CC - Item 5C - Title of Officers Authorized to Make Deposits and Withdrawls In the Local Agency Investment FundROSEMEAD CITY COUNCIL
STAFF REPORT
TO THE HONORABLE MAYOR AND CITY COUNCIL
FROM: BILL R. MANIS, CITY MANAGER . Z „, ,
DATE: AUGUST 23, 2016
SUBJECT: TITLES OF OFFICERS AUTHORIZED TO MAKE DEPOSITS AND
WITHDRAWALS IN THE LOCAL AGENCY INVESTMENT FUND (
SUMMARY
The City of Rosemead (City) invests in the Local Agency Investment Fund (LAIF). LAIF
must have on file a City resolution listing the exact names and titles of officers
authorized to make deposits and withdrawals in the LAIF account. On May 8, 2012, the
City Council passed resolution 2012 -26 designating the City Manager, Assistant City
Manager, Chief Financial Officer and Finance Manager as the officers having authority
to make deposits and withdrawals in the LAIF account. Subsequently, the Chief
Financial Officer title was changed to Finance Director and the Finance Manager
position was eliminated. With any change of title, LAIF requires, for their files, a new
resolution identifying the change of titles. The attached resolution provides LAIF with a
City resolution listing current names and titles of officers authorized to make deposits
and withdrawals in the LAIF account.
Staff Recommendation:
Staff recommends that the City Council approve Resolution No. 2016 -43.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
CC o CC
Carolyn A. Chu
Finance Director
Attachment
ITEMNBMBER: C
RESOLUTION NO. 2016 -43
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD, COUNTY
OF LOS ANGELES, STATE OF CALIFORNIA, DESIGNATING THE CITY MANAGER,
ASSISTANT CITY MANAGER, AND THE FINANCE DIRECTOR AS OFFICERS OF
THE CITY
WHEREAS, Pursuant to Chapter 730 of the statues of 1976 Section 16429.1 was
added to the California Government Code to create a Local Agency Investment Fund for
the deposit of money of local agencies for the purpose of investment by the State
Treasurer; and
WHEREAS, The City Council 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 interest of the City of Rosemead, and
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF ROSEMEAD HEREBY
RESOLVES AS FOLLOWS:
That the City Council does hereby authorize the deposit and withdrawal of City of
Rosemead monies 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, and verification by the State Treasurer's Office of all banking information provided
in that regard.
BE IT FURTHER RESOLVED, that the following City of Rosemead officers ortheir
successors in office shall be authorized to order deposit or withdrawal of monies in the
Local Agency Investment Fund:
Bill R. Manis
(Name)
Brad McKinney
(Name)
City Manager
(Title)
(Signature)
Assistant Citv Manacier
(Title)
C C
(Signature)
Carolyn A. Chu
(Name)
Finance Director
(Title)
(Signature)
PASSED, APPROVED and ADOPTED this 23r day of August 2016.
Sandra Armenta,
ATTEST:
Donohue, City Clerk
APPROVED AS TO FORM:
Rachel Richman, City Attorney