CDC - Item 2C - LAIF Authorized SignersROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION
T0: HONORABLE CHAIRMAN AND COMMISSION M BERS
FROM: ANDREW C. LAZZARETTO, CITY MANAG R
DATE: FEBRUARY 13, 2007
SUBJECT: LAIF AUTHORIZED SIGNERS
SUMMARY
The Rosemead Community Development Commission is authorized by Government
Code Section 53601, et seq., to invest its inactive funds in a variety of investment
instruments, as noted in its investment policy. One of those investment instruments is
the Local Agency Investment Fund (LAIF) which is managed by the State Treasurer.
From time to time it becomes necessary to notify LAIF of changes in personnel who are
authorized to make deposits and withdrawals on behalf of the Commission.
Staff Recommendation
Staff recommends that the Commission adopt the attached Resolution No. 2007-03,
which authorizes City Manager, Andrew C. Lazzaretto and Deputy City Manager Oliver
Chi, and the soon to be hired Chief Financial Officer as signers on the LAIF Account.
ANALYSIS
This Resolution will supersede Resolution No. 77-39 dated August 8, 1977, which
included City Treasurer and Assistant City Treasurer as authorized persons.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
3Sub 'tted by:
ry Hurt
Interim Finance Director
Attachment: Resolution 2007-03
APPROVED FOR CITY COUNCIL AGENDA:
• •
RESOLUTION NO. 2007-03
RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION, CALIFORNIA AUTHORIZING INVESTMENT
OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976, Section 16429.1
was added to the California Government Code to create a Local Agency Investment Fund
in the State Treasury for the deposit of money of a local agency for the purposes of
investment by the State Treasurer; and
WHEREAS, The Commission does hereby find that the deposit and withdrawal
of money in the Local Agency Investment Fund in accordance with the provisions of
Section 16429.1 of the Government Code for the purpose of investment as stated therein
is in the best interests of the Rosemead Community Development Commission.
. NOW THEREFORE, BE IT RESOLVED, that the Commission does hereby
authorize the deposit and withdrawal of Rosemead Community Development
Commission monies in the Local Agency Investment Fund in the State Treasury in
accordance with the provisions of Section 16429.1 of the Government Code for the
purpose of investment as stated therein, and verification by the State Treasurer's Office
of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following Commission officers or their
successors in office shall be authorized to order the deposit or withdrawal of monies in
the Local Agency Investment Fund:
Andrew C. Lazzaretto
(Print Name)
Executive Director
(Title)
(Signature)
Oliver Chi
(Print Name)
Deputy City Manager
(Title)
(Signature)
(Vacant)
(Print Name)
Chief Financial Officer
(Title)
(Signature)
PASSED AND ADOPTED, by the Rosemead Community Development Commission,
County of Los Angeles, of the State of California on February 13, 2007.
(Mayor)
ATTEST:
(City Clerk)