Fiscal Impact: | The commission to be paid to Crowell, Weedon & Co. for liquidating donated stock is unknown at the moment and will be paid from the sale. |
| Funding Source: | |