CC - Item 5G - Titles of Officers Authorized to Make Deposits and Withdrawals in the Local Agency Investment Fund s E Mt
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o ' JA 0 ROSEMEAD CITY COUNCIL
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STAFF REPORT
POOPATED‘;54
TO: THE HONORABLE MAYOR AND CITY `COUNCIL^
FROM: GLORIA MOLLEDA, CITY MANAGER )_ 1.
DATE: FEBRUARY 13, 2018
SUBJECT: TITLES OF OFFICERS AUTHORIZED TO MAKE DEPOSITS AND
WITHDRAWALS IN THE LOCAL AGENCY INVESTMENT FUND
(LAIF)
SUMMARY
The City of Rosemead (City) invests in the Local Agency Investment Fund (LAW). 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 August 23, 2016. the City Council passed
resolution 2016-43 designating the City Manager, Assistant City Manager. and Director of
Finance as the officers having authority to make deposits and withdrawals in the LAIF account.
The attached resolution provides LAW with a City resolution listing current names and titles of
officers authorized to make deposits and withdrawals in the LAIF account.
STAFF RECOMMENDATION
It is recommended that the City Council approve Resolution No. 2018-13, designating the City
Manager, Assistant City Manager, and the Director of Finance as officers of the City.
FISCAL IMPACT—None
STRATEGIC PLAN IMPACT - None
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
•
Pearl Lector oThitance
Attachment: Resolution No. 2018-13
ITEM NUMBER: [L el
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Attachment
Resolution No. 2018-13
RESOLUTION NO.2018-13
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
CALIFORNIA,DESIGNATING THE CITY MANAGER,ASSISTANT CITY
MANAGER,AND THE DIRECTOR OF FINANCE 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 of 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 authorized 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 or their
successors in office shall be authorized to order deposit or withdrawal of monies in Local Agency
Investment Fund:
Gloria Molleda Brad McKinney
(Name) (Name)
City Manager Assistant City Manager
(Title) (Title)
(Signature) (Signature)
Pearl Lieu
(Name)
Director of Finance
(Title)
(Signature)
PASSED,APPROVED, AND ADOPTED this 13th day of February, 2018.
Polly Low, Mayor
APPROVED AS TO FORM: ATTEST:
Rachel Richman, City Attorney Marc Donohue, City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §
CITY OF ROSEMEAD
I, Marc Donohue, City Clerk of the City Council of the City of Rosemead, California, do hereby
certify that the foregoing City Council Resolution, No. 2018-13, was duly adopted by the City
Council of the City of Rosemead, California,at a regular meeting thereof held on the 13th day of
February, 2018, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Marc Donohue, City Clerk