Full Text
AGENDA BILL Agenda Item No. S(H) Date: August 20, 2013 To: El Cerrito City Council From: Lisa Malek-Zadeh, Finance Director/City Treasurer Subject: Authorize the City Manager and Finance Director/City Treasurer to Conduct Investment Activity with the Local Agency Investment Fund (LAIF) ACTION REQUESTED Adopt a resolution authorizing the City Manager and Finance Director/City Treasurer to conduct investment transactions with LAIF. BACKGROUND At various times throughout the year and with the availability of cash, the City may invest a portion of existing funds in the State of California's Local Agency Investment Fund (LAIF). LAIF is a pooled fund administered by the California Treasurer's Office. In order to participate and conduct financial transactions with LAIF, each local agency must adopt a resolution appointing officers to conduct such activity. On March 5, 2013, the City Council approved a resolution authorizing the City Manager and Finance Director/City Treasurer to conduct financial transactions on behalf of the City. The resolution approved transactions for all City accounts including investments with LAIF; however, the City was recently notified by the State Treasurer's Office that a separate resolution is required that authorizes the City Manager and Finance Director/City Treasurer to conduct financial transactions with LAIF. The City last updated its resolution appointing the City Manager and then City Treasurer to make investment transactions with LAIF in 2002. Position titles and the individuals who hold the positions have changed and an updated resolution is required. Scott Hanin City Manager Attachment: 1) Resolution ---PAGE BREAK--- Agenda Item No. 5(H) Attachment 1 RESOLUTION 2013–XX RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL CERRITO AUTHORIZING THE CITY MANAGER AND FINANCE DIRECTOR/CITY TREASURER TO CONDUCT INVESTMENT ACTIVITY WITH LOCAL AGENCY INVESTMENT FUND (LAIF) WHEREAS, LAIF is established in the State Treasury under Government Code Section 16429.1 et seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the City Council of El Cerrito herby finds that the deposit and withdrawal of money in LAIF in accordance with Government Code Section 16429.1 et seq. for the purpose of investment as provided therein is in the best interests of the City. NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of El Cerrito hereby authorizes the deposit and withdrawal of El Cerrito monies in LAIF for the purpose of investment as provided in Government Code Section 16429.1 et seq. BE IT FUTHER RESOLVED, as follows: Section 1. The following officers holding the titles specified below or their successors in office are each hereby authorized to order the deposit or withdrawal of monies in LAIF and may execute and deliver any and all documents necessary or advisable in order to effectuate the purposes of this resolution and the transactions contemplated hereby: Scott Hanin Lisa Malek-Zadeh City Manager Finance Director/City Treasurer Signature Signature Section 2. This resolution shall remain in full force and effect until rescinded by the City Council by resolution and a copy of the resolution rescinding this resolution is filed with the State Treasurer’s Office. I CERTIFY that at a regular meeting on August 20, 2013 the City Council passed this resolution by the following vote: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ---PAGE BREAK--- Agenda Item No. 5(H) Attachment 1 IN WITNESS of this action, I sign this document and affix the corporate seal of the City of El Cerrito on August XX, 2013. Cheryl Morse, City Clerk APPROVED: Gregory B. Lyman, Mayor