City Council

34. CONSIDER DIRECTING AND AUTHORIZING THE CITY MANAGER TO BRING ALTERNATIVE FINANCIAL INSTITUTIONS AND FIDUCIARY INVESTMENT SERVICES FOR THE MARATHON/TESORO SETTLEMENT FUNDS (CITY COUNCIL) RECOMMENDED ACTION — 1. CEASE plans to deposit or maintain the Marathon/Tesoro settlement funds within the currently designated regional financial institution; and, — 2. INITIATE an expedited process to identify and transition to a highly rated, major financial institution capable of managing large-scale municipal deposits; and, — 3. RETAIN a qualified, independent fiduciary investment advisor with the institutional capacity to place and manage capital with premier global asset managers (e.g., BlackRock); and, — 4. STRUCTURE the incoming capital into a dedicated Infrastructure Trust Fund to ensure long-term wealth preservation and optimized yields for community development.