CC - Item 4C - Authorized Signers on Bank Account and the Local Agency Investement Fund (LAIF) for the City and the Successor Agency for the Rosemead Community Development CommissionROSEMEAD CITY COUNCIL AND
SUCCESSOR AGENCY FOR THE
ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: GLORIA MOLLEDA, CITY MANAGER, 0 -
DATE: APRIL 14, 2020
SUBJECT: AUTHORIZED SIGNERS ON BANK ACCOUNTS AND THE LOCAL
AGENCY INVESTMENT FUND (LAIF) FOR THE CITY AND THE
SUCCESSOR AGENCY FOR THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION
SUMMARY
The City of Rosemead (City) and the Successor Agency for the Rosemead Community
Development Commission (Successor Agency) require several different bank accounts to
efficiently operate financial matters. The City also invests in the Local Agency Investment Fund
(LAIF) and has established accounts with them as well. While current authorized staff signers
on both the City's and the Successor Agency's accounts include the City Manager (Board
Executive Officer) and the Assistant City Manager (Assistant Executive Officer), the Director of
Finance and the Finance Manager need to be added by Resolution of the City Council. When
new individuals replace incumbents, bank signature cards must be completed with authority
given to the City Manager for addition or deletion of signers due to staff replacements.
STAFF RECOMMENDATION
Staff recommends that the City Council adopt Resolution No. 2020-12, Resolution No. 2020-13
and Successor Agency Resolution No. 2020-07 SA, authorizing the City Manager (Board
Executive Officer) and the Assistant City Manager (Assistant Executive Officer), and adding the
Director of Finance and the Finance Manager as Officers of the City and signers on the City's
bank accounts at Bank of the West and LAIF.
Staff also recommends that the City Council and Successor Agency Board authorize the City
Manager and the Director of Finance to remove previous staff incumbents who are no longer part
of the City and Successor Agency.
FISCAL IMPACT - None
STRATEGIC PLAN IMPACT — Adoption of the Resolutions is consistent with the Strategic
Plan's guiding principal for fiduciary responsibility of providing for transparency in financial
management of City's finances.
AGENDA ITEM 4.0
City Council Meeting
April 14, 2020
Page 2 of 2
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Scott Miller, Finance Consultant
Tess Anson, Finance Manager
Attachment A: Resolution No. 2020-12
Attachment B: Resolution No. 2020-13
Attachment C: Resolution No. 2020-07 SA
Attachment D: Authorized Signers
Attachment A
Resolution No. 2020-12
RESOLUTION NO. 2020-12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD, CALIFORNIA, DESIGNATING THE CITY
MANAGER, ASSISTANT CITY MANAGER, THE DIRECTOR
OF FINANCE AND THE FINANCE MANAGER 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
(Name)
City Manager
(Title)
(Signature)
Ben Kim
(Name)
Assistant City Manager
(Title)
(Signature)
�41:rAN
(Name)
Director of Finance
(Title)
(Signature)
Maria Teresita (Tess) Anson
(Name)
Finance Manager
(Title)
(Signature)
PASSED, APPROVED, AND ADOPTED this 14th day of April, 2020.
APPROVED AS TO FORM:
Rachel Richman, City Attorney
Sandra Armenta, Mayor
ATTEST:
Ericka Hernandez, City Clerk
Attachment B
Resolution No. 2020-13
RESOLUTION NO. 2020-13
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD, CALIFORNIA, AUTHORIZING THE CITY
MANAGER, THE ASSISTANT CITY MANAGER, THE
FINANCE DIRECTOR AND THE FINANCE MANAGER AS
SIGNERS ON THE CITY'S BANK ACCOUNTS AT BANK OF
THE WEST
WHEREAS, the City of Rosemead established several bank accounts at Bank of the
West, and
WHEREAS, the Bank of the West Bank account numbers are 689009769, 689052942, and
689059475, and
WHEREAS, from time to time, staff in authorized positions are hired or terminated in
employment with the City, bank signature cards need to be updated to reflect only those persons
currently authorized as signers on the account, and
NOW THEREFORE, the City of Rosemead does hereby authorize the following employees
of the City listed in Attachment D as signers on the above accounts and Authorize the City Manager
and the Finance Director to update the names of these authorized employees as they are hired or
terminate their employment with the City.
PASSED, APPROVED, AND ADOPTED this 14th day of April, 2020.
Sandra Armenta, Mayor
APPROVED AS TO FORM: ATTEST:
Rachel Richman, City Attorney
Ericka Hernandez, City Clerk
Attachment C
Successor Agency
Resolution No. 2020-07 SA
RESOLUTION NO. 2020-07 SA
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION,
ROSEMEAD, CALIFORNIA, AUTHORIZING THE MAYOR,
MAYOR PRO TEM, CITY COUNCIL MEMBERS, THE CITY
MANAGER, THE ASSISTANT CITY MANAGER, THE
FINANCE DIRECTOR AND THE FINANCE MANAGER AS
SIGNERS ON THE SUCCESSOR AGENCY'S BANK
ACCOUNTS AT BANK OF THE WEST
WHEREAS, the Successor Agency to the Rosemead Community Development Commission
(Successor Agency) established several bank accounts at Bank of the West, and
WHEREAS, the Bank of the West Bank account numbers are 026373118, and 012939553,
and,
WHEREAS, from time to time, staff is hired or terminate their employment with the City,
bank signature cards need to be updated to reflect only those persons currently authorized as signers
on the account, and
NOW THEREFORE, the Successor Agency does hereby authorize the following Successor
Agency members and employees of the City listed in Attachment D as signers on the above account
and authorize the City Manager and the City Finance Director to amend the list as authorized
employees are hired or leave employment of the City.
PASSED, APPROVED, AND ADOPTED this 14th day of April, 2020.
90AV tiWe]Ixy -MI
Sandra Armenta, Successor Agency Chair
ATTEST:
Rachel Richman, Successor Agency Counsel Ericka Hernandez, Successor Agency Clerk
Attachment D
Authorized Signers by Position
Attachment D
Signers, per Authorized Position, on the Bank of the West account no: 689009769, 689052942,
689059475, 026373118 and 012939553 for all City and Successor Agency Accounts
1. Gloria Molleda, City Manager
2. Ben Kim, Assistant City Manager
3. Vacant, Finance Director
4. Maria Teresita (Tess) Anson, Finance Manager